Perth Amboy evening news., 1923-01-22
n BANK MERGER

The proposed merger of the City National Bank with the Perth
Andy Trust Company, as announced Saturday, is an event Oh
great Importance to Perth Amboy and to the financial world gen.
orally. In the first place, it gives this city a bank with Sloooooo
resources. This is surpassed only by the largest financial institu-
tons in the state. 1t means that business of almost any size can
be financed right here in Perth Amboy. It is IN keeping with the
growth of the city and shows that these business men who are
Back of this merger, have the utmost confidence in Perth Amboys
future.
There have been numerous consultations of financial lnstltu-
fons in recent years. The tendency is toward fewer but larger and
more influential banks. Their great resources enable them to
afford better facilities and to extend greater accommodations
They are more substantial and safer in every way, not being SO SUE
septible to depressions and financial furries.
Anv community is better off with two or three large, SUD-
stantial banks than a half dozen or more small ones, each one strug-
Cling against keen competition, for existence. There is every
reason to believe that Perth Amboy will be benefited by TINS oanh
consolidation, especially in view of the fact that steps nave u
ready been taken to organize still another bank here. L is very
evident to every business man that the city IS well supphea WIN
hanks. It needs now more business to make use OF these banks
Larger and more industries to create the business here would De u
the greatest benefit to Perth Amboy. With financial institutions
well able to take care of any business that such concerns might
bring, t. is for the city to work in that direction.
Tba citv National Bank, which is to consolidate with the Perth
Amboy Trust Company, is a comparatively new mS'NlCon III 'nS
city. 1t has not grown, probably, as fast as It's founders ho an
t;cinated. proving, in a sense, that the city has about all the banks
it can support. But the bank has grown, nevertheless I'M IS IN d
healthy condition. 1t owns its home on Smith street winch mas
greatly increased in value since 1t was bought. Ii mas some Vi i.
most substantial business men OF the community on us o"ru y
directors and there is no doubt that it would continue to grow with
tb@ eity. and become a decided factor in the financial world
The Perth Amboy Trust Company is one OF the OLDEST mSH'U
+;or in the citv. 1t has had a phenomenal growth under the pres
nj management with Isaac Alpern as president. Ii mas more
tban doubled it's resources and is in a most prosperous conolUon'
Recently it became a member of the Federal Reserve system Som0-
thing that is not required Of trust companies u WHICH JIG L"
.oament deemed advantageous as it added the strength OF the
federal government to the institution and thereby increased It's
reliability and safety when means greater Il" 'H 'N F
If the public.
BY uniting with the City National Bank the two institutions
4oaetber form a strong combination that will make Perth Amooy
no If the leading financial centers in the state. Prestige is also
added bv the fact that Governor George S. Silzer becomes prom
inentlv identified with the bank as a result of the consolidation
In this connection, Governor Silzer is merely following III 'n7
foo+stens Of his predecessor, Governor Edwards, who was presl
1ent Of the First National Bank of Jersey City. And before hlm'
Governor E. c.. Stokes was president of the Mechanics National
Bank Of Trenton. Other governors have either been officers or oil
-acsors Of different financial institutions during their term OF OF.
Ace. 1t is no small honor for Perth Amboy to have the governor
IL the state actively engaged in business here.
All IN all the consolidation of these two banks IN Perth Amooy
= : enoch in the progress of Perth Amboy and it IS bound to WELD
con siderable influence in the future development of the city.