Imperial Valley press., 1923-02-26
FIRST NATIONAL
BANK MERCES WITH
BANK OF ITALY.
Biggest Event in Banking
Circles in Imperial
Valley
KEEP SAME STAFF
$275, 900, 700 Behind Bank
of Italy, Many
DepOsitOrs

Characterizing the trans
action as "the biggest thing
that has happened in a fin
ancial way@for the Imperial
Valley" President. Leroy
Holt of the First National
Bank today announced that
an agreement has been reach
ed whereby his bank will be
merged with the Bank of
Italy, the largest banking in
stitution in the West. (
This announcement came
on the same day that the re-
moval of the business of the
First National Bank of I'M
! perial to the local First Ma
tional was completed, and
marks an important period
in the business and financial
growth of this city.
The proposed merger with the
Bank of Italy, San Francisco
bank, has been nnder consideration
for some time, and representatives
of the great banking house have
been here investigating the local
banl, and conditions throughout the
valley.
Izolt Says Beneficial
President Holt is highly elated
over the deal and believes it will
result in great benefit to the varied
agricultural and other interests of
the valley, as the affiliation will
,~affOrd ample credit for the carrying
on of all legitimate undertakings in
\ tais locality.
There will be no apparent change
in the conduct of the business Of the
local branch bank. All the official
staff will remain in one capacity or
another. President Holt has signed
an agreement to remain as vice
president of the Bank of Italy sys-
tenn, as well as director, and the
local board of directors will be re-
tanned as an advisory board. F. j.
GianOla will be manager of the
branch, and other Officers will stay
with the institution as assistant
managers. "a
Strorg Banking Institution
The First National Bank of FL
Centre has long stood out promin-
emily as strong banking institu-
tion, and following out his desires
to keep past records and gain new
prestige, Mr.. Holt, when he began
to consider merging with one of the
Carger banks, selected the Bank OF
italy as the best possible choice.
| The Bank of Italy has resources
Of 1915 100000, with the greatest
number of depositors of any bank in
the United States--about 100000,
which gives the institution one de-
positor in every eight people in Cal,
ifornia. The institution also Las
about $1,000 stockholders, scattered
ali about over the state where
branch banks are maintained.
Compliment to Valley ....
Local bankers and business men
consider the entry of the Bank of
Italy into the valley as distinct
compliment, as it has always been
the policy of it's management to seek
sound and well developed cOmmu-
tiles for the extension of its busi-
ness. This bank is particularly in
terested in the dairy industry and
'has advanced enormous sums for its
development.
Other financial institutions, Mr.,
Holt believes, will gain confidence
in this section, as result of this
consolidation, and he expects to sec
other sources for the financing Of
III local enterprises.
Hereafter it will not be necessary
for the First National to seek fin
ancial assistance from insuranc,
companies and other concerns that
make business Of loaning to farm
ers, as all that is needed Of the vast
resources of the big bank will bs
available for local use. VISA
~ Joint Stock Land Bank
The First Joint Stock Land Banl
of San Francisco was organized BY
%the Bank of Italy people and is still
controlled by them. Through this
concern additional credits will alst
be obtainable by the farmers of this
section. ..l.,.
Temporarily the First Nationa
Bank will continue to function un
der its national charter, but as de
tails of the merger are worked out
arrangements will be made to givt
up this charter, at which time thu
bank will be absorbed.
AS evidence Of the strong position
occupied by the Bank Of Italy, MI
Holt points out that during the wal
when the financial machinery OF ths
nation was strained almost to thu
breaking point, this institution wal
not compelled to borrow one dollal
DIR rediscount single item with th'
| NS4adaral Raseryh Bank.