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Show Springville Banking Company, State Bank of Provo planning merger The proposed merger requires re-quires the approval of both state and federal banking supervisory su-pervisory authorities as well as the stockholders of each institution. in-stitution. Final consummation of the merger is not expected for several months. No major change in personnel person-nel is contemplated, a joint statement said. The Springville Banking Company and the State Bank 3f Provo, announced today that their respective Boards of Directors have approved a preliminary pre-liminary agreement leading to the merger of the two banks. While final details are still to be worked out, it is contemplated contem-plated that the merged bank will retain the banking offices 3f both participating banks ind that J. W. Randall, Chair-nan Chair-nan of the Board of State 3ank of Provo, will be Chair-nan Chair-nan of the Board of the new nstitution, and F. C. Packard, President of the Springville 3anking Company, will be President. The Board of Direc-;ors Direc-;ors of the new institution will lave representation from both ;he Provo and the Springville janks and ownership and con-;rol con-;rol will continue under the :ombined management. |