Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-10-03
Farmers & Mechanics In.
stitution to Become
Branch Office.
STOCKHOLDERS TO MEET
FOR RATIFICATION NOV. 4
Harry V. Haynes Resigns as Presi.
dent of One of the Oldest
Depositories in Capital.

The directors of the Riggs National
Bank and the Farmers Ss Mechanics
National Bank of Georgetown TODAY
voted to submit to their stockholders
an agreement providing for their con.
solidation
A meeting of the stockholders of thu
TWO banks has been called for Nover,.
per 2 to vote on the consolidation pro.
posal.
The announcement of the merger of
the largest bank in Washington and one
OF the Oldest banks in the Capital. came
from Robert v. Fleming, president of
Riggs, and G. L. Nicholson, vice presi.
oent OF the Farmers & Mechanics It
was also announced that Hcrrv "
Haynes has resigned as president of the
Georgetown institution.
Branches to Be Kent.
The agreement reached between the
directors of the two banks provides that
the Farmers 81 Mechanics will be
merged with the Riggs under the name
OF the Riggs National Bank of WASH
ington, D. c. Immediately upon rati-
ncatlon OF the consolidation bv the
stockholders the present main Office of
the Farmers & Mechanics National
Bank, at M street and Wisconsin ave.
nue., in Georgetown, will become the
Farmers & Mechanics branch of the
Riggs National Bank, while the present
friendship branch of the Farmers &
Mechanics will at the same time become
the Friendship branch of the Riggs in.
stitution.
The plan of consolidation provides
for an increase of the capital stock of
the Riggs National Bank to $4,000. 600.
Part of the 5000 shares of new stock
included in this increase will be used
to acquire the Farmers & Mechanics
National Bank stock and $500 shares
OF the new stock will be offered to
shareholders of the consolidated insti-
tuition at $3.50 share. 1t is also un-
derstood that the stockholders in the
Georgetown bank viii be offered an
additional cash consideration.
No Changes In Personnel.
1t was stated this noon that when
the consolidation is affected the Riggs
National Bank will have . capital sur
plus. undivided profits and reserves for
contingencies approximating $500, 900
1t is part of the plan which will brins
these two institutions together to hay,
by the beginning of the new year y
capIal ana surplus evenly balanced at
$3,000.000 each.
Aside from the resignation of the
president of the Farmers g. Mechanics
National, no other changes will take
place IN the personnel Harry L. Selby.
the present cashier, will become mama
ger OF the branch and Harold w. Burn
Slde, assistant cashier, will be assistant
manager. w. Edmund Freeman, an
other assistant cashier. will also become
the manager at the Friendship branch.
The present board of directors of
the Farmers &5 Mechanics National will
be invited to form an advisory board of
the Farmers & Mechanics branches of
Riggs. The officials of both banks said
today that they considered both insti-
tut1ons would benefit materially by the
consolidation. 1t also emphasized that
the initial step leading to the consolida-
ton was taken by the directors of the
Georgetown bank.
Had S3,524.34S Deposits.
The present officers of the Farmers
d Mechanics National include Robert
D. Weaver, vice president; G. L. Nichol-
son. vice president; Harry L. Selby,
cashier: Henry W. Sohon, counsel and
trust oficer; H. W. Burnside, assistant
cashier: c. Howle Young, assistant
cashier: w. Edmund Freeman, assistant
cashier, and I. w. Hopkins, auditor.
The Farmers & Mechanics board OF
directors includes william NJ. Beall. j.
Mckenney Berry, Charles H. Cragin.
Joseph H. Crawford. Henry w. Fisher,
William c. Gwynn. william King,
Joseph H. Lee. c. L. Nicholson, j. Will
bur Sherwood. Thomas j. Stanton,
Julian M. Walters, Robert D. Weaver
and Raymond j. Wise.
Following the controllers call of June.
80, this year, the Farmers & Mechanics
National reported capital of $252,000;
surplus, S350,000: undivided profits,
$4,000: reserved for contingencies,
$10S, S,349.31; National Bark notes, $97,-
100; bills payable, $4,000 and deposits
of $3524,3 ,34803. Among the assets re-
ported was Q cash and reserve fund Of
$499, $685.: u. S. bonds and invest-
ments. $1,578, ,201. 80 and other loans to-
falling 922,712.55; banking houses.
furniture and fixtures. S472.321.75; other
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