Evening star., 1933-05-10
POTOMAC SAVINGS
|J0|NS OTHER BANKS
i'm SPOKANE H|,N'
Move Instigated by P,istrict
National Attracts e)ther
Institutions.
CONFERENCES ANE HELD
BY SEVERAL 1OFFICIALS
Georgetown compa45's Leading Di-
! rectors Consider Move Best
for DsN,sitors.

Inclusion Of t'ke Potomac Savings
Bank in the witEly known Spokane
plan." by which n is sought to consoli-
date several ofs Washington's closed
banks into a n'YE financial institution,
was announced, today.
The George bwn bank now Joins in
the move insti gated by the District Ma
tional Bank h letters sent to all that
banks stockh blders and depositors, ask
ing for fun cooperation.
1t was ur derstood that at least two
more savinf s banks which are in the
hands Of c'tnservators have practically
decided e to Join in the proposed consoh-
Importe mt conferences are being held
by ofhcii is Of other closed banks and
developrn jents Of some kind the exact
nature 'cf which was not disclosed, are
expected
Bank Issues Statement
Tho following statement was issued
by thu Potomac Savings Bank:
Wi liam H. Clarke, chairman Of the
Reorg Rnization Committee OF the Poto-
mac baWngs Bank. today announced he
had conferred with Capt. Chester Wells
chab man of the Reorganization Com
mitt re of the District National Bank,
and that they were in substantial ac-
cof1a in organizing a new bank under
tA e Spokane plan, to take over the
liquid assets of the District National,
tae Potomac Savings. and such other
Anks of the District of Columbia as
hre to come into the proposed new or
fHnization.
=, He said. further, that his commit
tee was working with a view to and was
expecting to participate in the forma-
| ton Of the new bank and that he would
make a report to the directors Of the
Potomac Savings Bank strongly urging
| them to participate. He said, further.
/ that he had spoken with a number CT
directors of the Potomac Savings Bank
concerning the msoter and there seems
to be a unanimity Of accord and much
enthusiasm displayed in the consider
alton Of the idea"
Other Meetings Held.
| Plans of the Industrial Savings
Bank to reorganize into a new national
bank, were to be pressed at a meet
| ing scheduled for this afternoon at
the Garnet-Patterson School. The
faculty was to be addressed by officials
of the bank. Meetings were held last
night to promote interest in the plan,
at Shiloh Baptist and at Third Baptist
| AIluICTeS. w. II. ". bTOWn. president
and conservator OF the bank, said al
| most unanimous approval had been
| obtained in his community for support
of the new colored national bank
Offlcials of the Potomac Savings Bank
| originally adopted plan for raising
| $500, 900 in new stock in an effort to
reopen that institution. The banks de-
positors responded generously to the
| drive for new capital and officials had
high hopes of reopening at an early
date as a national bank
However, the full amount of stock
has not yet been subscribed and the
! bank has not received a Government
| license to reopen as a unit. In the
meantime. the Spokane plan had come
| to the front and the merger idea was
presented to the banks oficials.
Believing it will be possible to get
the bank open sooner by joining gen.
eral move with other banks, today's
| action resulted. The banks conserva-
tor and president is George W. Offutt,
who is in accord with the new move
Chairman Chester Wells of the Dis
! trict National Banks Reorganization
| Committee reported many more accep-
, tances today of the plan as outlined
to that banks clients. Subscriptions for
the new stock are coming in rapidly
| and in large totals. Chairman Wells
expressed much gratification that the
Potomac Savings Bank had joined the
| central bank movement.