Evening star., 1933-05-28
j. s. SAVINGS BANK
JOINS HAMILTON IN
FACE OF PROTEST.
President Cooper Tries to
Obtain Treasury Approval
for Reopening.
TO BECOME BRANCH
OF NEW INSTITUTION
Merger Movement Praised by Will
bur H. Zepp, as Unequaled for
Liquidity and Soundness.

The United States Savings Bank, at
Fourteenth and U streets, has joined
the new Hamilton National Bank.
This was formally announced last
night by Wilbur H. Zepp, vice president
and conservator of the United States
Savings Bank
The action was taken despite the
vigorous protest Of Col. Wade H. Cooper,
president of the bank, who owns, he
said, Sc per cent of the stock.
AS late as yesterday afternoon, Col.
Cooper was conferring with officials of
the Treasury in an endeavor to obtain
approval of plan to reopen the United
States Savings Bank alone.
The plan to merge the United States
Savings Bank with six other banks in
the Hamilton National is known to
have had the support not only OF Vice
President Zepp, but also of many of the
stockholders and depositors. 1t was
approved by the Treasury Department.
Will Become Branch.
The United States Savings Bank
enters the merger with plans to open as
a branch of the new Hamilton National
Bank It will make available to its de-
positors when the bank opens, SO per
cent of their deposits. Stockholders and
depositors will be asked to subscribe to
stock in the new consolidation at $25
share, with par value Of $40 share.
The cost of the new stock can be paid
for in cash, or can be deducted from
the SO per cent Of deposits made avail
able from the depositors funds IN the
United States Savings Bank.
The United States Savings has about
10000 accounts, Mr.. zepp said, with
total deposits of $1,000 900. Half of
these will be made available at once
when the bank is opened as a branch
OF the Hamilton National.
Mr.. Zepp, as conservator In charge OF
the bank, is a Government official, ap-
pointed by the Treasury Department,
and as such has wide authority. He
will be the official to sign the contract
under. which the bank will join the
merger. He feels that this will be the
best move for the good of the depositors,
the stockholders and the bank itself.
Merger Move Praised.
praising the merger movement, and
the new Hamilton National, Mr.. zepp
said: There viii be nothing to equal it
for Hqui6ity and for soundness of as
sets"
The addition of the United States
Savings Bank as the seventh member
bank brings the total deposits in the
Hamilton up to $11, 900 600. and its total
resources up to $13,000,000.
The other members of the merger
are: The FederalAmerican National
Bank g. Trust Co., the District National
Bank, the Potomac Savings Bank, the
Washington Savings Bank, the North
east Savings Bank and the Woodbridge
Langdon Savings & Commercial Bank.
Each of these banks has Subscrip-
ton Committee working on the sale Of
stock in the new merger. Great inter-
est is being shown by all these COM
mittees, according to Capt. Chester
Wells, chairman Of the General SUBJ
scription Committee. Real energy is
being put forth by the committees,
Capt. Wells said, predicting that this
week probably would see some inter-
esting and perhaps unusual develop
ments.
Efforts are to be made to wind up
the subscription campaign in a whirl-
wind finish this week, it Is understood
This means the sale of a total of 50,-
600 shares of stock, providing $1,000
900 capital stock, and $250,oo0 surplus.
Graham Goes to Florida.
Edwin c. Graham, who will head the
ington yesterday afternoon on hurried
trip to Florida which had been plan
ned long ago. before he was chosen
president Of the bank. He will return
as soon as possible this week.
officials of the Franklin National
Bank expressed renewed confidence yes
terday In their drive to reopen the
bank as a separate unit in short time,
at the same time insisting they have no
interest in the merger plans being car
ried on by other local banks.
Walter M. Brown, chairman OF the
Franklin Nationals Reorganization
Committee, reported late yesterday that
holders of over 10 per cent of the neces-
essary rs per cent of the banks de-
posts have agreed to the reorganiza-
ton plan.
In figures, this means that holders OF
Sl,950,o in deposits have agreed to
waive their rights to 80 per cent Of
their deposits and subscribe 10 per cent
for new preferred stock, the other so
per cent to be made available for the
usual banking transactions as soon as
the bank can be reopened.
AS the waiver must be agreed to by
holders of approximately 50, 100, 900 de-
posits, 1t will be seen that agreements
on only $150,000 more deposits are
nee0eQ 10 make tne plan operative, as
soon as approval is received from the
Controller of the Currency.
Yesterdays mail brought agreements
involving $50,000 in deposits, which
greatly pleased the Franklin officials.
John B. Cochran, the president, said
yesterday he Is positive the plan to pre-
serve the Franklin National Bank as an
individual institution will succeed and
that the new bank eventually will be
able to pay all depositors in full.
DEATH HELD ACCIDENT