November 18, 1908
Dr. W. S. Woods has purchased the Ridgely interests in the National Bank of Commerce. Several days ago Dr. Woods announced that he controlled a majority of the bank stock, and that he and his friends would again take active management of the bank's affairs. The change is expected to take place Saturday, when W. B. Ridgely, president; George T. Cutts, vice president, and Edward Ridgely, cashier, retire.
For some time Dr. Woods has been acquiring stock and recently secured 13,000 of the 20,000 shares. W. B. Ridgely and his friends sent out letters to the stockholders asking for proxies so they could control the annual election on January 12, and asking that the present management be continued. Yesterday it was announced that Mr. Ridgely and Dr. Woods had reached an agreement and that Mr. Ridgely would retire and Dr. Woods assume the presidency. Who will be the cashier has not been announced. It is said that a very few changes in the directorate of the bank will be made.
When Mr. Edward Ridgely was asked last night what plans he and his brother had in view after their retirement from the National Bank of Commerce, he said they had none.