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Show First Security Corp. Takes Over Commercial Bonks Two Basin Banks Included In Big Utah Merger The largest single bank merger in the history of Utah was announced an-nounced yesterday in Salt Lake City when George S. Eccles, president pres-ident of the First Security Corporation, Cor-poration, and Pratt P. Thomas, president of the Commercial. Bank of Utah, and Max Thomas, executive execu-tive vice-president, signed papers transferring all the latter bank's stocks to First Security. The merger makes First Security's Securi-ty's total assets substantially larger larg-er than any other bank systems in 11 states east of California, Mr. Eccles said. First Security's assets, with the new merger, will now total $462,-184,031 $462,-184,031 according to Jan. 1 basis. "At our recent annual stockholders' stock-holders' meeting, there was a unanimous unan-imous vote' favoring the stock transfer," Pratt P. Thomas said. The stock transfer calls for a straight "across the boards" exchange' ex-change' on one share of Commercial Commer-cial Bank of Utah stock for one share of First Security Corp. stock, officials announced. On Wednesday, First Security stock was bid $37.50 a share. Commercial Bank of Utah has main offices in Spanish Fork, Utah. Branch banks are' situated in this state at: Heber City, Nephi, Payson, Delta, Roosevelt, Duchesne Du-chesne and Eureka, in addition to the office at Spanish Fork. 65 Banking Offices The acquisition brings First Security's Se-curity's total banking offices to 65, of which 29 are in Utah. Others Oth-ers are in Idaho and Wyoming. Mr. Eccles said of the merger that "with the' joining of the Commercial Com-mercial Bank of Utah and First Security System, First Security truly becomes a state-wide banking bank-ing operation in Utah. "First Security banks now extend ex-tend from Cedar City and Monti-cello Monti-cello on the south to Richmond and Tremonton in the north and from Roosevelt in the east to (Continued on Back Page) BANK MERGER . . . (Continued from Page One) Tooele in the west. "We pledge First Security's efforts ef-forts to meet the growing needs of banking in this fast developing Intermountain. Area," Mr. Eccles stated. Mr. Eccles announced there would be no changes in the active ac-tive management of the eight branches that have operated as the Commercial Bank of Utah, and that present officers' would be meTged into the leadership of the organization. Pratt P, Thomas will become a director of the First Security and Max will become vice-president in charge of the Southern Utah banks. Officers Listed Officers of the bank, including the Thomases, father and son, include': in-clude': Joseph Hanson and George C. Case, both vice-presidents; Charles H. Dixon, vice-president and cashier; Paul H. Lambert, sec-retary.f sec-retary.f board of directors,- and Roy W. Hanson, controller. No changes are contemplated in managers of the eight banking offices who at present are: Mr. Lambert, Spanish Fork; Gordon Mendenhall, Heber; Paul E. Booth, Nephi; Roy Broadbent, Payson; Otis WaLch, Delta; Wesley R. Dickerson, Roosevelt; Var Rosen-baum, Rosen-baum, Duchesne', and Mrs. Mary Newman, Eureka. Commercial's capital account as of Jan. 1, was: deposits $17,992,154; capital $633,-000; $633,-000; surplus $407,000 and undivided undivid-ed profits and reserves $199,260. Stock has had a $12.50 par value in past. |