Word: chaining
(lookup in dictionary)
(lookup stats)
Dates: during 1920-1929
Sort By: most recent first
(reverse)
...chain-banking movement in the Twin Cities was started by Northwestern National Bank of Minneapolis which formed the $75,000,000 Northwest Bank Corp. and began picking up banks in the vicinity. Among its attempted acquisitions was First National Bank of Minneapolis. First National Bank of St. Paul, not intending to be left in the cold, started its own chain last spring, united 17 banks under one holding company. Last week's union swallowed up the First National of St. Paul's first effort, added 20 more banks, united all in a holding company headed jointly by the First Nationals...
...that is blowing near hurricane strength. Last week 37 banks in Minnesota, North and South Dakota and Montana,?37 banks with over $350.000,000 of assets?were the strawstack at which the Northwest cocked an admiring eye. For the 3 7 banks were united in a great bank chain, headed by the First National banks of St. Paul and Minneapolis...
...city amalgamation is this 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...
...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...