Evening star., 1947-01-30
SEC Approves
Union Trust Co.
Merger Plan
Firm to Buy Assets
Of Citizens Bunk
In Consolidation

Consolidation of the Union Trusi
Co. and the Citizens Bank Of Wash.
ington was approved today by ths
Securities and Exchange Commis.
sion, the merger to take effect al
the close Of business tomorrow.
s. William Miller, president Of ths
trust company, and Linwood P
Harrell, president Of the Citizens
Bank, jointly announced that the
trust company had completed nego-
tiations for the purchase Of the
assets and assumption of the liabili.
ties OF the Citizens Bank, which
will result in the merger Of the two
institutions.
Necessary approval already hae
been received from the Boards o1
Directors and stockholders of each
institution. consummation of the
sale awaiting today's formal actor
by the SEC.
Combined resources of the Unior
Trust Co. and the Citizens Bank oi
Washington, on December 81, 1916
were $47,565,621. Individual re.
sources on December 81, the date
Of the Controllers last condition
call, were Union Trust, $33, ,255, ,988;
Citizens. $14,30s, ,632.
To Be Kept as Branch.
The Union Trust Co. is one of the
Capitals leading banking irlstitu.
tions and for more than As years
has conducted a trust and general
banking business. The Citizens
Bank has occupied a priminent
banking position in consumer credit
financing.
The main Office of the trust COM
pany will remain at Fifteenth anG
II streets NV, while the banking
premises at Fourteenth and g
streets NV, occupied by the Citi-
zens' Bank, will be retained, the
branch to be known as the Four
teenth and G Street Office.
Officers and directors of the
Union Trust Co.. will be as follows
officers of the Citizens Bank having
been retained:
S. William Miller, president; Lin
wood P. Harrell, L. Clark Brown and
A. Scott Offutt, vice presidents; G
Elmer Flather, vice president and
treasurer; Harry r. Harding, II. Nor
man Glasco, T. Clyde Talbert and
Donald c. Jones, assistant treasur-
ers; Louis K. Lynn, auditor; George
e. Hamilton, jr., counsel.
Trust departmental. Wesley CHM
pitt, jr., vice president; Willard G.
McGraw, trust officer: Thomas
Grant, jr., Melville w. Stuart, assist
ant trust officers; Wilbur G. Dieter
trust investment officer; August E.
Henze, assistant trust investment
officer.
Fourteenth and G street Office
Louis o. Hodges, r., Edwin II. o.
Stokes, L. Stewart Bolton, vice pres
idents; ". Walton Rhine, assistant
vice president; Joseph A. Carpenter,
Oscar F. Douglas, Sd, Ferdinand f.
Walter and John E. Wilson, assistant
treasurers.
Board of Directors.
The consolidated board OF d1rec-
tors will be composed OF Thomas
c. Boushall, L. Clark Brown, w.
Cameron Burton, Walter F. Chap
pelle Mr.. Clampitt, Daniel B. De-
vore, William Sharon Farr, Everett
Flood, Frederick j. Haas. Mr.. Hamil-
ton, Mr.. HareIl, Edward L. Hillyer,
Page Hufty, Godfrey w. Kaufman,
Mr.. Miller, Edwin A. Mooers, Daniel
w. O'Donoghue, jr.; Mr.. Offut,
Gordon A. O'Neill, Arthur Murray
Preston, Charles A. Robinson, James
c. Rogers, John H. Small III, Fred
erick Stohlman and Charles F. VIII
son.
The Citizens Bank was known for
many years as the Morris Plan
Bank. When the merger was first
proposed, it was stated that Citizens
Bank stockholders would receive
around $48 a share for their stock
Much of the stock Of both banks is
now owned by New York invest
ment interests.