The Birmingham age-herald., 1924-09-21
Allied Securities Corpora tiOn Also To Be Estab-
 lished Here NEW BANK TO OPEN BY JANUARY 1, 1925 Will Be First Similar La bor Institution Of Kind
 In The South PLAN ENLARGEMENT OF SITE PURCHASED Local Citizens To Serve As Off, ficers And Directors Of
 Both Enterprises

That Birmingham is to have a new bank, chartered under the state laws with a capitalization of $500, ,000, be- came known Saturday with the an- nouncement that the Ledger building. Twenty first street and First avenue, north, had been purchased by officials of the Brotherhood of Locomotive Engi- neers, with the understanding that the bank would function before January 1, 1925.
 The Ledger building was sold Thurs day through Houseal-Simons agency for $275,000 to Phares Coleman, attorney, who was at tha ttime understood to be acting for outside interests. Credit for bringing the institution to Birmingham is largely due to Mir. Coleman.
 The tentative name of the new finan- cial institution is The Brotherhood of Locomtive Engineers Bank and Trust company of Birmingham, Ala. In ad- dition, Birmingham is to be the home office of the Southern BrotherhooJ of Locomotive Engineers Securities corpo-
  tai stock of between three and five mil lion dollars, which is to engage in a general securities and investment busi- ness.
 First In South
 The establishment of these two in- stitutions will bring to Birmingham the fipst so-called labor banks" in the south. Birmingham was selected in competition with several other cities, including Atlanta, as the location, off cials of the brotherhood stated, after a survey indicated that Birmingham was to become the financial center of the southern states.
 The legal steps toward the incorpora- tion of the bank will be started imme- diately and after January 1, 1925. it is planned that the bank will occupy the first floor and basement of the Ledger building At the time the announce ment brotherhood officials stated that as soon as the present leases on the second and third floors of the building expire, the building will be enlarged by the addition of eight or ten stories.
 As soon as incorporation papers and q charter are granted the Southern Brotherhood of Locomotive Engineers Securities corporation, this concern will start in function, underwriting bond issues, buying bonds, stocks, and other securities.
 Local Officers Chosen
 Officers and members of the board of directors of both the bank and the securities company will be, for the most part, representative Birmingham citi- zeps, who have had wide and varied experience .and have proven themselves successful in their enterprises. They will be men who have the confidence of the entire community, according to a man, likely to be an officer in the new bank
 The Brotherhood of Locomotive En. gineers is not only one of the most powerful but also one of the most un- usual organizations in the United States. It entered the financial field with a well-defined policy, and has been successful. The banks in other sections of the country have been ap- proved by some of the greatest fan ciers in the country.
 The first brotherhood bank was the Brotherhood of Locomotive Engineers Cooperative National Bank of Cleve- land, Ohio. Later banks, trust and investment companies, have been es- tablished in New York, Boston, Phila- delphia and other large cities.
 The present resources of these insti- tutions, all controlled in a large meas ure by the brotherhood, are more than one hundred million dollars