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Show MERGER NEAR FOR BIGGEST BANKIN AREA A plan to consolidate all First Security Corp. banking activities in Utah to form the largest bank in the state was announced. The consolidation will bring together under the name "First Security Bank of Utah, National Assn.", the First National Bank of Salt Lake City, the present First Security Bank of Utah and the banking activities of the First Security Trust Co. in Salt Lake City. First Security Trust Co. will continue without change ell it3 other functions, including investment invest-ment trust, mortgage, insurance and real estate departments. The consolidated First Security Bank of Utah, officials said, will have in excess of $8,000,000 capital cap-ital funds and $125,000,000 deposits, de-posits, making it the largest bank in she state. With its affiliate, the First Security Bank of Idaho, it will be the largest banking operation oper-ation in the northwest group of states between the Missouri river and the Pacific coast. As of Dec. 31, 1947, total resources re-sources of the First Security system sys-tem of banks were $303,816,433 and total capital funds $15,035,100 Loans totaled about $90,000,000 and number of customers approx-mately approx-mately 250,000. The consolidation plan was announced an-nounced jointly by George S. Eccles, Ogden, president- of the First Security Corp. and First Security Bank of Utah; Fred E. Smith, president First Security Trust Co., and Charles L. Smith, president, First National Bank of Salt Lake City. Directors of the banks have approved the plan and it will be submitted for approval of stockholders stock-holders at a special meeting April 26. The consolidation is scheduled sched-uled to become effective May 1. |