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Show The Enterprise Review, November 3, 1976 Page 2b Mountain States Telephone Authorizes Bond Issue Mountain States Telephone and Telegraph Co. has authorized the issuance of $150 million worth of 40 year debenture bonds to be sold in increments of 1,000 certificates at $1,000 per certificate. Proceeds from the new bonds will be used to redeem the company's 9 percent, $150 million bond issued in 1970 and due Nov. 1, 2010. Walter L. Dinwiddie, treasury supervisor at the company's regional headquarters in Denver, said the debentures will be issued on Dec. 1 of this year. He said Mountain States hopes to get an interest rate of about 4 percent. With a 34 percent reduction in interest, Dinwiddie said the company will make a substantial 8-1- savings. Redemption date for bonds issued in 1970 will be around Jan. 10, 1977, he said. Redemption price will be 107.45 percent of the principal plus accrued interest to the redemption date. Redemption of the current issue is subject to the completion of the sale of new debentures. Maturity date on the new debentures will be Dec. 1, 2016. Twelfth Federal Reserve District Loan Volume Large Commercial Banks ($ Million) Week ending 10676 Bank News HEARING SCHEDULED The proposed Empire State Bank, headed by Edward F. Pedersen, is scheduled to be the subject of a public hearing on December 2, 1976. Commercial Security Bank has protested the proposed establishment, stating in a letter to the Commissioner of Financial Institutions that there is an abundance of banking offices in Salt Lake City," and the proposed bank would not be offering services presently unavailable or promote public convenience." Walker Thinks Location Perfect Walker Bank & Trust Co. has applied for permission to establish a branch office in the new Union Pacific Industrial Park, 2100 South 3600 West. The closest competing banks are First Security Bank and miles from the proposed Valley Bank & Trust Co., each 4 site. We are already serving many customers who will be moving into this development," stated Mervin Borthick, president of Walker. We see this area, west of the railroad track, as a great industrial area, and we want to be in on the ground floor," Borthick said. He cited its proximity to the airport and the railroad tracks as the reasons he thought the area is ideally 2-1- located." In its application for permission, the bank estimated it is presently servicing $1.8 million in deposits and $3.0 million in loans for customers in the proposed service area. Spotlight on Bountiful F. Alonzo Badger, a Millard County, Utah native, has joined with six men and one woman to apply for permission to establish an industrial loan corporation in Bountiful. The corporation would issue thrift certificates and service second mortgage and consumer loans. Badger is currently president of Utah Security Mortgages, Inc., a corporation formed in April, 1976. We have generated a tremendous volume of people who want second mortgages, and were selfish enough to want to service them ourselves," Badger said. He stated Bountiful is the fastest growing city in the state and Davis county has the highest per capita median income. Murray First Thrift is the only other thrift institution in the city, he said. "Also, we would be able to begin with less capitalization in Bountiful than in Salt Lake. And I live in Bountiful," he added. Badger was formerly a broker analyst with Dupont, Glore, Forgan of Salt Lake and has taught economics and statistics at Weber State College, University of Utah and University of Southern California, he said. Other organizers include Jay DeGraff, Clara DeGraff, Charles A. Lehmberg, Paul E. Porter, Milan D. Allred and John N. Busk. Badger said Lehmberg and Porter were formerly with Fidelity Finance and Allred and Busk were formerly with Farmer State Bank. He described Jay DeGraff as a "low-cohomebuilder" and Clara DeGraff as a real estate agent. All CARGO to SAN FRANCISCO and LOS ANGELES st Sunday thru Friday Nest morning delivery in-hou- nd and out-houn- d now offers its rural setting two additional days each week. I Enjoy French cuisine Wednesday through Saturday Brunch on Sunday and a Basque style dinner Sunday evenings Adeiphic Cargo Enterprises Salt Lake International Airport, Executive Terminal (801) 533-081- 8 Phone 942-175- 1 for reservations. |