Evening star., 1925-12-09
MERCHANTS BANK
ABSORBS CITIZENS
Purchases Majority Stock
of Savings Institution-Petit
Becomes Executive.
BY CH.tS. p. SH.iEFFER.

Another link was added to the Mer-
chants Bank & Trust Go. chain late
Yesterday afternoon Whsn directors
of the Citizens Saving Bank approv-
ed the sale of majority stock of this
institution to Merchants interests at
a price said to he around the present
market. which is 16a.. The absorp-
ton will be effective January ] next,
and business of the merged institu-
tions will be conducted at the present
site of the Merchants, at Fifteenth
and II streets northwest as soon as
all arrangements of the purchased
bank can he effected.
OF equal Importance was the stimuli
taneous announcement that Fernand
Petit, cashier of the Citizens Savings,
would go to the Merchants Bank &
Trust Co. in the capacity of eXecu-
tive vice president. Mr. Petit has
been entirely in active charge of that
institutions destinies since its incep-
ton SIX years ago, and its commend
able progress in that time can be
traced to his guidance alone.
Strengthens Merchants.
Under the terms of the absorption
the Merchants Bank and Trust Co.
purcha sed part and parcel the en-
tire of the Citizens, minority stock
holders of the latter being offered the
prerogative of selling their holdings
At the same figure paid for the ma ior
ity. The directing personnel of the
citizens who desire to qualify will be
admitted to the board of the Mer-
chants Bank and Trust Co. which, in
cidentally. is the only bank in the
country that insists a director must
own 100 shares of capital stock. The
junior personnel of the Citizens will
be taken care of in the absorption. il
was said.
The merger. in effect, will greatly
strengthen the position of the Ner-
chants Bank and Trust Co., : one of
the largest institutions in Washing
ton. With the present total assets of
more than 81 SOC. 900 boa Sted by the
Citizens will so approximately 81 300
900 in deposits, SIS 900 in surplus and
about $50. 900 in undivided profits. The
Merchant has deposits of about S.
500 900 and surplus and undivided
profits of S340291. The latter institu-
ton is capitalized at $1,000, 900. while
the purchased bank had u capitaiiZa-
ton of 5000. 900
Began at Merchants.
Mr.. Petit's new berth will mark his
return to the institution responsible
for his first banking experience. He
became affiliated with the Washington
and southern Bank in 1915, which
was taken over by Peter \. Drury.
present head of the Merchants in
1917. At that time he was assistant
cashier. Following several years in
the Army during the World War,
he associated himself with the Citi-
zens' when it was organized in 1919.
The official roster of the Merchants
after January l will read as follows:
President. Peter A. Drury: vice presi-
dents. Fernand Petit. Rolfe f. Boil
ing. Frank p. Harmon and Frank
+. Ghiselli. John Emerich is treas
urer.
The merger occasioned but little
surprise in we'll informed financial
circles. as it has been known for
some time that President Breuninger
and Vice President Roy L. Neu-
hauser of the Citizens We're desirous
of devoting their entire time to real
estate and mortgage company con-
nectionS.