Word: bankes
(lookup in dictionary)
(lookup stats)
Dates: during 1920-1929
Sort By: most recent first
(reverse)
...holding company, called First Bank Stock Corp., is designed to tie the banks of Minneapolis and St. Paul into the financial structure of the mining industries of the Northwest. Of its $250,000,000 capital stock some $70,000,000 is being issued in exchange for the controlling interest in the 37 banks. The remainder will be used for future expansion...
...chain. The list of its officers and directors is enough to show that the financial and business interests of a great part of the Northwest are united in it. President is George Harrison Prince, head of First National of St. Paul, native of Amherst, Mass., but acquainted with northwestern banking from the ground up. Now 68, he has spent 50 years of his life in the small and large banks of Minnesota. Vice President is Lyman Wakefield, head of First National of Minneapolis. The list of directors, incomplete last week, is to include the presidents of seven railroads. Chairman...
...foundation of this large bank chain is not to be confused with the type of bank merger which goes on in large cities. In the typical example of the latter, a large bank buys up one or more small banks, absorbs them in its corporate structure. The offices of the absorbed banks become branches of one central bank. The operation of such a merged unit is called branch banking. The Twin City organism will practice not branch but chain banking. These two types of banking are not only quite distinct, they are considered by some to be opposed, and there...
...part to get around this legal limitation that bank chains such as First Bank Stock Corp. are formed. A holding company acquires control of several banks, operates them under a unified policy. The bank or banks at the head of the chain act as correspondents and depositories of the reserves of the members, all of which retain their individual identity. The important differences in practice are these...
...person doing business with a chain bank does business with that particular bank alone. His deposits are secured by its assets alone. But a person doing business with a branch bank is in effect doing business with all branches, and his deposits are secured by their combined assets...