filLy- kritorc k,isileiRoN
PAGE FOUR
and THE LEGAL CHRONICLE
To the Depositors and Stockholders of the First National
Bank---Detroit, and the Guardian National Bank of Commerce,
and the Residents of Detroit and the State of Michigan
On :\larch 20, 19:13, General t\loto•s sub-
scribed :S12,509,000 for all the authorized
common Capital stocl< of the National Bank
or Detr oit. The Reconstruction Finance
Corporation purchased or :$12,590,000 the
entire issue of (1' , preferred stock. The New:
Bank commenced business in it !Milted Nvay
on March 2.1, acquired certain assets of the
old institutions as of April 12, and is now:
11111(. 0(mi:1g as a normal bank, affording
bitnking facilities to the community along
safe, sound and conservative lines.
A statement of the bank's condition as of
April 12, giving initial effect to the acquisi-
tion of certain assets from the conservators
of the First National Bank Detroit, and
the Guardian National Bank (i• Commerce,
is as follows:
RESOURCES
LIABILITIES
Cash on hand and in banks .. $ 92,269,774.21
U. S. Government Securities .. 41,872,220.62
5,145,000.00
Other Bonds
675,000.00
Stock in Federal Reserve Bank
43,898,020.59
Loans and Discounts
21,000,000.00
Real Estate Mortgages
91,049.30
Accrued Income Receivable Net
TOTAL RESOURCES .. $204,951,064.72
Capital Stock--Preferred . • • . S 12,500,000.00
5,000,000.00
Capital Stock—Common . • •
General AIotors. Corporation subscribed for this
common stock as an emergency measure to protect
its vital interests in the City of Detroit and the State
of Slichigan, and upon the condition that all of said
common stock so purchased %could be offered for sale
to the depositors and stockholders of the old institu-
tions at cost. plus interest from the date General
Motors actually paid for the stock. The Reconstruc-
tion Finance Corporation subscribed to the preferred
stock for the purpose of giving added baulking
facilities to the City of Detroit and the State of
Michigan because of the general banking situation
in Detroit at that time, 'I's the extent that the
depositors and stockholders do not see fit to become
owners of the New Bank. it seems only right that the
residents of Detroit and the State of Michigan should
h e g i ven th e opportunity to subscribe, to the end that
the institution may be owned and operated by the
people of the City and State.
The capital stock of the Nev Bank. as now consti-
tuted, consists o f
500.000 share s of 6'. cumulative preferred
stock of the liar value of $25.00 e ach.
all owned by the Reconstruction Finance
Corporation. and
.sha•es of common stock. all owned by
General Slotors Corporation except
stock sold to directors to enable them
to qualify.
The preferred stock, besides being entitled to (;
iiii . ntiS • votes equally Share 1.4.1' share
e n-
w ith th e ,,,n i n to n stock. a nd up o n
•
••,.. ...in
any
titled to pa ■ mem in hill bet.
to
be 111:1111' Oil the conum
.1i .11 the
retirement at par. and lc . . -
,
entitled
payment of dividends for
k.
to twice as many tote' as the
Surplus
5,000,000.00
Undivided Profits
2,470,431.55
Accrued Expenses Payable Net
32,705.05
179,947,928.12
Total Deposits
TOTAL LIABILITIES . $204,951,064.72
In respect of dividend:, so long as any Preferred
Stock is outstanding. the net profits of the Bank are
to be applied, after such transfers to surplus as may
be required by statute, and such reasonable reserves
as may be required by the Comptroller of the
Currency:
Firm To payment of dividends on the pre-
ferred stock;
In case the subscription is for $1000;or over,
the balance is payable against delivery of
, definitive certificates.
Second: To payment of dividends on the
common stock not in excess of $0.75
a share;
Third: To apply 50'; of the remainder to
2. Scope of offer
retire the preferred stock; 25'; of
said remainder and not exceeding
$0.75 a share to pay dividends on
the common stock, and the balance
thereof to increase surplus. etc.. or
to retire preferred stock.
For a detailed description of the rights, privileges
and limitations of both the preferred and common
sttick, reference is made to the Articles of Associa-
tion. Copies available for inspection arc on tile at
the head ()trice of the National Bank of Detroit.
Subscriptions to the common stock will be received
by General Motors at Is office, Room 2:', 1 on the
main floor of the General Sinters Building. West
Michigan. on or before
Grand Boulevard, h
slay IS. 1933, upon the following terms and
conditions:
1. Prices and terms of payment
The 'Hive is :".^2 7 ■ p. r -hare, w ith lull cre , t a t the
trom Starch 20, 1933, plus a
rate of
Federal transfer 10c a share. Accom-
panying , the sign i subscription blank. a
down payment in ash of $2.50 a share is
required.
Where the amount of the subscription is less
than $1000, payment of the balance, viz.,
90', of the original subscription may at the
option of the subscriber be paid in full or in
nine monthly installments of 10'; each, with
interest at the rate of 5'; to be paid upon
date of final payment against delivery of the
definitive stock certificates.
Subscriptions may be made in any amount,
subject to rejection or redaction by General
Motors in its discretion. necessitated by the
possibility of oversubscription and to ensure
an equitable distribution among those en-
titled; provided, however, that every deposi-
tor shall have the right to subscribe for at
least 1 share, and in any event, up to 21?
of his net deposit balance in said old institu-
tions as of February 13. 1933. Until after
May 31.19:13, 110 sLck Will be sold or offered
to whom this com-
for sale except to
munication is addressed.
3. Where to obtain subscriptions
suhs,ript ion, will be received on blanks duly
signed by the subscriber when accompanied
by the purchase price or the first installment,
at the office of General Slotors, Room 251 on
the main floor of the General Motors
Building,. Detroit. Michigan.
Subscription blanks may he obtained at Room
251 un the main floor of the General Motors
Building, Detroit, Michigan. or will be mailed
upon request.
Checks should be made payable to General
Motors Corporation.
GENERAL :\IOTORS CORPORATION
ALFRED P. SLOAN. JR.. President