Word: citicorp
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Dates: during 1980-1989
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...recently, one area of business was restrained from going this route: banking. While Canada has just eleven banks and Britain has about 300, the U.S. has some 15,000. Nebraska alone has 283 different banks, Oklahoma 256 and Colorado 126. Says Walter Wriston, chairman of New York's Citicorp: "When the pioneers got off the wagon train going west, they set up a general store, a saloon and a bank." The general store and the saloon may be gone, but the bank probably remains, protected by state and federal legislation from encroaching competition by the big money-market banks...
...leader of this movement is Citicorp ($130 billion), the largest U.S. banking company. The firm now operates 947 offices in 40 states. Boasts Wriston: "We do business with one family out of ten in the country." And Citicorp is reaching out for still more accounts. Last month it bought Chicago's ailing First Federal Savings & Loan ($4 billion) and Miami's New Biscayne Federal Savings ($1.9 billion). A year ago Citicorp purchased California's big Fidelity Savings & Loan ($2.9 billion). During the 1960s and '70s, many money-center banks began looking overseas in search of opportunities...
...Citicorp, however, sued in federal court in Boston to block the zone as an unconstitutional restraint on trade. Said Roderick MacDougall, chairman of the Bank of New England...
...Citicorp is already a dominant presence in our state. I do not think the people of New England will take kindly to this." In the Midwest, interstate banking legislation has progressed more slowly. Some politicians are opposed to any easing of the old rules because they believe that even regional banks could become too powerful...
That will place Sears even more squarely in competition with financial firms such as Merrill Lynch, American Express and Citicorp. Sears' huge base of cardholders will give it an advantage in the tough battles on the way. Says Stuart Greenbaum, professor of banking and finance at Northwestern University: "Sears could end up being the biggest bank in America without much trouble...