The Waterbury Democrat., 1931-02-14

November, 1924. it has had close and most friendly relations with the Merchants Trust Co. Tn fact both banks have had very much in com mon. their clientele being much alike.
 Standing out like beacon light in the banking field of New England is the Merchants Trust Co, which has since it's incorporation in 1910, enjoyed phenomenal growth. In the course of few years it has outgrown its present quarters, | formerly the homo of the Manufac- turers' National bank. Officials are now looking forward to the day when the bank will be in its new luxurious home.
 Directors and officers point with pride to the fact that in 1890 when the business and commercial mar- kets of the world were at their low est ebb, the Merchants Trust not only paid it's regular dividend of 12 per cent but it declared an extra three per cent dividend.
 The Merchants Trust now has cap- ital stock of $500,0O0, surplus, un- divided profits and reserves of about
 $S5O,OOO and total assets of $7.7O0,-
 900. When both banks are com
 bined the total assets of the Mer- chants Trust Co, will be approxi- mately $9.0O0,0O0.
 The officers of the Merchants Trust company are: President, Henry Wey- and; vice presidents, John $. Neagle and Peter M. Kennedy; treasurer,
 Edward R. Barlow; assistant treas
 urer, Edward F. Moran; assistant treasurer and secretary, Louis R :. l fnIr o coic to r,k T- l.
 Bulger.
 Its directors are: Henry Weyand, John s. Neagle, Frank Hayes, Will liam Riether, Thomas Finnegan,
 William Traurig, Frank Pope, Ar
 thur A. Tanner, Peter M. Kennedy
 D. T. Harrington. Sr, Louis R Schick, James A. Phelan, J. Francis
 Smith, George T. Culhane and
 Charles Greenblatt.
 | Officers of the Peoples Bank and
 Trust company are: President, Luig l Ruggiero; vice president, Frederick
 W. Palomba; secretary and treasur- treasurer, Vincent R. Mole. l The directors are: Luigi Ruggiero, Joseph s. Barbara, Charles Sciullo, charles K. Kazemekas, Charles W.
 Palomba, Benjamin H. Willard. Ni- cola Palomba, Frederick w. Palomba | and Rocco ,Diorio.
 The Peoples bank has capital stock of $100,00O, surplus of $27,0OO, un- ] divided profits of $69,0OO and total resources of $1,427,0OO.
 The notice to stockholders already in the mails reads as follows: The Merchants Trust Co. Waterbury, Conn. February, 1931. Tn tho Sfncx hn1 of
 Merchants Trust company You will find enclosed herewith | notice of a special meeting of the stockholders of the Merchants Trust | company. This meeting is called to consider and take action upon | an agreement entered into between the boards of directors of the Mer- chants Trust company and the Peo- ples Bank & Trust company of the city of Waterbury proposing the con- solidation of said The Peoples Bank X Trust company, into, under the name and charter of the Merchants Trust company.
 For the purposes of carrying out this agreement, 1t is proposed to in- crease the capital stock of the Mer- chants Trust company from five | hundred thousand ($500,OOO.OOO) | dollars, consisting of five thousand (5,00O shares of the par value of one hundred ($100.00) dollars each, | to five hundred and fifty thousand | ($550. .00O.00) dollars. to consist of five thousand five hundred (5,5OO) | shares of the par value of one hun dred .($100.00) dollars each. Un- | der the agreement, these additional shares are to be allotted to the shareholders of the Peoples Bank | Rr TrIct n t1y fra, ho f1, oil of, the outstanding capital stock of that bank on the basis of one CD share of the Merchants Trust com pany stock for four shares (4) shares of The Peoples Bank & Trust com- pany stock.
 The agreements provides that the l Peoples Bank and Trust company | shall deliver to the Merchants Trust I company capital assets of one hun dred and fifty thousand ($150,O0O) dollars in exchange for the five hum dred (500) shares of the Merchants Trust company stock referred to and if the agreement is approved by the stockholders of both institutions and the merger effected. the capital stock of the Merchants Trust com pany will then be five hundred and fifty thousand ($550,O00) dollars and It's surplus and undivided profits ap- proximately nine hundred and fifty thousand (950.0O0) dollars. Accord ingly it is conte plated that when the agreement of merger becomes effective, tho capital, surplus, undi- vided profits. the reserves of the Merchants Trust company, as a re- suit of the consolidation of the two institutions, will be approximately one million four hundred and fifty thousand $1.450.000.00) dollars.
 The proposed consolidation is logical step in the increasing use- fulness of this institution to the people of Waterbury and it's en- virons. Our strong position in the local banking field will be consid- erably enhanced by additional re- sources of over one million two hum dred N1,200, ,000D0) thousand dol- lars and an increased clientele of about six thousand (6,00O) deposi- tors; all of which can be accom- plished with very little additional ex- penses.
 Your board of directors believes that the consummation of the pro- posed consolidation will bc in the interests of the stockholders of this bank and as vote of at least two thirds of the outstan.ling capital stock Is necessary if the agreement is to be approved, urge you to
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