Word: bankamerica
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...which forbids banks to set up branch offices outside their home states, moneymen are spreading out from coast to coast. New financial supermarkets such as Sears and Shearson/American Express are offering a wide variety of banking services, and traditional firms, ranging in size from San Francisco's BankAmerica (assets: $124 billion) to General Bancshares of St. Louis ($1.8 billion), are roaming far outside their old territory. Consumers are likely to reap better services and lower prices from the resulting competition...
...many investors have begun patronizing the hundreds of small discount brokers that have sprung up in storefronts and lobbies. Banks also are getting into the act, buying discount brokers and offering their services. Last week, for example, the Federal Reserve permitted Chase Manhattan to acquire Rose & Co. Investment Brokers. BankAmerica and Citicorp already own brokers...
...campaign with lobbying tactics that had reached "a historic low." Both Dole and Regan have publicly suggested that banks already pay less than their fair share of taxes. A congressional report last year said that in 1981, commercial banks paid only 2.3% of their profits in federal Income taxes. BankAmerica Corp., for example, the second largest bank holding company, paid no federal income taxes for 1981. This week Dole will hold a hearing on "The Special Tax Preferences Enjoyed by Financial Institutions...
...loan with other lenders. That effort fell through, but telephone lines were soon buzzing between banks over a different arrangement. The terms will allow Seafirst to draw on the $1.5 billion for 24-hr, loans if it loses other sources of funding and needs money. The participating banks include BankAmerica, Citibank, Chase Manhattan and Continental Illinois...
American banks, including First National Bank of Chicago and BankAmerica, hold Harvester loans of $125 million or more. A Harvester bankruptcy would thus generate huge losses. Moreover, bankers nervously wonder how many other major corporations will be in jeopardy if the economy does not pull strongly out of the recession. Says Elvis Mason, chairman of the InterFirst Corp., a bank holding company in Dallas: "It's the bankrupcty I have not yet anticipated that worries me most...