| Show Wtat Sides Debate Banks' Role 1 1MONEYLI In Msurance Ita 5teven Oberbeck Tribune Easiness Writer Rep esentatives from two pendent insurance-agen- t groups - 1! Dot-las- 44 4: :424 r 2 w 4A titi t'::1- it 144ttpiiist:f 47 4 : I-4 -4 &-- t7A 04-ef- t !'::r kla- — " ' 32 ' 116 Dev 123 frer 376 L4 e 4 rikti tli-ri-l - ' -- ' 370 I ' I A Special to The Tribune VINEYARD Utah County — Geneva Steel's common stock began trading Tuesday on the New York Stock Exchange The stock trading under the symbol GNV closed at $10 In making the announcement Tuesday Geneva Steel spokeswoman Mary Kay Lazarus said she was somewhat limited in what she could say since the company "is still in the process of registrating" its initial public offering of Class A common stock with the Securities and Exchange Commission Ms Lazarus said the SEC has approved Geneva Steel's registration statement But she said the "formal process was not entirely finished" Ail Tuesday in San Francisco when underwriters begin distributing stock to buyers Merrill Lynch and Salomon Brothers Inc are for the offering of 6200000 shares in the US Merrill Lynch International Limited and Solomon Brothers International Limited are for the offering of 1550000 shares outside the United States Merril Lynch and Solomon Brothers have been granted options to purchase up to an additional 1162500 shares to cover prepared statement Tuesday Geneva Steel said the price for the total issue of Class A common shares of 7750000 shares is $10 per share Initially Geneva Steel hoped to raise $56 million by selling 35 million Class A common shares at a proposed maximum offering price of $16 a share The offering consists of 3250000 shares belonging to Geneva Steel and 4500000 shares owned by selling stockholders The company intends to use its share of the net proceeds from the offering as part of the financing remodernizaquired for a three-yea- r tion program In its Catch the &frit Catch the sale of Rick Warner Ford to his son Bart The dedica- - the comple- 2375 East 3300 South UT 84109 4865473 SUNDAY WORSHIP 9:30 & 11:00 CHURCH SCHOOL 9:30 am '4: - I - Plaza that -- Auto Mr Warner area in downspans a town Salt Lake City It is a key part of the city's Gateway Project designed to improve a blighted area of the city A number of dignitaries were on hand for the opening including Lt Gov Val Oveson Salt Lake City Mayor Palmer DePaulis and immediate past president and chief executive officer of Ford Motor Co Don Peterson "Naturally I'm pleased when Ford dealers do so well that they find themselves needing larger facilities to better serve their customers" said Mr Peterson who stepped down as Ford president at the first of March "But when that Ford dealer is a good friend like Rick Vvrarner it really makes you proud" He presented Mr Warner with awards for the new dealership and for 45 years of selling Ford products and 25 years as a dealer The auto plaza occupies five two-bloc- I $ li k !mi:1 § -- lel A tt t! V! IA '‘I I owf tr- I2'':'' Art-- !li t ti k A p 4 r4 - g is - - q -- t '''' IL v 1 ti ' :7 1! i '' 'L' 1: - - 144 11 ''' R Ir"trialri :1-73 PIG570HR13 4!:'l P10570HRI4 i 1 P19570HR14 P20570HAI4 :8 PI8560H1114 4 ':' -- - 0: l I' :::7 :!'' '(0 sft 1 - - - "J '72 $4199 4499 4899 5199 5399 si Ø COMPUTE COVEPHMENT till ant ACTION Irit 1 '33 0 19550V1115 'c t - : - - ''''' - $ '77 1 3 7399 - v r o' ' i 4J : BUT YOUR SAFETY" 1et '11 L : if ' -t1 co -! '' 1! r :01 isl '' ' :i t f'7 1-2 ::-- MC - - Ls-- i ---- VALLEY WES KLARNb ' 637 Crli 1 4 wro irt t ti 1 kaA c171 Y i 1 Ail t 1 96:1- ROY SJ 1900 a it' SUGAFOIDUSIOLYMPUb COVE 3340 So Highland Dr 366b W 6400 Soutn "'ts 1-:: 09 '': ::1'H'''' i 1 244O I I- ' "saNypt ()WIN 2527 I I ' - Z 1901 Washington BOUNTIFUL So Main Highway I 9S II 922550MR-161199- My Tiitt --- " (c) 198W - lbw vow 15x8 OUTLAW 1 7itr itpi ' lb 1 t 4' 00 lir VCV 7799 9499 1119550K15 N CELEBRATING OUR 2'OTH TAR - FVERYTHING f PP21322551:FIR:11558795:9999 vwssss4001-4--- ::x ibt°11- - i of dol- lars of merchandise for less than S50 Now is your opportunity to cast) in on government seizures surplus abandoned and unclaimed property 1 1 st) i -- - p PROVL 138Q SANOYJOADAE4 No State St 373324i 9031 So State St 56449641 --- 1 Wintilint":dziliv - (k- I :''' '' a '"s:-'I- ''' ‘''1 : - ' ii t w)Sat e : 8:30-- A 5 P920570W114 P2156vrreb kr 97199 P1eS60M-19399 P19550M14 9199 P19!60Fifi-1Mtn" - ' --- - 99599 - - : : - 'i-- te' - 1 -- - 447 t- C f - : e-"---- : --- -'-- ' I:: N : ' D 111I 1 - ) i r1: i ' - t ' YOKOHAMA r"101 ''1:oel w- ' ' - :: '''N'Al4 t:s4 N )T1' - 1041110 ' ''' ' 1 r 4:A - lkt A - :r 1 10599 11199 RIZ3ittiLiVii13 - ''''- P77 3 Pe00 1 i "S 13' 1 i Iktiii e k ' '1 ''''':- P17570104-1- P500 P175170HH13 1 1 '"'': L77111111'LIL siii ' l ' E7 1 '': :ipic 44 a ' WIIEELS SALE ' ' i - )A9:- CUSTOM - H 11 surplus auctions and bought an $18500 truck for $120 a perfectly good fak EXPRESS 7- 119H P19560H1115 '2--4- t:'IL P27589f115 P21569115 7' iA : -i - --- about government and private auclions—some of which could provide you with the bargain of a lifetrne One man went to government r: a bi!-Z- I " - - $5499 6199 6592 7292 6299 4 i :: 3 P235501115 1129 92256011 s 4571797 SANDSHOLLADAY 318n So Von Winklo Out IN ADVANCE and thousands " - ' Road Hugger P2O5OMR-1- -- tools 1 P23516011-1- "11'":ocettl-c a 17swissittgorris-- (14---N- II ' HIGH PERFORMANCE SALT LAKEISLICiARHOLISE MO So Aoki St CALL NOW poo P19560H1315 "Wir DISCOUNT TO GOVERNMENT AUCTION'S (Limited Otter) 411b" c ar MASTERCARD-VISA-AMERIC- P22560H1314 - - AUCTION PACVAGE Enroll now in this special program to find for $10 4111110P 7 '''4" P71550R14 913119855164360HHIIR1144S86981999 TIME EVER THE machine ' ' r 001001I A $ 5o5rtoa E GAT MR ONLY SM SEIZURE PROGRAM How would you like a new house or car courtesy of the United States Govern-meltFederal state arid local government agencies are cracking down on drug dealers The DEA the police and others are seizing homes cars boats cimputers furniture office equipment and mutt more from local drug deal etS They resell al c4 this at public nd if some cases they're auctioil rdelld11 giving thinc5 away no you want any of this mer&ridise9 fioNLIS Wt 'MOH °NOM I1MAT1 P205160H1114 'go E MCI - RWL P205601113-1- 85499 8699 6199 6496 8499 P19560111114 s sisssiassts Mark Lewis proudly dosplays his newly purchased fishong boat bought at a US Marshal's sate in February for only $70 CASH IH CH THE GVERNMENT i '21 i1 $ ri 7 99 Nitp L 3 : 'Jr- t- ss- ukfia tA PHOUOLY SEHVIN6 VOWS WITH 210 STORES NATIONWIDE -- wg- - P17570HR-1- l -s- a 404( k ASS la Z) Sg2 :Af I $ ' 24699 P18570104 4999 P19570R14 5199 P20570134 5199 P225791115 6192 P10570R13 4 ' i! II -- tro --r i‘ 441V t')A-i-- :-1-- 7 i '' 'k '77:- !t 1 1 no:re lef 44 JiO4t ??5:":' k- F ':7110' ‘o - e If P17570R-1- Interceptor 1' ::: NI Solt INV 9 3 HIGH PERFORMANCE ':1 :q ‘ i d Road Hugger 4 P22570R-1- 11" '$ up sharply from 11811 million in the previous session In other marltet news the dollar climbed to a three-yea- r high against the Japanese yen The dollar closed New at Yorh 15775 yen up from in 15675 Monday The dollar bought 17130 West German marks at Tuesday's close up from 17080 Monday Gold the most-activApril contract on the Commodity Exchange in New York rose $290 an ounce to close at $38910 n PERFORMANCE 3 l° 4 2y'15:1A 2928 Points 41 L $4199 P2056013-1$4399 4299 P195f6011-14599 4499 P2156011-14899 4599 P2351601345 5699 5499 P21565114 5799 13195MR44 P205701314 :11r1":Z-4- $4 i 0 I W5 4404 'el NEW YORK (AP) — The stock market staged a surprising rally sparked by computer-assistefutures trading and ended higher Tuesday The Dow Jones average of 30 industrials jumped 2928 points to finish at 273694 Advancing issues outnumbered decliners by a margin of about 3 to 2 in nationwide trading of New York Stock Exchange-liste- d stocks Volume on the floor of the Big Board came to 18161 million shares is--- P17570R-1- P185701114 1 Ill'i!4' 13E3500 3 999 PI8510R13 1 ::H Purchase of the deposits will be for an undisclosed amount of cash he said Since it is a cash transaction there will be no dilution of the stock earnings of the parent KeyCorp he Late Rally Roosts Dow Le4 PERFORMANCE RWL 1! tomers" e154 : I business forces and commitment" "Our approach from the first contact with Citibank was to construct a transaction that would be win-wifor both banks as well as their cus- h ' It 1 - g d 'V 1e: 4 retail-bankin- - 1 rè'd '1 CS ' - 1 y - ' E' : cross-boundar- banking All restrictions fell nationwide Dec 31 1987 Citibank Fot into the full business in Utah in January 1986 when it acquired the troubled Utah Firstbank It acquired Rocky Mountain State Bank in 1988 William Ahearn vice president and spokesman for Citibank New York said the firm was pulling out of the Utah deposit business to focus on its metropolitan business in such Chiareas as San Francisco-Oaklancago New York Washington DC and Miami It will continue to service its Citibank card business in Utah It also will continue to make large corporate loans and provide private banking service to customers And it will continue to service its mortgage loans in Utah d P am I compacts for reciprocal - 1E' SIC equipment The spacious customer waiting area provides free phones and work stations while customers wait Construction was through Big D Construction Ogden with construction financing through Valley Bank & Trust Salt Lake City Permanent financing is through Ford Motor Credit Bart Warner who has been general manager of Ford Truck-lanfor the past 312 years said someone told him "only in America could someone as young as you acquire so much debt" He will continue as general manger of both Truck land and the new Ford store Lee Evans is general sales manager Randy Sandstrom is service manager Paul Garlic is parts manager and Jerry Zymsol is controller The new location employs 300 people and is twice the size of the old 600 South site Bart Warner said the new service area has already done more business in its first month than in any month at the older facility The sale of the dealership to his son has been on the agenda for a long time and was recently finalized It is part of a long-terplan to allow key employees an opportunity to acquire an equity partnership in a dealership 444 Warner state-of-the-a- rt computerized service I 41 4 Ve States dropped interstate-bankinrestrictions to speed deliverance of local financial institutions through acquisition by healthy institutions Later the states drew regional 50-ba- d inte- half-centur- 58000-square-fo- more than $500000 in j: tion of the fourth phase of the Rick West Temple and S a new car and truck showroom with a service area — with the largest Ford parts inventory in the nation — in the rear It has tion marked '':-- Includes an and flounced the 7-- - acres at 700 By T R Dowell Tribune Auto Writer Rick Warner on Tuesday dedicated his new Super Ford Store the final piece of his auto plaza Utah-base- Person-to-Perso- Warner Dealership Site Dedicated Sold to Son SpIni : (- Christ United Methodist Church 41 Mil-billion-ass- VI II - 111 I Se ate: Magazine Publishers of America Geneva's Shares Make Big Board r Citibank is the MitiMIS largest commercial bank Key Bank came to Utah with acquisition of Commercial Security Bank of Utah in January 1988 Citibank's disengagement shows that the big banks were only a for Utah Elaine Weis director of the University of Garn Institute of Finance commented Tuesday Utah is a poor ''branch'' for large banks she said National banks operate on a profit and loss basis just like any one else And if they can't get their market share in an area there's no reason for them to subsidize operations there Mrs Weis was Utah commissioner of financial institutions when the rstate-banking laws went through dramatic change nationwide Indeed the Utah law was modified in 1980 to permit acquisitions across state lines for sick institutions That allowed Citibank to bid for acquisition of Utah Eirstbank she noted George Sutton commissioner of Utah financial institutions said he anticipated no problems in getting regulatory approval for the Key Bank of Utah purchase of 117itibank deposits All the depositors will be safe and sound with Key Bank Mr Ahern said In the meantime the 140 Citibank (Utah) employees will be offered jobs elsewhere or helped in relocation to new employers he said Key Bank of Utah President Ross E Kendell said the firm is pleased to get the Citibank deposit customers "We have a strong consumer and rate lending in Utah for 50 years It began finance-companopera tions in Utah in the 1960s under its First Nationwide Financial subsidiary But it was the opening of its Person-to Person subsidiary in the early 1970s that raised concern of local bankers not only made loans It took deposits! That was the "camel's nose under the tent " Fear was that someday the hole camel — indeed camels— would be in the tent in the form of large money center banks Using their enormous leverage and power the big banks would then vacuum up the deposits and customers of Utah's smaller and hapless banks In those days law foibade full banking across state lines It all became academic in the 1980s when financial institutions led by savings and loans began to founder for the first time in a By Robert H Woody Tribune Business Editor The "camel" Is leaving the tent Citibank (Utah) affiliate of the giant Citibank New York said Tuesday it intends to sell its $180 million deposits in Utah to Key Bank of Utah The deal is subject to final agreement and regulatory approval Key Bank of Utah is subsidiary of Albany-basethe $15 billion-asse- t Key Corp Citibank had been in large corpo II I 318 - AT big l'age Citibank Selling Utah Deposits - Aglemam— Christ United MethodistsChuirch ecan't promise an promise to help you live better with stress through the love support and fellowship of Jesus Christ Come join us this Sunday r i4-- A440 0::''kl 4 g:v-747-- - Contrary to conventional stress is not a wisdom20th phenomenon ' 76 405 A Section i sales (in millions) first half of 1989 ''4'''' '''''':t4 ':i140 1:' ''' Iot Wednesday Morning—March 28 1990 I 1 sides" ' ' ' ftue e I sales single-cop- y Single-cop- y inde- Force at the NPtional Association of Ins trance Commissioners 1990 Spring Western Zone Ellen K assistant director-statgovernment affairs for the Independent Insurance Agents of America and Tammy Rudd assistant vice president of federal affairs for the Professional Insurance Agents voiced their groups' concerns about the growing incursion of banks into the insurance indostry But a representative of Chase Manhattan Bank said it was incensistent for the agent groups to oppose banks marketing insurance while not speaking oat against bank ownership by insurance companies The HAA and the PIA represent agents who can sell insurance products for more than one company as opposed to captive agents who are restricted to sell for one company And both the HAA and PIA have taken a strong stand against banks marketing insurance products Their concerns center on the possibility of decreased competition due to problems that could erupt when bank customers are made to feel they must purchase insurance from a bank with which they have recently secured a loan Also the groups have voiced concerns about the potential impact on solvency as well as an unhealthy concentration of economic power on the part of banks Federal law does not generally allow bank holding companies to set up and operate separate insurance subsidiaries But banks that operate under holding companies can sell insurance products under federal law provided it is legal in individual states "Seventeen states last year considered legislation that would have given banks expanded insurance powers Not one bill was adopted" said Ms Rudd "But the pressure is on at the state level" Ms Dollase of the IIAA said that group opposes any legislation that would empower bank holding companies to enter the insurance area Dennis Toivonen vice president and senior associate counsel for Chase Manhattan Bank pointed to such companies as John Hancock Prudential and Hartford as examples of insurance conglomerates that operate bank subsidiaries "No one can seriously deny that these companies act as both banks and insurers" he said "Some even use their insurance agents to market bank products" Those companies "all operate in a socially responsible fashion" and the problems that have been forecast concerning banks and insurance companies operating closely together have failed to materialize he said But Ms Rudd said the PIA "has always been against the integration of financial services from both ''' I r----' I at im and Insurance Regulation Task ' galit Zribtlitt Ult ct have called for a halt to the glowing number of banks being permitted to market insurance policies Addressing the Financial Services ''''' Zlic Boyd - Top magazines in By liby Brendan 1e5boHR-1- Oft MAN 1860HR A- 14 $7591i 18V63Vk-1- 19A0HP-1- 8499 22V6OHR14 989s) 19tE0Mi1b ee99 225'501b - --t- 19LEOVR15 21560VR-- t t 3 A SS ! 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