The Amalgamated Bank, opened April 14 by the Amalgamated Clothing Workers of America at 103 East Fourteenth Street, has already outgrown its cavital and office facilities and both are being increased, the directorate announced yesterday. An increase from $300,000 to 450,000 has been voted in capital and surplus, they stated, and two more floors have been leased.
Present resources were given as $970,000, with 1,900 depositors, compared with the $560,000 and 800 depositors recorded the opening day. The $150,000 new stock issue is expected to add several hundred to the 1,000 shareholders.
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