Word: crocker
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Dates: during 1980-1989
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Businessmen seem willing to grant Reagan ample time to get his program in place. Says Crocker National Bank Economist Thomas Thomson: "The economic levers available to a President aren't that good any more, and the short lead times of the '60s just don't work. Things aren't going to be a helluva lot better in the first part...
...Japanese and other foreign investors in the past decade have steadily bought control of 77 U.S. banks. The initial targets were usually small, often ailing institutions like Main Bank in Houston. Not any longer. Last summer Britain's Midland Bank unveiled a plan to buy California's Crocker National Bank, the nation's 14th largest (assets:$16 billion). In the past two years, overseas investors have also grabbed such multibillion-dollar banks as New York's Marine Midland and California's Union Bank. Some lawmakers say that the buying binge has gone far enough...
...regulatory shackles from American moneymen. In particular, they want changes in laws that prohibit U.S. banks from operating in more than one state, so that they too could buy American financial institutions. Says Chase Manhattan President Willard Butcher: "I would at least have liked the chance to bid on Crocker Bank." Thousands of small American banks, though, are expected to continue lobbying hard against any legislation that would permit large domestic banks to enter their markets. They are no more eager to be swallowed by Chase than by Commerzbank...
...banks expired two weeks before Midland's action. That ban had been inspired by the wave of foreign acquisitions of U.S. banks, such as the Hongkong and Shanghai Banking Corp.'s purchase of 41% of New York's Marine Midland. Financiers now are worried that the Crocker deal might push Congress to erect new barriers. Indeed, the General Accounting Office is expected to recommend next month that Congress reinstate the moratorium. That would limit the activities of British banks in the U.S. at a time when the international branches of major American banks are aggressively attacking...
...union will create a bank with assets of $63 billion, only slightly less than those of Chase Manhattan. The deal will provide Crocker with capital for expansion in California and restore Midland to the inner circle of international banking. The British bank also announced it was spending about $118.5 million to buy 60% of West Germany's largest private bank, Trinkaus & Burkhardt...