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Show CONSOLIDATES Delta Bank Joins Others In the near future the Commercial Commer-cial Bank of Delta will consolidate with the Commercial Banks of Soanish Fork, Heber, Nephi and Payson into a new banking corporation corpor-ation to be known as the Commercial Com-mercial Bank of Utah. The new corporation will have assets exceeding $10,000,000.00 and will have a capital structure exceeding ex-ceeding $850,000.00 making it one of the highest capitalized banks south of Salt Lake City. Heretofore these banks have operated independently, but the managerial policy has been practically prac-tically the same in all of them. The officers see manv arivan- tages in the new plan. The principal princi-pal ones being greater safety to depositors due to the pooling of the capital funds of the various banks; more efficient management of the various units and better service to the larger borrowers. The loan limit to any qualified borrower bor-rower will be in excess of $100,-000.00. $100,-000.00. No change in the managerial policy is anticipated and local supervision su-pervision through local directors is a part of the new plan. The same stockholders who own stock in the present banks will be the stockholders in the new bank, strictly in proportion to their present pres-ent holdings. The newly elected officers and directors of the Commercial Bank of Utah are: P. P. Thomas, president presi-dent and director; Joseph Hanson, vice- president and director; A. T. Money, vice -president and director; direc-tor; George C. Chase, vice- president presi-dent and director; Max Thomas, vice- president and director; Chas. H. Dixon, cashier and director; A. E. Money, A. U. Miner, Roy W. Hanson, John E. Aagard, M. L. Old-royd, Old-royd, R. C. Draper, C. M. Pace, L. C. Montgomery, Don Clyde, directors. direc-tors. Paul H. Lambert was appointed appoint-ed secretary by the board of directors. di-rectors. A local, advisory board was appointed ap-pointed to assist in directing the activities of the local bank. This board is as follows: Otis Walch, chairman, Orran Ashby, C. M. Pace and J. Val Styler, members. |