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The deal was a purchase, not a merger. The famed old name of Bank of America will pass out of Manhattan banking. There will be no major change in National City's personnel as a result of the deal. Still chairman will be Charles Edwin Mitchell, once loudest of bulls, now very silent about everything. President will still be Canadian-born Gordon Sohn Rentschler, 45. President Rentschler's most important contact with National City came after the War. His firm had sold much sugar mill machinery to Cuba where National City had large interests. He was consulted by the bank on practical problems, made a director in 1923. Two years later he became a vice president and President Mitchell's No. i assistant, succeeding him in 1929. With National City's present trend apparently toward greater concentration on commercial banking, President Rentschler is becoming more & more dominant in the bank's activities.
Lesser Merger. Definite plans were under discussion last week for absorption of Liberty National Bank & Trust Co. by Hibernia Trust Co. Both are in Manhattan. Liberty was founded in 1923 by William Crapo Durant who later sold out to Herbert J. Yates & associates. They con trol the bank through Setay (Yates backwards) Co. Inc. These banks merged would have resources of $46,500,000.