Word: bankless
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...many Americans, the idea of a bankless society may seem inconceivable. Not only have banks provided everything from Christmas clubs to car loans, but they have acted as hubs of the community as well. Yet today consumers and businesses can conduct virtually all their banking needs, from opening up a government-guaranteed checking account to getting a mortgage, without ever having to set foot in an actual bank. Now some or all of these services are offered by insurance companies, brokerage firms and such finance companies as Ford Motor Credit and Westinghouse Credit, often at more attractive rates than banks...
...company had retained for expert financial counsel none other than Charles Edwin Mitchell. Just what Mr. Mitchell has been doing in his modest little office had been something of a mystery ever since he returned to Wall Street last winter (TIME, Feb. 4). But the choice of the bankless banker as Postal's adviser appeared wholly logical. I. T. & T. was first financed by Edward B. Smith & Co. in the early 1920's but before the end of that decade the Brothers Behn were using J. P. Morgan & Co. Under the Banking Act of 1933, the House...
...last week trooped a delegation of newshawks looking for an office door on which was freshly stenciled the name "C. E. Mitchell, Inc." Admitted by a solitary office boy, the reporters found Charles Edwin Mitchell seated behind a small desk, nervously puffing cigarets. In his own words the bankless banker was a "poor fellow going back into business...
...eastward move brought promise of a desert blooming of new banks. Reno's First National has long been hand-in-glove with Amadeo Peter Giannini and Nevadans welcomed the deal, hoping that under his control the $7,500,000 bank would soon begin to branch into bankless communities...
...became definitely established that on Jan. 1 Elisha Walker, bankless banker, will become a partner of Kuhn, Loeb & Co. Mr. Walker served for many years as president of Blair & Co., and when in 1929 that company was acquired by Transamerica Corp, he was chosen to succeed Amadeo Peter Giannini. His policies angered Mr. Giannini, brought him back from retirement, led to one of Wall Street's greatest proxy fights which Giannini won with 63% of the shares. It was also established last week that Jerome J. Hanauer, a Kuhn, Loeber since 1890, partner since 1912, will resign at the year...