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Two Banks Merged At the close of business Saturday, the Merchants & Planters National Bank in Porter went out of business, the entire assets of the bank having been brought by the First National Bank of city this For a few weeks past there had been reports that the sale of the bank had been made, and as a matter of fact the former president of the bank, Dr. Joblin and Henry Allen of this city and some other stock holders did sell their stock to W. S. Vernon of Coweta. The bank was run as usual under the same management until Wednesday of last week when Mr. Vernon bought out the stockholders and took control of the bank, but he had F. O. Clawson, the cashier, to run the bank until Saturday night. The transfer of the books, cash and accounts was made and Monday morning the First National Bank was open and ready to do all the banking business of the city with its former office force with the addition of Joe Vernon of Coweta who will be here permanently. The sale of the Merchants & Planters National Bank was consummated strictly as a good business proposition for the purchaser. That bank was one of the cleanest in the matter of assets and good papers in the state, for a bank of its size, according to the reports of the bank examiners who have had only words of praise for the bank the past year or two. The fact that Mr. Vernon, one of the shrewdest bankers in the state put a lot of his cash into the purchase of it, is sufficient assurance that it was a good bank. The sale was not made because of any weakness of the bank, but because Mr. Vernon and the First National, of which he is president, saw an opportunity to acquire a good business by buying the bank and because the stockholders of the Merchants & Planters had an offer for the bank that made it desirable to sell. By the merging of these two banks, the First National Bank of Porter becomes one of the strongest banks, in a town of this size, in the state, and it is in a position to handle the business of its customers in a manner most satisfactorily. The business men of the town will stand by the First National, and the bank will stand by them and the customers of both banks so there need be no inconvenience to anyone. The customers of the of the old bank will miss the presence and services of Mr. Clawson who has been cashier of the old bank several years and had won the confidence and respect of every person who did business there. But courteous and considerate service will be extended to all by the First National in a manner pleasing to all and along sound business lines. Mr. Clawson has not announced what he will do nor where he will go, but it is a distinct loss to have him not associated with the business interests of this town. He is a shrewd business man, strictly honest, a banker of much ability and he and his estimable family have the respect of all. Besides the business being handled by the new bank in a business like way and being able to handle all the business of the community, it will no longer be said there is a bank fight entering into every movement on foot, but it will have a stabilizing and clarifying effect which should be most wholesome. The first bank established in Porter was the Bank of Porter upon the corner where Dr. Joblin's office now is located. Then the Citizens Bank was organized and operated where Henry Allen's business is located. After this the First National was organized and it bought the Clarksville bank and moved it here. Along about 1905 or 1906 the Porter State Bank was organized and was operated as such until May 1923 when it was converted into the Merchants & Planters National bank which did a successful business until the time of the sale a few days ago.
