Magazine article American Banker

Centran Shareholders Approve Sale of Central National to Society Corp.: "Ihate to See It, Personally," Says a Former Vice President Who Voted for the Merger

Magazine article American Banker

Centran Shareholders Approve Sale of Central National to Society Corp.: "Ihate to See It, Personally," Says a Former Vice President Who Voted for the Merger

Article excerpt

AKRON, Ohio -- Miles Moran and the Central National Bank of Cleveland go back a long way together -- 69 years to be precise -- so it was with mixed emotions last week that he voted his shares of Central's holding company, Centran Corp., in favor of the takeover by Society Corp.

As a result of the overwhelming approval by shareholders, Society expects to complete the merger Sept. 3 and become Ohio's third largest bank holding company, with $9 billion in assets. In February, Central National will disappear when it becomes part of Society National Bank.

"If we didn't merge with Society, it would only be a matter of time, with the competition today, before we'd have to merge with somebody else," said the 84-year-old Mr. Moran.

Nevertheless, Mr. Moran said he regretted the necessity of merging.

"I hate to see it, personally," he said. "This bank would have been 100 years old in five years."

Mr. Moran, who was 15 when he joined the bank in 1916, reminisced last week about a banking era long past.

"I was a messenger. That's how everybody started back then. You did your job and if they liked the job you did they made you a vice president. They never told you, though. It's not like today, the young men want to know up front, 'What's the pay? When will I be a vice president?'"

The 'Old Colonel'

Mr. Moran recalled "the old colonel," Jeremiah J. Sullivan, who founded Central National in 1890 and was still running it when Mr. …

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