Jasper County Democrat, Volume 13, Number 20, Rensselaer, Jasper County, 15 June 1910 — RATIFY BIG BANK MERGER [ARTICLE]

RATIFY BIG BANK MERGER

Directors Sanction Consolidation of Commercial and Continental Nationals at Chicago. Chicago, June 13.—Directors of the Commercial National and the Continental National banks ratified the plan for the consolidation of the two institutions. The action was unanimous in both boards. August 1 was the date set for opening under the new arrangement. It was decided to form an entirely new corporation to take over the« business and the assets of the present banks. Its name will be the Continental and Commercial National bank. Its capital stock will be $20,000,000 and it will start with surplus capital of $13,072,000. Included in this merger will be the American Trust and Savings bank, owned by the Continental, and the Commercial Trust and Savings bank, recently organized by the Commercial National. These four institutions, when combined, will have a total capital of $23,000,000 and surplus and undivided profits of $10,000,000. Their total deposits are close to $185,000,000 and their total resources about $218,000,000.