Show ¥ rrr r - Firm Reduces Its Regulatory Accountability tered institution American president J Alan Blodgett said a federal charter essentially reduces regulation to one entity — the federal government Formerly American was accountable to four: the states of Utah Oregon and Hawaii and the federal government Founded in 1922 in Salt Lake City American Savings expanded to Hawaii in 1925 and to Oregon in 1981 At the same time Mr Blodgett also noted that Hawaiian operations have been restructured as a subsidiary of American operating under the name of American Savings Bank Function and service are unchanged However operating as a subsidiary it can report its own performance without necessity of being included with the overall performance of American's mainland operations he said The Hawaii operation has shown strong earnings with the robustness of the Hawaiian economy and growing strength of the Japanese yen Japanese companies have major projects in Hawaii he noted Oregon and Utah operations are still struggling with certain loans he said as well as local economic regression Conditions in Oregon have improved he said And he added: “We think Utah is about a year behind Oregon" American’s mainland operations assets of about $2 showed year-enbillion The Hawaiian Division reported assets of $900 million d American is 993 percent owned by Daniel K Ludwig New York who began acquisition of shares from the founding Utah family in 1968 Meet to Focus on Economic Development Utah once nearly totally dependent on agriculture mining and the military for economic sustenance is focusing this week on economic diversification entrepreneurship and expansion The occasion: The second annual statewide governor’s conference on Economic Development and Education Sessions f wrap up Friday at the Westin Hotel Utah with addresses by T Boone Pickens Jr the celebrated "takeover king" and general partner of Mesa Limited Partnership former University of Utah professor and former Federal Home Loan Bank Board director Richard T Pratt now chairman of Merrill Lynch Mortgage Capital Inc and former University of Utah president Dr David P Gardner now president of the University of California — nr The Salt Lake Tribune American Savings Gains Federal Charter American Savings & Loan Association of Salt Lake City began operation this week as a federally char- Hiryiryryp There also will will be discussions tax incentives entres finance preneurship the federal tax law transportatio marketing and technology transfer on insurance small-busines- Sessions began Monday wr a i on KUED public television discus1 the importance of entreprem ahip Utah State Budget Direi or Dale Hatch will address a business luncheon Tuesday in Cedar City Struggling BankAmerica To Sell Schivab Brokerage A from the Schwab sale will Reuter News Agency FRANCISCO SAN - strengthen our capital position thus enhancing our banking-service- s ” capabilities Schwab said at a news conference that the agreeement opened the way for his company to expand services to customers beyond those permitted by banking laws that govern BankAmerica He said that while the firm will continue to focus on discount brokerage it plans to expand its services as soon as it is free of re- Bank- America Corp which has lost over $850 million in the last two years agreed Monday to sell its Charles Schwab and Co brokerage to a group led by the subsidiary’s chairman Charles Schwab for about $230 million BankAmerica which is the object of a takeover attempt by Los Angeles-base- d First Interstate Bancorp purchased Schwab the nation's largest discount-brokerag- e chain in 1983 for $57 million in stock The San Francisco-baseSchwab has about 100 offices in the United States and Hong Kong "BankAmerica is pleased to have made a substantial gain on its investment in Schwab" AW and (Tom) Clausen chairman chief executive officer of BankAmerica said in a statement “BankAmerica has shifted its strategy to concentrate its resources on its banking operations” said Clausen "The gain strictive laws governing the banking industry "We will be adding additional services — for instance insure bonds ance municipal e investment partnerships with an income orientation probably our own suite of mutual funds" said Schwab He also said the firm expects to expand internationally There have been rumors since November BankAmerica would sell the Schwab unit d tax-fre- real-estat- §0 n Tuesday ijh February 3 1987 Diamond Shamrock Splits Itself Into 2 Companies Reuters News Agency DALLAS — Diamond Shamrock Corp one of the biggest independent oil concerns split itself into two companies Monday under mounting take- over pressure from Texas financier T Boone Pickens and his investment group Besides spinning off its refining and marketing interests into a new company Diamond Shamrock said it was selling $300 million of preferred stock to Prudential Insurance Co of America and beginning a tender offer for 20 million of its own shares at $17 apiece In addition Chairman William Bricker who has been criticized for indifferent leadership in recent years as the company incurred reverses and lackluster earnings announced his retirement following the restructuring The Pickens group had offered $15 a share for 20 million shares or about 18 percent of the company Wall Street reacted unenthusiastically to the company's ADLER ROYAL COPIERS Buy the copier that fits your needs Models may include: auto duplexing auto bin sorter 0 feed 30 copies per minute color zoom lens 10-2- Color model 209 List 1129500 $1595 ROCKY MOUNTAIN ROBOTICS V A Division of 202 W 400 Wexis Corp S REPORT OF CONDITION Report of Condition of “DRAPER BANK AND TRUST" of Draper In the state of Utah at the close of business on December 3 1986 ASSETS Cosh ond balances due from Depository Institutions $ 354000000 o Noninterest-bearin- g balances ond currency and coin 1130700000 Securities 610000000 Federol funds sold ond securities purchased under agreement to resell receivables: Loans ond lease financing $5563800000 Loans and leases net of unearned Income 63100000 b LESS: Allowance for loan and lease losses c Loans and leases net of unearned 55007000 00 Income allowance and reserve 1824000 00 Premises ond fixed assets 84900000 Other real estate owned Other assets $7993100000 Total assets a LIABILITIES Deposits: a In 7389700000 domestic offices $1846500000 5543200000 (1) Noninterest-bearin- g (2) Interest-beorlnDemand notes Issued to the US Treasury Other liabilities Total Mobilities EQUITY CAPITAL Common stock Surplus Undivided profits ond capital reserves Total equity capital Total liabilities limited-lif- e preferred stock and equity capital 23000000 105600000 $7518300000 18800000 50000000 406000000 474800000 $7993100000 bank do hereby declore that these I D Grant Johnson Sr Vice President of the obove-nome- d issued Reports of Condition and Income have been prepored In conformance with the Instructions belief by of my knowledge ond to the true best and ore the appropriate Federal regulatory authority D GRANT JOHNSON Sr Vice President Jonuory 141987 We the undersigned directors attest to the correctness of this Report of Condition and declore that confor-monc- e It has been examined by us ond to the best of our knowledge ond belief has been prepared in with the Instructions issued by the appropriate Federol regulatory authority and Is true and correct D C BLUTH K V BLUTH FRANK E SMITH Directors following Is a true and correct I Avon T Francis Program Specialist do hereby certify that thefiled in this office on January 22 bonk that was copy of the statement of condition of the above-name- d 1987 AVON T FRANCIS Program Specialist DESK SET Professional Desktop Publishing for the IBM PC appraisal fee NO title insurance fee NO (GO Graphics) NO Compugraphic MCS Compatible recording fee These fees commonly charged at other banks are free to you at Zions! What else is free? are to apply for a Zions Bank Home Equity Credit Line by April 15 1987 and benefit from this no fee offer Your only You DESK SET-- A TRUE COMPOSITION PROGRAM FOR PROFESSIONAL RESULTS Powerful hyphenation justification and ruling programs 16 fonts on line 4 to 1275 point size Preview with WYSIWYG display Outputs to typesetter or PostScript laser printer SEE IT ON THE NEW Tl OMNILASER CALL obligation is to make the monthly payments and pay beginning January 1988 a $30 per year maintenance chaige Save 2 on loan interest Apply by April 15 1987 and you will only be charged Zions Bank’s prime rate on your balance until June 30 1987 That's 2 less than our normal home equity rate Why should you have a Zions Bank Home Equity Credit Line? It is the best way to borrow because the interest on your loan is tax The tax reform law deductible to phase out such interest begins deductions on other types of consumer loans starting this year You need to qualify one time use your credit only Then you can line whenever you need cash a home equity credit line and want to move it to Zions Bank without fees we'll pay it off when your new loan is approved No cost to you — no hassle Apply at any Zions Bank office-- 64 throughout Utah Zions Banks prime rate is equal to its base rate in loan documentation (Currently 7V as defined APR ) Zions Bank s normal home equity loan rate or prime plus 2°o applies after June 30 1987 The A PR (Rates normal rate this week would be 9 5 will vary with changes in the prime rate ) Subject to IRS regulations Put the strength of Zions Bank to work for you for all Uinta Business Systems your business equipment and automation needs Your complete IBM sales and service center ZIONS FIRST NATIONAL BANK Member FDIC SYSTEMS JINTA BUSINESS Drive 376 Lawndale (2500 So) Salt Lake City UT t If you already have FOR AN APPOINTMENT 487-607- 2 CALL You receive special checks you can use to simply write yourself a loan Depending on the equity in your home you can qualify for a credit line from $5000 to $100000 will 487-607- 2 t wfif 13 I0UAI MOUS'ftC LENDER C5 |