The independent. [volume] (Elizabeth City, N.C.) 1908-1936, 1929-08-16

, according to u. IL. Llttie, caSliief'
The officers and directors saw
that something had to be done
several days ago and began negotl-
ations with the First g. Citizens Ma
tional Bank of this city in regards
to the absorbing of the Carolina
Banking g. Trust Company by the
First g. Citizens. 1t was the inten-
ton of the directors of both banks
to complete the negotiations and et-
feet the merger on Tuesday morn
Ing of this week. But a National
bank cannot operate branches, and
the Carolina Banking g. Trust
Company had two branches. The
First g. Citizens hands were tied;
they could do nothing without the
approval of the U. s. Treasury. The
deal failed to go thru and the Caro-
lima Banking g. Trust Company
failed to open its doors for business
Tuesday morning, and there was
much speculation on the streets of
Elizabeth City Tuesday.
Whether the closed bank will be
taken over by the First g. Citizens
National Bank will be decided in
few days after representative OF
the U. S. Treasury has been over
the books of he Carolina Banking
g. Trust Company. But it Is thought
by officials of the National bank
that the books will be found all
right, as they have been tentatively
gone over by the National and Of
ficials state that nothing was found
to hinder the transaction, providing
the Treasury officials approve.
In the event the closed bank is
taken over by the First g. Citizens
National Bank, it is stated that
every depositor will be paid in full.
as there are enough assets to cover
any deficiencies. 1t will only be a
matter Of a few days after the TAX
ing over of the accounts before the
depositors will be paid off.
Should the Comptroller approve
and the First g. Citizens National
Bank takes over the Carolina Bank
ing g. Trust Company, negotiations
are being carried on for the taking
over OF the Hertford branch by the
Hertford Banking Company, accord
ing to officials of the Hertford
bank; and while nothing definite
has been decided about the Colum-
bia branch it is very probable that
this will be reopened and operated
as an individual institution.
The closing of the Carolina Bank
ing g. Trust Company will in no
way affect the Carolina Bank Build
ing. The Carolina Bank Building
Company is an individual corpora
ton and is in no way connected with
the bank itself. The company was
organized three years ago. At the
time of the organization OF the
Carolina Bank Building Company,
the Carolina Banking e. Trust Com
pany had capital of $250,000. The
stock of the Carolina Banking 81
Trust Company at that time bad a
par value of $100 The stockholders
turned In half of their Carolina
Banking g. Trust Company stock
for stock in the Carolina Bank
Building Company which was sold
at $50 a share, thereby cutting the
capital of the Carolina Banking &
Trust Company from $250,00O to
s125,OO0, and giving the Carolina
Bank Building Company capital
of $125,OO0. In other words the
capital of the Carolina Banking &
Trust Company was reduced one
| half.
The Carolina Banking ~ Trust
Company was organized in October
1921. At the time it closed its Of
| llC6IS WcIC.
DR.. A. L. Pendleton, president; w.
P. Skinner, vice president; George
R. Little, cashier and Calvin IL.
Twiddy, assistant cashier. The board
of directors is composed of the fol-
lowing: w. r. Culpepper, w. /.
Halstead, G.. r. Little, D. r. Nor
gan, w. c. Morse, A. l.. Pendleton,
j. G. Sawyer, w. l.. Small, S. G.
Scott, M. N. Toxey, W. P. Skinner,
E. M. Stevens, L. B. Twiford, BuX-
ton White and w. B. Zimmerman.
The statement of the banks fl
nancial condition as Of June %
which was published last month
listed total resources at Sl,oa0,-
427.17 with deposits at nearly
three quarters of a million dollars
A surplus fund of $500 was list
ed and q capital stock of Sl25,001
upon which no dividend has ever
been Maid.