Evening star., 1933-05-19
WOODBRIDGE BANK
MAY JOIN MERGER
Of DISTRICT UNITS
Directors Will Vote Tonight
on Recommendation of
Reorganization Group.
SALE OF STOCK IN NEW
HAMILTON is PUSHED
Indications Are That Capital of
$1,25O,ooo May Be
Increased.

The first official step has been taken
by the Woodridge-Langdon Savings &
Commercial Bank to join the five-bank
merger to constitute the Hamilton Ma
tional Bank of Washington.
The Reorganization Committee of the
Woodbridge Bank has voted unanimous
ly to favorably recommend the merger
to the board of directors of the bank.
A meeting of the directors will be held
tonight.
II the woodbridge Bank officially joins
the new Hamilton National. as has
been predicted, the new consolidation
would then comprise six banks. They
are the Federal-American National
Bank & Trust Co., the District Nation
al Bank, the Potomac Savings Bank
Washington Savings Bank, the North
east Savings Bank and the Woodbridge
Institution.
Meantime the campaign to sell stock
In the Hamilton National Bank at $25
a share went forward, not only under
direction Of the General Subscription
Committee. but also under direction OF
Subscription Committees formed In
each bank.
Representatives Named.
The Northeast Savings Bank, 1t was
announced late yesterday, has oesig-
mated its vice president and conservator,
G. F. Hoover, as its representative on
the General Subscription COMMITTEE
and chairman of it's local committee.
George w. Offutt, president and con-
servator of the Potomac Savings BenK,
who represents that institution on the
General Subscription Committee. an
noinced that the chairman of the local
committee is w. H. Clarke.
The name of Hamilton National Bank
va.s decided on late yesterday afternoon
AR the previous choice, First National
Es2x of Washington, had been rejected
by the Treasury Department. The new
n me which has been approved by the
Treasury is IN honor of Alexander Ham
Lton. the first Secretary OF the treasury
The capital structure of the Hamilton
B-ak now stands at 81 1,25O,OOO, altnough
it has been indicated that this ngure
VIII be increased if necessary as ne"
member banks join.
Other Banks May Join.
The uniform subscription blank
which will be sent to stockholders and
depositors of all member banks was
agreed to yesterday by the General SUB
scription Committee of which Capt.
Chester Wells is chairman. This blank
provides that the stock shall be SOLD AT
S25 a share and the par value shall pe
$40.
Although there have been indications
that other banks, still in the hands OF
conservators, may join the Hamliton, M
it appeared today that action on the
part of these prospects would be some
what delayed. Among those which have
been mentioned as possible member
banks are the Seventh Street Savings
and the United States Savings, with
the Chevy Chase Savings Bank enter
ing the picture in only an indefinite
way. The Chevy Chase bank Is unoer-
stood also to have something else under
consideration, while attempts are un-
der way to have the United States Saw
ings open on its own If possible. :,
Col. Wade H. Cooper, president OF the
United States Savings Bank, is en-
deavoring to have that institution open
independently of the merger. He MADE
public last night form to be signed ny
depoSitors, including the features OF ms
plan, which he said had been submitted
to the Treasury Department.
Agreement Submitted.
The agreement to be signed by de-
positors is as follows:
"I, the undersigned hereby give you
authority to charge my account not te
exceed Is per cent of my balance in
your bank as Of the day and date Wner
rs per cent in amount OF your tota
deposits as shown by the books OF youl
bank, have signed similar agreements
same TO be used in restoring the I'M
paired capital structure OF your bank
thereby placing it in position TO re.
sumo business on normal basis.
sign this waiver of up to Is per cent o.
nv account voluntarily and of my owr
free will and accord and urge and re-
quest that this plan for the reopenlns
of said bank be approved by the Treas
ury Department.
Il also desire to state that I do no
want this bank to be placed in llquida'
ton under any circumstances. 1t l.
also understood that this order ant
agreement shall be binding upon ne /
and when rs per cent OF the total de-
posits of said bank, excluding public
and fiduciary deposits, are thus pledget
as herein set forth. II is fully under
stood that all discredited or char2ed-cf
assets will be trusted for the benefl
of the depositors waving the IS Pc
cent Of the deposits and such other de-
positors as m.v be bound thereby ant
entitled to participate therein.
1T is understood that the stockholc
ers will contribute % per cert cash O
the capital stock and that SO mUch o
the future net earnings of said h1'li
shall be applied or added to the above
mentioned trusteed funds in such 81
amount and for such time as, il th
opinion of the controller of the cur
rency is fair and equitable, the con
troller to be gitided by past experience
in his Office in similar cases.
You are hereby authorized 10 maxi
such changes as. in the opinion CT tn
controller of the currency, may b.
necessary or material to make this plal
effective and workable.
II sign this agreement in conside, a
ton of the benefits accruing to me from
the reopening of said bank
Participating certificates shall b
issued to depositors so waiying for the;
share and interest in trusteed assets