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76 Upon call of the Governor, a meeting of thefederal deserve Board was held in the office of the Board on Thursday, January 21, 1926, at 11:30 a.m. PAES•MIT: Governor Crissinger Mr. Platt Mr. Hamlin Mr. Cunningham Mr. Eddy, Secretary Mr. McClelland, Asst. Secretary -r. M. B. Lane, Jhairman of the 3oard of Directors of the Citizens and Southern Bank of Savannah, Ga. entered the meeting and discussed with the Board its action of January 11th in disapproving an application of his batik for permission to establish a branch de novo at Albany, Ga. he Governor e xplained to Mr. Lane that his application had been disapproved because in the opinion of the Board the competition of a branch of his bank at Albany w°111(1 injure The New Georgia National Bank of Albany, recently organized to take over the tieorgia National Bank of that place. Mr. Lane stated that the P"gram of his bank which now operates branches at Augusta, Macon, Savannah, 411d Athens, contemplated the establishment of additional branches at Albany, C°111mbus and Valdosta. He stated the program was based upon a desire to Secure a wide diversification of loans )y the bank and spread the risk of 10s8 over the entire State. He said tit while his bank had applied .for a cle novo branch, his institution would not object to ;aki_c_r over The New Cleorc2:ia National Bank if it could be nurchased on satisfactory terms, and Ile stated that he had just recently been appros.ched with the sugrestion that tIlis bank be taken over. He further stated, however, that if the de novo bl'411ch were granted his institution would not compete through it with existbanks in such a way as to injure them, but that the entrance of his illst itution into the city of Albany would work to the welfare of both the 77 1/21/26 -2- banks and the community. He stated that the branch which his bank desired to establish at Valdosta would be estabiished by taking over an existing barik at that place the majority of the stock of which is already owned by htmself and his brother. Following the discussion, Mr. Lane was advised by the Liovernor that because of the absence of several members of the Board definite action could not be taken for the next week or ten days. He was advised further that application for a branch at Valdosta would have to be filed in the regular manner through the i.ederal deserve Bank of Atlanta. mr. Lane then withdrew from the meeting. The Governor then presented the following telegram dated January 20th, troln the Chairman of the Federal deserve Jank of San Francisco: "Your telegram fourteenth. Assistant Cashier Hale went to Salt Lake City with walker Manager of Construction to confer with architects and bidders concerning modifications in plans and specificgtions salt Lake City branch building suggested by Trowbridge. Now have following wire signed Hale quote Now have firm proposals covering all suggestions In Board report shaving schedule A ,,,192,447.92 schedule B 2l0,396.07 total „;402,645.99. l'hese figures exclusive builders and architects fees. Increase represents 43,487 on account of withdrawal of low bidder on heating and ventilating and increase of 47,423 on account of Board's suggestions making total increase i10,910 unquote Builders and architects' fees each five per cent making total cost under schedule B including such fees 231,437.67 compared legal limit ,250,000. These bids are binding until January twenty-third. Please wire Board's decision." After discussion, Mr. Platt moved that the Board approve plans and specifications for the proposed Salt Lake City building, as amended in accordance with suggestions made by its Consulting Architect, and interpose no objection to the Federal deserve Bank of San Francisco proceeding with the erection of a building on the basis of revised bids set out in the above telegram. 78 1/21/26 -3- Platt's motion being pat by the Chair was unaaimously carried. The moettn, adjourned at 12:30 o'clock. Approved: Gov-
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