Word: mergered
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Dates: during 1920-1929
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Startling was the name, for it signified the merger of two of the famed four "D" banks. Dedi becomes the only billion dollar bank† outside of the U. S. and Great Britain, controlling, some say, over one-third of the deposits of the seven biggest banks in Germany...
Investors' enthusiasm for Dedi was not shared by German bank clerks. The great Deutsche Bank operates branch offices in 174 cities, has 14,000 employes on its payroll. There are some 50 branches of the Disconto Gesellschaft, a personnel of 7,000. With the announcement of the new merger came news that nearly half of these branch offices would be closed, in the interest of economy, some 2,000 employes of the two banks discharged. Dedibank was more thoughtful of its bank directors. The complete boards of both of the merging banks will sit at the meetings of Dedi...
...Cleveland has become the second largest between New York and Chicago; the Peoples Wayne County Bank is now but a part of the largest bank in Detroit. Largest between New York and Chicago and largest in Detroit will be a new bank, announced last week with the merger of the Peoples Wayne County Bank, the First National Bank of Detroit, the Peninsular State Bank, the Detroit & Security Trust Co. and the Bank of Michigan. Combined resources of the institutions will exceed...
What happened last week in Detroit was, as all the world knows, just another vortex in the maelstrom that is gradually concentrating U. S. bank control. Whirling daily at a faster rate, there are two main currents in the maelstrom. One is the expansion of single units through mergers and new branches. Of this last week's Detroit merger was an example, as was the Corn Exchange Bank and Trust Co.-National City Bank consolidation (TIME, Sept. 30). The other current is the grouping of separate units through one controlling corporation. Greatest examples of this are the Transamerica Corp...
...Corn Exchange will lose its identity; Walter E. Frew, its board chairman, will probably become a National City director, retire from active banking. Able, dynamic, forceful Charles Edwin Mitchell, since 1921 National City head, will dominate the merged institution. So swiftly did Mr. Mitchell and Mr. Frew consummate the merger that even the rumormongers were taken by surprise. The Corn Exchange has the largest number of local branches (68) in the city...