Word: transamerica
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Dates: during 1929-1929
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Interstate branch banking is not yet a fact. Many a U. S. citizen however believes that it soon will be. Of these none believes more devoutly than Mr. Amadeo Peter Giannini, president of Transamerica Corp. Ample proof of his belief came last week when he announced his intention of increasing the number of Transamerica stockholders from 135,000 to 500,000. One million shares were authorized. When or if interstate branch banking is allowed by Federal law Mr. Giannini will have paved the way for branch banks in many states by having stockholders in many states...
Most famed of the banks which Mr. Giannini's Transamerica controls are California's Bank of Italy, Manhattan's Bank of America. Total assets of Transamerica exceed...
...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., the Northwest Bancorporation, the First Bank Stock Corp., the Guardian Detroit Union group, the New Midland Marine Corp. (TIME, Sept. 30), the Bancohio Corp., organized last week and the Banco Kentucky Corp. which will shortly purchase the Brighton Bank & Trust Co. and the Pearl-Market Bank & Trust Co. both of Cincinnati...
Development of group banking in the U. S. has been rapid. Long a leader of the movement is the Transamerica Corp., holding company for the Giannini institutions. Of many similar organizations formed this year, largest until last week were the First Bank Stock Corp. (TIME, Sept. 2), now controlling 43 banks in the Minnesota-Montana region, with resources of $341,000,000 and the $370,000,000 Northern Bancorporation in the same region. But greatest of all will be Banker Rand's Marine Midland Corp...
...Able Elisha Walker, who will become president of Bancamerica and chairman of the executive committee of Bank of America, will doubtless be the active leader of the merged properties. But back of him will stand Mr. Giannini, now approaching his 60th year, and the billion dollar resources of Transamerica Corp., holding company for all Giannini enterprises...