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Show First Security Wins Control of Bank Of Southern Utah In Stock Tussle Both Factions Issue Statements Advising Stockholders and Citizens The controversy over control of the stock of the Bank of Southern Utah in Cedar City was brought to an end on Monday when the directors of the Cedar City bank and officials of First Security Corporation of Salt Lake City reached what was termed "a satisfactory agreement," for merging the Cedar City bank with the First Security System.. Officials of the First Security System had been attempting at-tempting to buy up Bank of Southern Utah stock for several sev-eral weeks with the idea of merging the local institution with First Security, and had received active support from some of the largest stockholders! in Bank of Southern Utah, from some smaller stockholders and from some local citizens not owning own-ing stock in the Institution. After the agreement was reached reach-ed in a meeting in Salt Lake City Monday, the five directors of the local bank who had previously opposed the merger, Issued a statement In which they recommended recom-mended that local stockholders accept the stock exchange offer by First Security. The complete statement by these five men was as follows: Statement Made "As directors we Initially felt that It was for the best Interest of the community to retain the bank as a locally owned and operated op-erated Institution, but since it develops that stockholders owning own-ing a majority of the stock apparently ap-parently do not share this view, we are going along with First Security's Se-curity's program and give to Cedar Ce-dar City a bank that will be supported sup-ported by all Interests formerly associated with It. We have always al-ways Indicated that our only desire de-sire is to work for the benefit of all of the stockholders of the Bank of Southern Utah and we now recommended acceptance of the stock exchange offer maoe by First Security Corporation." The five directors who had opposed op-posed the merger and who reached reach-ed the agreement with First Security Se-curity Monday are Stanley Brad-shaw, Brad-shaw, F. B. Parkinson, Elwood J. Corry, Henry L. Jones and Arnold Ar-nold E. Anderson. Among the local 'stockholders who had favored the merger, and apparently had agreed to sell or transfer their stock In the Bank of Southern Utah to First Security, Securi-ty, It Is understood, Included John S. Chrlstensen, president of the local bank; his son Paul Chrlstensen, Chrls-tensen, Arthur Gardner, cashier; the Menzles J. Macfarlane family, fam-ily, the John D. Hopkins family, and others. Charles B. Petty, former for-mer Cedar City automobile dealer, deal-er, was another heaw stockholder stockhold-er who not only favored the merger, but engaged verv actively active-ly in the move to obtain sufficient suffi-cient stock to make the merger possible. Wilson Lunt. local automobile au-tomobile dealer, and also a stockholder, stock-holder, actively supported the merger. Eccles Statement George S. Eccles, First Security Corporation president, who spent considerable time in Cedar City in the interest of the merger before be-fore the agreement was reached, issued the following statement after the meeting Monday: "We are delighted to bring to the people of Cedar Citv and southern Utah generally, many additional bank services and ben-eits. ben-eits. First Security Is by no means a stranger In the Cedar City area, already having more than one million dollars loaned in this area for home ownership. We now bring more low cost financing fi-nancing for home building, business busi-ness expansion, purchase of automobiles, auto-mobiles, household appliances, home repairs, and all business needs. We pledge to Cedar City's people our efforts to bring them every convenience possible In banking services." Details of the merger have not, been announced, but It Is expect-ed expect-ed that complete Information will be Issued to stockholders of the bank in the very near future. fu-ture. It Is also expected that the merger will be completed as rapidly ra-pidly as proper legal steps can be consumated. |