Smithfield, June 22—Smithfield now has one strong banking institution as a result of the meetings yesterday of the shareholders of the First National Bank and of the Central Bank and Trust company, the action taken being the unanimous decision of both banks. The new institution, which will have an authorized capital of $200,000 and a paid in surplus of $50,000, will do a general banking and trust business. The merger will occasion changes in the organization, a steering committee from both banks having been appointed to make recommendations.
This committee, which will also select a name for the new concern, is as follows:
First National: R.P. Holding, T.R. Hood, F.K. Broadhurst, J.J. Broadhurst and J.H.R. Tomlinson;
Central Bank and Trust Co.: Messrs. N.B. Grantham, H.C. Cooper, W.H. Lassiter, S.C. Turnage and W.H. Austin.
In view of the fact that H.C. Cooper, who has been cashier of the Central Bank and Trust Company for more than a year, handed in his resignation, R.P. Holding was elected cashier of that bank until the merger is completed.
Mr. Cooper has proven efficient in his position as cashier of this bank. The business of the bank has prospered under his management and the directors were reluctant to accept his resignation. Mr. Cooper goes back to his home in Wilmington, where he will be in a bank in that city which his father, Lieut. Governor W.B. Cooper is president.
Smithfield will lose a citizen who has taken a lively interest in all civic matters, he being president of the chamber of commerce, and his many friends here wish him continued success as he returns to his former home.
From the front page of The Dunn Dispatch, June 24, 1921
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