Word: transamerica
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...that Nathan Jonas of Manufacturers Trust and his brother, Ralph, were negotiating for control of the institution. Unexpected was the announcement that Amadeo Peter Giannini of California had grabbed large blocks of the stock. With these opening wedges, Banker Giannini was able to place control of the bank in Transamerica...
This year has not been kind to Bank of America. Last spring there were heavy withdrawals from the bank. As soon as Transamerica announced it planned to withdraw from banking except as an investor, Wall Street guessed that Bank of America would merge soon. With a feeling of relief it learned last week that National City will acquire its neighbor through an exchange of stock...
...Transamerica's 63% holdings in Bank of America will be transformed into an 8.7% interest in National City by the deal. At present dividend rates, it would receive $2,224,000 a year in dividends from the National City stock against the $1,853,000 paid formerly by Bank of America. Its National City holdings will be the largest single block, amounting at current values to $1 3/4 on each of Transamerica's 24,605,000 shares. Stockholders in Bank of America will retain their proportionate share-for-share interest in Bancamerica-Blair Corp., investment affiliate. The book value...
...banker. This year he was given the Royal Order of Commander of the North Star by the King of Sweden. His directorates also include Chase National Bank, International Telephone & Telegraph, Nash Motors Co., Otis Elevator Co., Shell Union Oil Corp., Vanadium Corp. One result of the Lee, Higginson-Transamerica affiliation will probably be co-operation between Transamerica's General Telephone & Electric Corp. and the International-Ericsson group...
Founder Giannini likewise denounced the dividend omission, the writedowns, the plans to sell the banks. As usual he spoke of "enemies" who wanted Bank of America for their own purposes. He also charged that when (last June) Transamerica's stock was made of no par value Mr. Walker had made use of proxies not granted to him for this purpose. In San Francisco a stockholders protective committee was formed, and while Founder Giannini denied he had started it he talked of throwing his "full force" behind it. But observers saw little chance of a proxy battle. While the protective...