CONTINENTAL ILLINOIS NATIONAL BANK AND TRUST COMPANY OF CHICAGO, chartered Oc tober 15, 1932, under the National Bank Act, succeeded the Continental Illinois Bank and Trust Company, chartered under the laws of the State of Illinois, through an exchange of stock, share for share. The present bank represents a union, consum mated March 18, 1929, of the Continental National Bank and Trust Company of Chicago and the Illinois Merchants Trust Company, and is the outgrowth of a series of consolidations and mergers of banks, savings associations and trust companies in Chicago, the oldest of which was chartered in 1857.
The Continental National Bank and Trust Company of Chi cago, one of the two components of the present bank, resulted December 1, 1927, from a union of the business of the Continental and Commercial National Bank of Chicago and its state chartered affiliate, the Continental and Commercial Trust and Savings Bank. These merging banks were themselves integrations of four teen banking institutions. The oldest of this group, the Merchants Association, had been founded in 1861.
The Illinois Merchants Trust Company, the other component bank, assumed corporate existence April 9, 1923, as a consolida tion of the Illinois Trust and Savings Bank and The Merchants Loan and Trust Company. The Corn Exchange National Bank of Chicago was a member of this merging group, but was not physi cally united with the Illinois Merchants Trust Company until September 29, 1924. The oldest component of this group, the Merchants Savings Loan and Trust Company, had been organized in 1857. Four other banks also were identified with the Illinois Merchants group through consolidation prior to 1903 with the Corn Exchange National Bank of Chicago.
As of June 29, 1935, the capital account of the Continental Illi nois National Bank and Trust Company was $I01,136,000, con sisting of : Preferred stock, $5o,000,000; common stock$25,000,000 (both classes with par value of $331) ; surplus, $11,00o,00o; un divided profits, $3,636,000; reserve for contingencies, $I1,5oo,000. Total resources amounted to $1,065,000,000, while aggregate de posits stood at $957,107,000.
The bank is housed in the building originally erected for the Illinois Merchants Trust Company, and is a member of the Federal Reserve System, the Federal Deposit Insurance Corpora tion and the Chicago Clearing House Association.