Word: branched
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Dates: during 1980-1989
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...days when banks were not permitted to offer a higher rate of interest than that set by the Federal Government, the financial institutions competed on the basis of customer convenience. Branches sprouted like hamburger stands as banks ventured into out-of-the-way places. Says Steven Rautenberg, a vice president with Chase Manhattan: "Since we couldn't offer market value on savings, we needed a branch on almost every corner to attract business." The total number of branches of banks in the U.S. increased from 21,880 in 1970 to 43,995 in 1981, the peak year...
...since 1980 looser federal rules have permitted banks to pay higher interest rates, and rising costs have forced bankers to watch expenses more carefully. Building a branch bank can cost more than $1 million, compared with about $350,000 for the automated-teller centers that banks have been installing at former branch locations and in shopping malls and airports. The machines also cost less to operate, about 250 per transaction vs. 500 with a human teller...
Meanwhile, back in Piru, Calif., the unhappy residents have won a reprieve. The Bank of America has agreed to postpone closing the branch until Dec. 31. During that time, local citizens hope to lure a new bank to town...
...United States branch of the IDAF is housed in the basement of the Harvard Epworth Church in Cambridge. Though the group has no official ties to the University, its president is the Rev. Peter J. Gomes, Plummer Professor of Christian Morals, and Nancy Randolph, special assistant to President Bok, is a member of the board of trustees...
...funds for a cause whose effectiveness cannot be documented, Carstens says. Nonetheless, the IDAF raises millions of dollars a year that make their way to South Africa. But of the 10 national committees--in England, Ireland, Canada, Sweden, Norway, Denmark, Holland, New Zealand, India and the U.S.--the American branch contributes the smallest amount, last year about...