Evening star., 1933-06-27
BANK TO ABANDON
FIVE BUILDINGS IN
HAMILTON MERGER
Nine Other Sites to Be Used
as Headquarters and
Branch Houses.
PERSONNEL DISPOSITION
NOT YET WORKED OUT
Conservators to Require Much Help
for Indefinite Time Con-
serving Assets.

Five banking houses will be aban-
doned and nine will be continued for
banking operations of the new Ham
Nton National Bank merger, it was
learned today.
The locations to be abandoned are
District National Bank, headquarters,
14o6 G street, and this banks two
branches, at 939 Ninth street and Con-
necticut avenue and K street; the
branch Of the Federal American Ma
tional Bank & Trust Co. at Fifteenth
and H streets, formerly the Merchants
Bank 81 Trust Co., and the Washing
ton Savings Bank, at Tenth street and
Grant place.
Banks to Be Operated.
The bank houses to be operated will
be the Federal-American National Bank
& Trust Co., headquarters of the mer-
ger at Fourteenth and G streets, and
three of its branches, at Dupont Circle
and Connecticut avenue, Twentieth
street and Pennsylvania avenue, and
Twelfth and Newton streets northeast,
in Brookland; the Potomac Savings
Bank, at wisconsin avenue and M
street, Georgetown Northeast Savings
Bank, Eighth and H streets northeast;
woodbridge Savings and Com
mercial Bank, 2027 Rhode Island ave-
nue. northeast: Seventh Street Savings
Bank, Seventh and N streets, and the
United States Savings Bank, Fourteenth
and U streets.
Elimination of the five bank houses
will reduce the overhead Of the Hamil-
ton National Bank substantially.
Will Require Workers.
What becomes of the personnel in the
eliminated banks has not yet been de-
tcrmined, but the work of conservation
of assets of the old banks. which are
left in the hands of conservators, will
be a big job in itself and require a
number of employees for an indefinite
period Enough of the old banks
s-sets will be turned over to the new
Hamilton National Bank to pay depos-
TORS so cents on the dollar through
the new merger, but the remaining
sssets in the hands of conservators con-
sti.ute knotty problem which will re-
quire not only the time Of the conserva-
tor. but also of several assistants in
each bank
Some of the five banking houses to
be abandoned for bank business may
be used for a while for the conservator-
ship, but no new business will be con-
Quoted there.
VIII Move Office.
John Poole, president of the Federal
American and conservator of its assets,
1t is understood, will move his Office
from headquarters of the Hamilton
Bank TO one Of the Federal
branches. The conservatorship Of eight
member banks will all be separated as
much as possible from the new business
of the Hamilton merger and will be
placed in different buildings where pos
sible. Some of the smaller banks, how
ever, will have both a conservator and
the Hamilton Bank manager in the
same building.
The important question of offsets
was thoroughly discussed at meeting
of conservators of all unlicensed banks
IN the city yesterday afternoon at the
Federal The principal speak
ers representing the Government were
w. Irving Shuman and g. B. Springston
Of the Treasury Department.
Working on Branch Problem.
Edwin C. Graham is busily engaged
In working out details Of the Hamilton
branch problem and personnel questions
in particular. 1t is expected he will
have important announcements soon,
particularly on the matter of personnel,
as this must be determined before ap-
plication can be made for the bank
charter.
Concerning the matter Of bank
branches. the arrangement Of continuing
nine banking houses and eventually
abandoning five has been virtually de-
cided. but some details remain to be
arranged when the possibility that
changes in the situation are still pos
sible.
The campaign to sell 81 $500 worth
of Hamilton Bank merger stock was
nearing its goal today. AS soon as this
can be completed and the money all
collected the organizers Of the banH
will apply for the charter, probably
within few days.
Pledges Support.
The Washington Board of Trade to-
DAY pledged its support TO the Hamilton
National Bank in a resolution adopted
BY its Executive Committee. at the
same time announcing the purchase OF
$1,000 worth Of stock in the newly
formed group.
In voting its Endorsement and conf
dence in the venture, the BOARD pointed
out that the reopening OF the banks
merged would release $4,000 600 in
tied-up accounts, bringing stimulus TO
Washington business through the cir
culation Of this money.
The resolution adopted by the board
said.
The Washington Board OF Trade
has every confidence that the New
Hamilton National Bank will be
highly successful institution and a
great asset TO the community. The
effort Of those who are bringing shout
this reorganization should receive the
fullest cooperation of the community,
so that the money in these banks may
quickly be put TO use throughout the
city and the many depositors in the
various institutions may obtain speedy
release The board tenders the bank
every degree of cooperation and good