Evening star., 1933-05-14
FOUR ReL0SED BANKS
HERE CONSOLIDATE
$10,000,000 in Deposits toI
Be Freed-E. C. Graham
President.
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Continued From First Page.)
banks joining in the plan, as well as
the entire community.
Mr.. Edwin c. Graham who will
head the new bank is one of our most
outstanding business and civic leaders,
and has through knowledge OF
banking"
Mr.. Mckee. in his statement said:
Il am familiar with the proposed plan
for the organization of new national
bank to be headed by Mr.. Edwin c.
Graham to make available part of the
deposits for banking purposes OF four
or more banks that are now in the
hands of conservators.
1T is my personal belief that the
plan is a worthy and constructive one
which should command and receive
the support of the entire community.
Plan Early Opening.
Everything will be done to expedite
the opening of the new national bank,
but there were no definite indications
available last night as to just when it
will be ready for business. Many ar
rangementS remain to be completed.
and much work to be done before the
depositors will find their new bank
ready to function.
The capital structure of the new in
stitution must be set up, name de-
cided upon and approved by the con-
troller OF the currency, and char
ter obtained from the controller be-
fore final action can be taken.
Realizing the Importance to the city,
however, of making available the maxi
mum amount of deposits at the earliest
date rcccihle eyaryt hiOo will bp done
by officials in charge to expedite the
opening of the bank
Details are not yet available as to
the exact nature of the participa ton
in the new capital structure expected
from the stockholders and the de-
positors in the banks which join the
movement. These matters remain to
be settled, and will be formally pre-
sented to both stockholders and de-
positors as soon as possible.
General Banking Business.
The new bank is to be organized to
business, including savings accounts,
safe deposits and trust service. Its as
sets will be liquid it was emphasized.
Mr.. Graham, president of the new
bank, fer years has been a prominent
figure in Washington civic life.
"As practically lifelong resident of
Washington" he said. Il have been
yitally Interested in the welfare and
development of cur city. I have agreed
to accept the presidency of this bank
on the solicitation Of friends in order
that 1 may be of further useful service
to the community
Mr.. Graham not only is experienced
in business. but in banking. For II
years he has been a director OF the
Fereral Reserve Bank of Richmond. He
is chairman of the Banking and In
dustrial Committee of the Fifth Fed
eral Reserve District.
Mr. Graham has many business,
philanthropic and social connections
throughout the city. He is president
of the Community Chest, past presi-
dent of the Board of Trade, former
members of the Board of Education, is
director and member of the Executive
Committee of the Chesapeake & Poto-
mac Telephone Co.. past president OF
the Rotary Club, director of the Mer-
chants and Manufacturers Association
and a member of the Chamber of Com
merce. Columbia Country Club, Elks,
Temple Noyes Masonic Lodge, Colum-
bia Chapter, No. l, Washington Com
mandery and Almas Temple OF the
Shrine.