Evening star. [volume] (Washington, D.C.) 1854-1972, 1954-08-11
Consolidation Plans
OF Hamilton, National
Banks Are Approved
,
Merger Subject to Vote
By Stockholders Of
Both Institutions

Plans to merge the Hamilton
National Bank into the Ma
tional Bank Of Washington
making it the second biggest
bank in the city-have been
approved by the directors Of
both institutions. 1t was an
nounced today.
The consolidated organization,
the announcement said, will
operate under the name and
charter of the National Bank Of
Washington. established In 1909
and the oldest in the city. The
merger is subject to approval Of
the stockholders Of both institu-
tons September Ia and of the
Controller of the Currency.
The proposed consolidation
climaxes q financial battle
earlier this year in which John
L. Lewis United Mine Workers.
reputedly In control Of the Ma
tional Bank of Washington. were
understood to have bought UP
controlling interest in the HAM
ilton Bank-thus blocking q pro-
posed merger between Hamilton
and the American Security g.
Trust, Co.
1921 Million in Assets.
The proposed consolidation,
approved by the boards of di-
rectors of both institutions yes
terday, would combine the fourth
and fifth largest banks in Wash
ington into the second largest.
With combined assets an
nounced at 1921 million. it would
be second only to the Riggs Ma
tional Bank, with resources Of
1910 million.
The new institution will have
II separate offices. The present
National Bank, with main Offices
at Seventh street and Pennsyl-
vania avenue NV, has only one
branch-at 1871 Maine avenue
S.W
The Hamilton Bank, however,
has eight branches throughout
the city. It's main Offices are at
Fourteenth and q streets NV.
100000 Shares Set Up.
The announcement said the
consolidated bank will have no.
600 shares Of capital stock with
a par value of $40 each. Share
holders of Hamilton will be en-
titled to receive two shares Of
stock in the consolidated bank
for each share Of Hamilton, while
shareholders of the National
Bank will get one share of the
new stock for each of their
| shares.
The investment banking firm
of Johnston. Lemon 81 Co., which
purchased Hamilton's stock for
an unidentified client during the
earlier financial battle at as
much as $110 a share, will pay
SIS a share for "all stock of the
consolidated bank owned by
those who do not wish to con-
tinue as shareholders in the con-
solidated institution" the an
nouncement said.
Initial ROard Named
The announcement said the
following men will make UP the
initial Board of Directors of the
consolidated bank:
James w. Anderson, treasurer
Of Woodward g. Lothrop; Ed
ward c. Baltz. president, Perpet-
ual Building Association: Crosby
N. Boyd. treasurer and business
manager, The Evening Star
Newspaper Co.; Clark M. Cliff
ford, attorney and former White
House counsel; Barnum L. Col
ton, former president of the
National Bank who was made
president OF Hamilton last May;
Edward Costigan, president. Cor
son g. Gruman Co., paving con-
tractors, and Louis M. Denit,
general counsel. National Bank.
Also, Rutherford J. Dooley, ex-
ecutive vice president. National
Bank; w. Carlton Evans, presi-
dent. Washington Tobacco Co.:
Warren r. Forster. vice presi-
dent. Hamilton; v. Manning
(See MERGER, Page A-4.)