Newspapers / Asheville Citizen (Asheville, N.C.) / Jan. 18, 1920, edition 1 / Page 17
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FMff MUST mm t CtarfloQtte, N. C. i MemmltDeiF Federal Kceseipw .Sygtanm Announces today an increase of $200,000.00 in the Capital Stock authorized by the Stockholders at their annual meeting on January 13th, mak ing the paid-in Capital $1,250,000.00; all of the $200,000.00 increase to be paid in during the next sixty days. Our Surplus and Profits will then be $600,000.00 and our combined Capital, Surplus and Undivided Profits will be over $1,800,000.00. Our deposits are over $11,000,000, and re sources over $14,000,000.00 today. The stockholders of the American Trust Company and the Peo ples Bank and Trust Company of Charlotte at their annual meet ings on January 13th voted to consolidate the Peoples Bank and Trust Company with the American Trust Company, the consolida tion to take place at once. The American Trust Company will op erate a branch bank at the same location of the Peoples Bank and Trust Company, near Independence Square on Tryon Street. This will enable us to bring our services and facilities in closer proxim ity to the whole public, thus enabling us to serve the people with greater convenience to them. ' i This new departure in operating a branch bank is in line with the progressive policy and rapid growthoflhisshm7r The branch bank will be in charge of Mr. Marvin A. Turner, formerly cashier of the Peoples Bank and Trtist Co., who has been elected a vice president of the American Trust Company and manager of the branch bank This consolidation adds to the American Trust Company a large number of new stockholders and customers, and about $500,000.00 new deposits. Progressive business men in the Car o 1 i n a s are finding the American Trust Company a big and dependable institutional asset Opportunities, in the past, to bring to the Carolinas large indus trial enterprises, have been lost for lack of facilities to meet their financial needs. I 4 . . " The American Trust Company, with its increased capital and surplus aggregating more than $1,800,000.00, and deposits of $11, 000,000.00 has removed this objection, for it is now enabled to meet the requirements of extensive business development fully within the regulations of the Federal Reserve System, of which it is a member. So that, in, seeking large new enterprises, Charlotte and the Piedmont section of North and South Carolina now offers in addi tion to the many other inducements, ample banking facilities, , - ' H ; ,-'i . , '.' : : " - v ' '' . '.'';! ;;'; :a'--; v "TTI t .!. . . r J . A v m ! -. : ; .. m t ;r, iirousraiese raciuues, uie nericairi rust company has al ready contributed to the success of many flourishing industries through the Piedmont section of North and South Carolina and has brought to our territory many large accounts heretofore nec essarily carried in the East, where the required accommodations could be obtained. - i . . - , . ' -. ' v, ' . ' , ' . v"-"'- Now that they may be obtained here through the etended fa cilities of this institution, others have signified their intention of bringing their accounts here. A valuable asset to the Piedmont section of the Carolinas, the American Trust Company , through your association with it, will prove a helpful and business-building asset to you.. Wewouldappreciatethefavwif you we fee, 8ure yo wouW rather keep your banking business nearer home, and thus promote the upbuilding of the industries in your section. Torrence E. Hemby, Vice President Geo. Stephens, Vice President W, S. Lee Vice President OFFICERS Word H. Wood, President John G. Nichols, Vice President J. E. Davis, Secretary and Treasurer H. L. Davenport, Assistant Treasurer P. C. Whitlock, Trust Officer -John Fox, Assistant Trust Officer AO $M jot Mm.
Asheville Citizen (Asheville, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Jan. 18, 1920, edition 1
17
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