Newspapers / The News of Orange … / June 13, 1963, edition 1 / Page 18
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Bank of Chapel Hill directors approve merger with NCNB Directors of The Bank of Cha- \ pel Hill and North Carolina National Bank have approved a proposal that would effect a merger of the university - town institution wit|i NCNB, Addison H. Reese, president of NCNB and Collier Cobb, Jr., board chairman of The Bank pf Chap el Hill announced here. ' ‘ The plan is subject to approval of stockholders of both banks and the Comptroller of the Curren cy. NCNB Bbprd Chairman C.M. Vansory, Jr. and Mr. Cobb pre sided at specially called sepa rate meetings of the directors of the respective banks Monday morning and night. Mr. Cobb explained that thd projected merger plan provides for exchange of 20,000 shares of $10 par value stock of The Bank of Chapel Hill for 62,000 shares of $5 par value stock of NCNB , a share ratio o f3.1 to I. The date of Monday, July 15 has been set for the stockhold er voting on the proposal. Ap ril figures of The Bank of Cha pel Hill show capital of $200, 000, surplus $650,000 and undi vided profits Of |271,716. De posits were $12,972,000 and to tal footings of $14,182,000. The combined capital accounts of the two banks would be, cap ital stock $11,385,250, surplus $324114,750 and undivided prof its $5,6W,m.' The leg»i lending limit would be raised to $4,400, 000. Combined deposits would be $545,Mom with total foot ings of $633,058,000._ Beam’s Choice Charcoal Filtered 6 years old sour mash 90 proof I $4.B0 4/5 Qt. ' $3.05 Pint 852“®*BOTTLED bv fj The directors of The Bank of Chapel mil' wowld continue to serve as members of the NGNB city board and J. T. Gobbelr the baqk’8 ehief executive officer; would became senior-vice presi dent of North Casalin* National under the tormpef the plant The move would briny to an even dozen the wumber of eitk» in which NCNB dperates, with a total of 64 oftl&*. In commewtlnf on the move, Mr. Gobbel said 'that it would' “lend the kind of additional banking- 'strength and Mature in quired by the dynamic nature of growth in -the Chapel Hill are*, including the new dimen sions and outreach of our uni versity, as wen as the potential of the Research Triangle devel opments. New sendees, includ ing tJjodr*f the statewide Trust and ■ Industrie! > Development De partments, will he dnvslnable to eur area’s growth,” He added that he believed that the generations of North Carolinians with Chapel HtH background ever since 1899, when the bank was' founded, would find the change in bank name to North Carolina Nation al easily acceptable. No changes in personnel are contemplated, "w *<*• "Today Is a day of constant revision in all fields to meet changing condit'ons and new needs," Mr. Gobhel stated. "This is true of our bank, joining forces with the oldest bank in . North Carolina and one of the i most progressive in the country BABY DiAMER SERVICE WE DEIIV6R TUESDAYS & FRIDAYS ONE WEEK'S SUPPLY Your Diapers $L75 Our D»apers__$2l25 ^ ■ , v Call Durham 383-9881 feudil 8SS5SwSSB8888 miiiiiiwiiiijto g|||p Iftl 1 *««3| ptx : XJ* • $V-* ■; '■ • ?. “Minimum Freight Rates” Legislation Will Do This, Tool TtU CONGRESS TO PASS IT! Don’t let anybody kid you *- the American people will save a lot of money when the "Minimum Rates” legislation now before Congress It peeped. Fair competition will bring many of today*t need lessly high freight charges down—fast, Lower freight chargee mean lower prices—for you. Southern Railway’s lowered frolghtrates on grain moving into the South — reoeptly affective aft** 22 months of frustrating, oostiy-to-ysn delay— < prove thiaie true. We are now moving five-car multiple shipments: * of grain from Cincinnati, Ohio, to Raleigh, N. C., : ; in our 100-ton "Big John” care fop- a price of only : J i $1,902.07 instead of $4,892.58-theold price. The j« savings: a whopping $2,989.91 on thisone ahip- 1 4 ment! That’s just an example. There are many • more like it. You profit and we profit. Everybody, j I. benefits. Let’s look at some frying-pan facta. Food will cost less. A state department of agriculture esti mates the savings from lower grain freight sates to bei4%# on a dozen eggs, 1# n pound on ehickens. Other agricultural economists back this up and point to equally significant savings on beef, milk, pork, bread and many other market-basket items. Such savings are fine, as far as they go —but they dpn’t go far enough. The public — that’s you — could be saving a lot more. Grain is only one of hundreds of bulk and agricultural products on which railroads can't tower freight charges with* ,*w out facing long delays, as in our grain case. Or, r all teo often, our request to lower rates is fatty, '»• refused. Out<of-date regulation of railroads is 'f tseysasihls for this, and it is costing yon and all ethoroonsumers off America billions of dollar* each year. You pay the freight when you buy ;• anything. Whath the answer? Do your part to have Con- -v gram pass the ‘’Minimum Rates” bills no they are now written. This will mean reduced fright rates ; and save you money. It is in your interest. Help j TeU your Congressman to vote for H.R. 4700. Do it today. & SOUIHERN &tVES THE SOUTH JJ, fc1061. 'southern RAILWAY SYSTEM
The News of Orange County (Hillsborough, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
June 13, 1963, edition 1
18
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