Salt Lake Telegram | 1931-10-02 | Page 18 | N. Y. Banking Firm Sold by Transamerica

N. N Y 11 BANKING FIRM flAM SOLD BY ICA ICAe n e Br Associated SAN FRANCISCO Oct 2 2 While While James A. A Bacigalupi president of corporation toda today held that stockholders w would uld obtain obtain ob oh tain lain an Important interest in one of the tho oldest and largest banks in th the country through gh disposal of it In Interest In- In In-i In terest in E Bonk of America of New NewYork NewYork York to the National City bank A. A P P. Giannini founder of the corporation corporation cor cor- or- or declined to either cither approve e eor or 00 disapprove of the deal I 1 am om only superficially in in- o med GI Giannini said regarding the wet asset values of the Institutions Involved and therefore cannot comment com corn ment mont authentically Bacigalupi expanded on the recent recent re re- re cent statement of di directors dl dl- rectors that the corporation would divest itself Itsel of majority holdings in inta Its ta subsidiary banks to restore control con con- trot of those banks to localities served He said however that Bank Dank of America of or California fifth largest In n the United States would not be disposed of by at this time and that such disposition would be made only after a a. definite plan had been formulated for disposal and approved by stockholders said would hold 3 as a 3 result of the purchase purchase pur pur- chase by National City of the Bank of America New York an important import Import- ant minority interest in the consolidated consoli dated bank instead of at a majority Interest In a a. smaller institution thereby strengthening the holding compan company's s position O