Evening star., 1946-10-16
New yorkGroup
Takes Control
OF Union Trust
Banks Stockholders
Tender More Shares
Than Asked in Bid

COntTOl OF the Union 1TuSG Co.,
through purchase of a majority Of
the outstanding stock at $3.50 a
share, will be taken over by New
York financial interests at once.
Stockholders have rendered more
than the necessary 10,100 shares
called for In the bid, according to
Goodwin 81 Olds, Washington in
vestment bankers, who made the
offer on behalf of the American
General Corp, agents for the Equity
Group Of Companies, of New York,
which are understood to have COM
bined assets of $80,000,000.
Officials of the American General
Corp. said today purchase Of the
Union Trust stock is for long-term
investment purposes. The Equity
Group has wide contacts which are
expected to aid materially in ex-
panding the earnings of the bank
over a period of years.
Offer Made September Fl.
When the $3.50 per share offer was
made on September 81, stockholders
wishing to accept the bid were in
structed to deposit their stock with
the American Security & Trust Co.
The offer declared the New York
financiers were In the market for
10-100 shares, but reserved the right
to accept or reject a total of less
than that amount. The offer ex-
pired yesterday, reports indicating
that many more than 10,100 were
offered for sale.
In bidding for the stock, the pur-
chaser compared the $3.50 offer with
prices prevailing on the Washington
Stock Exchange this year. The high
for 1916 has been $170 a share and
the low $155.50. The last sale on
the exchange came out at $l62 a
share.
The New York investment group
owns a controlling interest in the
Citizens Ban,1 of Washington and
the Bank of Virginia, both former
Morris Plan Banks; the Pullman
Bank g. Trust Co., of Chicago, and
several other banking institutions
outside of Wall Street.
Officers to Remain.
The trust company purchasers de-
sire the present directors and officers
to continue their association with
the bank in order to assure the
conduct of the institution on the
same high plane which has charac-
terized its operation in the past" 1t
was said.
S. William Miller. president of the
trust company, said today the man.
agement of the bank ''has complete
confidence in the integrity and abil-
ity of the purchasers and anticipates
continued growth and public service
in association with them"
Nearly so years old, the bank Is
located at Fifteenth and H streets
NV, has $4,000, 900 deposits and
capital funds slightly in excess of
81 100000. 1t is rated as one of
the soundest banks in the city.
Board of Directors.
The Board of Directors includes:
Ord Preston, chairman; l.. Clark
Brown, Walter F. Chappell, J. Wes-
ley Clampitt, jr.; Daniel B. Devore,
William Sharon Farr, George E.
Fleming, Everett Flood, Frederick
j. Haas, George E. Hamilton, jr.;
L. Hillyer, Page Hufty, God
frey w. Kaufman, S. William
Miller. H. c. Newcomer, Daniel w.
ODonoghue, jr.; Arthur Murray
Preston. Charles A. Robinson, John
H. Small III, Frederick Stohlman,
F. Wilson.
In addition to Mr.. Miller, the
the official staff is COM
posed of George E. Hamilton, jr.,
counsel; L. Clark Brown, vice presi-
dent; @. Elmer Flather, vice presi-
dent and treasurer; j. Weslay Clam
pitt, jr., vice president; Irving zirpel,
secretary; Willard G. McGraw, trust
officer; Harry F. Harding, T. Clyde
Talbert and Donald C. Jones, assis-
tant treasurers; Thomas Grant, jr.,
assistant trust officer and assistant
secretary; Melville w. Stuart, as
sistant trust officer; Wilbur c.
Dieter, trust investment officer;
August E. Henze, assistant trust in
vestment officer, and H. Norman
Glasco, auditor.