Word: transamerica
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...CITY will be built on last big block of undeveloped land in Los Angeles metropolitan area. For sum in "excess of $10 million," Transamerica Corp. and Christiana Oil Corp. (headed by former U.S. Ambassador to Britain Lewis Douglas) have bought 8,000-acre Diamond Bar Ranch near Pomona, only 20 miles from downtown Los Angeles. Plan is for community of 100,000, with shopping centers, schools, churches, 30,000 homes in $15,000-to-$40,000 price range...
...TRANSAMERICA CORP., the giant California holding company which recently spent $20 million for five banks in Utah, Idaho and Montana (TIME, April 19), is invading Wyoming. It is acquiring the Casper National Bank and the Riverton First National Bank (resources: $38 million), thus bringing its total holdings to 14 banks with deposits of $2.5 billion in ten Western states...
...TRANSAMERICA CORP., already giving Banker Marriner Eccles and his First Security Corp. tough competition in Idaho and Utah (TIME, Feb. 13), is invading Montana. For $2,200,000, Transamerica, which once controlled the Bank of America, bought Great Falls' Montana Bank, is reportedly out for four or five more Montana banks...
...Transamerica, which already owns banks in California, Oregon, Washington, Nevada, Arizona and New Mexico, pushed into Idaho and Utah in a race against time. Most bankers expect sales of independent banks to out-of-state holding companies to be banned under legislation now pending in Congress. However, said Frank N. Belgrano Jr., Transamerica's 60-year-old president and chairman, Transamerica's recent purchases had been suggested by local banks that wanted to sell. This week Transamerica's traders moved on to Ogden, Utah, Marriner Eccles' home base, to discuss a deal with the Bank...
Last month, however, Transamerica nudged into Eccles' backyard; it bought three banks and four branches (for about $2,000,000) in Idaho from Walter E. Cosgriff, longtime Eccles rival and onetime RFC director. Last week Transamerica went onto the doorstep; it agreed to buy Salt Lake City's Walker Bank & Trust Co., Utah's oldest and second biggest bank, for $200 a share, will probably end by paying $14 million...