Evening star., 1934-04-23
franklin REOPENS'
UNDER NEW NAME|
Branch of City Bank Of
Washington Has $2,000,.
600 Available.

The Franklin National Bank today
reopened as a branch of the City
Bank Of Washington, at Tenth and
D streets.
Owing to the fact that officials Of
the bank had not announced spe-
cif1cally that the doors would open
this morning there were only a few
customers on hand.
Old Branch Abandoned.
The bank was prepared to make
available about 100000 to the 49,
900 customers of the old Franklin
National Bank, representing IS per
cent of deposits. Accounts of all
those who did business at the branch
Of the Franklin at I'LL Connecticut
avenue have been transferred to the
new location, as there will be no bank
ing business conducted at the former
branch.
The first customer Of the bank this
morning was Mrs. A. B. Smith, secre-
tary to DR.. r. Lyman Sexton, who de-
posted for him $4,000. Mrs. Smith
was admitted some time before the
doors opened. Later, when the doors
were officially swung open to the pub
lie, the first person to enter was Mrs.
H. G. Sydenham.
From personal friends of the bank
officers, and from other banks in the
city came floral tributes in large bas-
kets to lend festive atmosphere and
fragrance to the lobby on opening day.
Officers on Hand.
Clarence F. Burton, president of the
City Bank; John B. Cochran, chair
man of the board. who was former
president of the Franklin National
Bank; Thomas P. Hickman, former
vice president and conservator of the
Franklin, who is now vice president
of the City Bank in charge of the
new branch, and A. Scott Offutt, vice
president of the City Bank were all
on hand early to direct the first days
business, and to confer with depositors
and others.
The bank was reopened under a
waiver plan, by which depositors
waived 35 per cent of their deposits
in order to receive IS per cent when
the institution reopened as a branch
of the City Bank. The IS per cent
was made available today to depositors
in two different ways. All those who
had $50 or more had their accounts
set up already in checking accounts.
Passbooks were being mailed to all
who had signed signature cards. It
will be unnecessary for these persons
to call in person at the bank, unless
they care to. in order to draw checks
against their accounts. In the second
way. all deposits less than $50 have
been listed on cards, awaiting arrival
of the depositorS to determine their
disposition.
The same percentage of money is
made available now by the City Bank
on all accounts. regardless of whether
they were checking accounts, savings
accounts, Christmas savings accounts,
or others.
Task Tremendous One.
The task of preparing for the open
ing day was tremendous, even after
negotiations had completed the gen.
eral plan for reopening the institution
President Burton explained that a
personnel Of from 20 to so had been
working steadily on the huge amount
of work required over a period of sew
eral months to have all in readiness.
Depositors now have available 65
per cent, but there will be more money
forthcoming sometime later through
operation of the Franklin Liquidating
Trust. This trust, directed by three
trustees, has taken over assets from
the old Franklin National Bank, hav-
ing book value of about $2,500,O0
including both the bank buildings, at
Tenth and E streets and at I'LL Con-
necticut avenue. This trust will liqui-
date the assets gradually, and over a
period Of time so as to get from them
the most value.