The Washington times., 1926-01-22
BANK MERGER
DUE To DRURY
By RICHARD HATTON

pany will take place tomorrow
when the last of the physical assets
Of the former institution will be
transferred to the Merchants
quarters at the corner of Fifteenth
and Fl Streets Northwest. The
transfer of such of the Citizens
material and banking essentials,
together with accounts and other
records has been going on. during
the week, most of the Citizens safe
deposit department having already
been transferred to the new location.
While the merger of these two
institutions is an event Ct con-
siderable significance in banking
circles, ii is, in reality, but another
achievement in the distinguished
banking career of President Peter
A. Drury, of the Merchants Bank
and Trust Company, to whose keen
business judgment and clear fin
ancial reasoning it is due. The
purchase of the Citizens Savings
Bank, in fact, marks another dis
tinct forward step in the career or
a man who has built fer himself
an enviable place in Washington
financial structure by the use OF
sound business judgment, unitarian
practices and progressive methods.
The story Of the rise OF the
Merchants Bank and Trust Com
pany to it's present position with
over nine million in deposits Is the
story of the career of an individual
who foresaw possibilities, who
dared to back his business fore
sight and who gave his undivided
efforts to bringing about a realiza-
tim of his visions. L is the self
constructed monument of a sue
cessful American business man,
Peter A. Drury.
Became Banker i'm 1908
Mr.. Drury first entered the bank
ing field in 1908 wnen he ryanized
the Merchants and Mechanics Saw
ings Bank of which he was presi-
dent and majority owner. He dis
posed of his stock in this institu-
.tinr1 in 1907 The same year he
organized and became president of
the National City. Bank Of Wash
ington. This bank was later alb
spebed by another local institution
and Mr.. Drury remained out of the
banking field until 1916, when he
purchased the NEUTRALITY-SUSPICIOUS.
Bank and organized the Merchants
Bank which absorbed the Wash
ington-Southern.
Under President Drury's direc-
ttcn the Merchants Bank grew
rapidly and in 1922 this builder OF
banks took another forward step
by organizing the present Merchants
Bank and Trust Company with a
capital of 81 900 600, and a surplus
of $3.50, 900. The Dupont Bank was
later absorbed by the Merchants
Bank and Trust Company and be-
came a branch Of that institution.
The Washington Exchange Bank,
Twentieth Street Northwest, was
acquired and became a branch of
the Merchants Bank and Trust
Company and, some time later the
Brookline Branch was established
by President Drury.
Now One Of Largest Banks
The latest acquisition by the
Merchants Bank and Trust Com
pany, tho Citizens Savings Bank,
brings the latter institution into
the very forefront of Washington
banks. the combined deposits and
resources now controlled by the
Merchants Bank and Trust Com
pany, the wide field covered by its
branches and the expanded sources
of its public usefulness are approx
mating the dream Of the man who
is responsible for it's inception,
growth and present position.
President Drury is, today. being
congratulated upon the present ex-
pansfcn of lis bank, while Ibis
friends in financial and business
circles are predicting that his
energetic spirit will not be salts
fled with even this achievement
and that he will continue in the
future the splendid building that
has marked his career in the bank.
ing field.
Columbia Building Election
At the annual meeting Of the
Columbia Permanent Building AS
ISOLATION recently held, Melvin c.
Hazen was elected president, vii
liam p. Richards, vice president;
Clarence l. Gessford, secretary. and
Floyd Z. Davis, treasurer, and c.
Clinton James. attorney; trustees,
DIR. Ernest NJ. Colvin and Walter G.
Davis; appraisers, Floyd E. Davis
and Nathan Hazen: finance commit
tee. Melvin c. Hazen, Alpheus h.
Riddle, and William P. Richards.
The following were elected dir &C.
tors: Henry, P. West, Melvin G.
Hazen, Clarence I. Gessford, Floyd
f. Davis, William p. Richards,
Nathan Hazen, Thomas P. Bones,
Alpheus E. Riddle, and Alfred ri.
Taylor.
The year 1926 has been one of
the best in the history Of the as
ISOLATION. 1t is predicted that by
reason Of it's main office being 10
Gated at 1913 Twelfth st. n. W., in
the downtown business section, that
the growth OF the association will
be much faster in the future than
it has been in the past.
The association moved TO az; quar-
tiers last spring and has derived
much benefit from a convenient
downtown location.