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Story
December 15, 1953
The Farmville Herald And Farmer Leader
Farmville, Prince Edward County, Virginia
What is this article about?
Proposed merger of Buckingham County Bank in Dillwyn with Peoples National Bank of Charlottesville, announced late last week. The branch will remain in Dillwyn, retaining staff and adding larger resources for county development. Subject to approvals.
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Full Text
Proposed Merger Unites Albemarle. Buckingham Bank
Move Will Add Service, Capital At Dillwyn
The Buckingham County Bank at Dillwyn will be merged with Peoples National Bank of Charlottesville, will remain in its present location but offer the larger resources and trust facilities of the city bank to county residents.
This decision of the board of directors of the Buckingham County Bank and the board of the Charlottesville bank was announced late last week by W. Wright Harrison, executive vice president of Peoples National Bank.
Subject to Approval
The merger action is subject to approval of the stockholders of both banks, as well as by the Comptroller of the Currency, in Washington. Stockholders of the Buckingham bank will be given stock in the Peoples National Bank in exchange for their present holdings.
The Buckingham County Bank which was established in 1907 at Arvonia, was moved about 15 years ago to Dillwyn, which is located in the geographical center of Buckingham County. Since the move, the Buckingham County Bank has enjoyed continued and rapid growth and now has total resources in excess of $1,600,000. Principal officers of the Buckingham County Bank are S. T. Ranson, president, J. H. Spessard, vice president. The cashier is Mr. Kenneth L. Jones.
Same Employees
Peoples National Bank will apply for permission to the Comptroller of the Currency to establish a branch of the Peoples National Bank at the banking house of the present Buckingham County Bank. This branch will be known as the Buckingham County Branch of the Peoples National Bank.
Present employees of the Buckingham County Bank will be employed at the new branch and Mr. Jones will be made Branch Manager. An Advisory Committee of Buckingham County businessmen will be appointed.
The lending limit of the Peoples National Bank, now in the amount of $325,000 to any one customer, will be available to business and industry of Buckingham County. It is the hope of the Peoples National Bank that this will make possible continued development of Buckingham County. Mr. Harrison reports of the merger.
Move Will Add Service, Capital At Dillwyn
The Buckingham County Bank at Dillwyn will be merged with Peoples National Bank of Charlottesville, will remain in its present location but offer the larger resources and trust facilities of the city bank to county residents.
This decision of the board of directors of the Buckingham County Bank and the board of the Charlottesville bank was announced late last week by W. Wright Harrison, executive vice president of Peoples National Bank.
Subject to Approval
The merger action is subject to approval of the stockholders of both banks, as well as by the Comptroller of the Currency, in Washington. Stockholders of the Buckingham bank will be given stock in the Peoples National Bank in exchange for their present holdings.
The Buckingham County Bank which was established in 1907 at Arvonia, was moved about 15 years ago to Dillwyn, which is located in the geographical center of Buckingham County. Since the move, the Buckingham County Bank has enjoyed continued and rapid growth and now has total resources in excess of $1,600,000. Principal officers of the Buckingham County Bank are S. T. Ranson, president, J. H. Spessard, vice president. The cashier is Mr. Kenneth L. Jones.
Same Employees
Peoples National Bank will apply for permission to the Comptroller of the Currency to establish a branch of the Peoples National Bank at the banking house of the present Buckingham County Bank. This branch will be known as the Buckingham County Branch of the Peoples National Bank.
Present employees of the Buckingham County Bank will be employed at the new branch and Mr. Jones will be made Branch Manager. An Advisory Committee of Buckingham County businessmen will be appointed.
The lending limit of the Peoples National Bank, now in the amount of $325,000 to any one customer, will be available to business and industry of Buckingham County. It is the hope of the Peoples National Bank that this will make possible continued development of Buckingham County. Mr. Harrison reports of the merger.
What sub-type of article is it?
Business Merger
Banking Announcement
What keywords are associated?
Bank Merger
Buckingham County Bank
Peoples National Bank
Dillwyn Branch
Economic Development
What entities or persons were involved?
W. Wright Harrison
S. T. Ranson
J. H. Spessard
Kenneth L. Jones
Where did it happen?
Dillwyn, Buckingham County; Charlottesville
Story Details
Key Persons
W. Wright Harrison
S. T. Ranson
J. H. Spessard
Kenneth L. Jones
Location
Dillwyn, Buckingham County; Charlottesville
Event Date
Late Last Week
Story Details
Announcement of merger between Buckingham County Bank and Peoples National Bank of Charlottesville. Bank to become a branch, retaining location and staff, with increased resources for local development. Subject to approvals.