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Show The National Enterprise , January 26, 1977 Page twelve Bank of Americas Corporate United Banks of Colorado Customers Can Track Cash Flow Note Higher Earnings with New Rapidata System DENVER Increased earnings for both the final SAN FRANCISCO Bank of America announced it has signed an agreement with Rapidata Inc. (OTC 2.625, 3.00) to offer compu- terized deposit and balance reporting to the banks cor- porate customers, using Rapidata s nationwide remote access computers. Called BAMTRAC for Bank of America money tracking system, the new service program is directed and chiefly to middle-size- d large industrial companies, k thrift institutions, investment firms, insurance companies and other nonnon-ban- accounts they have established with Bank of America and other banks. The system can report, collect and transfer deposits and balances from local banks in any geographic area in the continental United States into a concentrated corporate account. In addition, a corporate customer can obtain specific deposit information at any time of the day through a n telephone using RAPIDVOICE, response service of Rapidata or through a push-butto- time-shar- e computer ter- minal. The BAMTRAC system banking financial institut- ions. organizes a companys total balances and deposits from the previous day into a daily report, available at 9 a.m., The primary thrust of this service, the bank said, is to assist corporate treasurers in tracking cash flows in ESI. The bank said this overnight reporting system saves time and reduces the expense of multiple telephone calls, telex wires and manual processing. The bank said daily reports can be programmed to meet specific customer needs. It will help corporate customers get maximum use of their funds for paying down loans or investing excess funds in money market instruments. The bank said it plans to market the service during the first quarter of 1977. Consultants in the global treasury management section of the banks North American Division will assist in the design of programs and evaluation of data. quarter and the year 1976 compared to 1975 have been reported by United Banks of Colorado, Inc. (OTC 20.25, 20.75) a multi-ban- k holding company. Neil F. Robert, chairman, said United Banks income for the year before securities transactions rose from to $9,500,000 $8,300,000, a gain of 14 percent. Earnings per share were up 9 percent to $2.96 from $2.62. Net income advanced 17 for 1976 percent to $9,800,000 from $8,400,000, while per share earnings rose 11 percent to $2.94 from $2.64. Average shares standing for the year were 3,320,750 compared to out- 3,174,394 for 1975. "CUT LOCAL TAXES is a 'do it yourself' handbook that could save the hard-pressAmerican taxpayer tens of millions of dollars." Senator William Proxmire ed You CAN Cut Local Taxes Once in a while, a book appears that promises to have a direct impact on politics. Cut Local Taxes is such a book. Taxpayers across the country today are angry about rising assessments and property taxes. They have expressed their feelings by voting down bond issues and new spending proposals. Yet taxes continue to soar and citizens are looking with increasing concern for a solution to the problem. Cut Local Taxes shows that taxpayers can find relief. The author, professional consultant Robert breakPoole, Jr., has sifted through the throughs created by some communities. He highlights the best and most effective of these changes, with particular emphasis on reforms that can be by most local governments, large or small. In some cases, indeed, the savings can be startling. Medium size cities report average savings of about 70 percent after switching from municipal to private contract garbage collection. Thirteen communities in Arizona enjoy a new system of quality iire protection that costs half that in nearby communities which use conventional techniques. Large economies can also be obtained in the school system and the public works department. Virtually none of the reforms described in the handbook entails a drop in the levels of services. Some actually improve the quality of services provided, by shaking the local government bureaucracy from habits. This aspect makes lethargic or the breakthroughs attractive to voters who want to preserve existing services at less cost to the taxpayer. The descriptions in this book are clearly worded and simple to understand. You do not have to have a degree in public administration to profit from Cut Local Taxes. If you are a taxpayer looking for ways to economize in local government, you will find them here. A special reference section shows where you can get additional hard facts once you have targetted an area for your efforts. And a chapter discusses the potential rewards and pitfalls of different ways ideas into public deto introduce the bate in particular, how to launch a political campaign or start a taxpayers' group. cost-cutti- self-defeati- ng cost-cutti- ng For the final quarter, United Banks showed income prior to securities transactions of $3 million, a gain of 15 percent over the $2,600,000 of a year earlier. Per share earnings increased 11 percent to 89 cents from 80 cents. Net income for the period was $3,100,000 versus $2,600,000, an advance of 19 percent, while per share earnings were up 14 percent to 92 cents from 81 cents. Roberts said increased deposits and strong loan demand contributed to the fine performance of United Banks during 1976, especially during the fourth quarter. Average loans for 1976 million com- were $803 pared to $718 million in 1975. aver- Fourth-quart- er age loans were $855 million compared to $722 million in the final quarter of 1975, and $807 million during the third quarter 1976. This additional volume was the primary reason for an increase in net interest income of $1 million during the fourth quarter. Loan demand, according to Roberts, was strong throughout 1976 with indications for higher loan activity in 1977. Most of this will occur in energy, agriculture, national accounts and recreation. Another constructive development was the improvement at United Mortgage Company (UMC). This subsidiary produced earnings of $133,000 in the fourth quarter of 1976 compared to a loss of $110,000 during the third quarter and a profit of $4,000 during the fourth For the quarter of 1975. UMC showed a loss of year, $207,000 compared to a deficit of $1,547,000 in 1975. Total deposits, Roberts noted, increased $192 million ng or 18 percent, to $1,264,000,000 at year-en- d from $1,072,000,000 a year ago. If you want your local taxes to keep rising, you have only to do nothing. On the other hand, if you want to keep what you have earned and prevent your community from succumbing to fiscal ailments, you will find the ideas in this handbook most useful. They can do the work of a meat-ax- e with the precision of a scalpel. REASON PRESS Box 40105 E Santa Barbara, CA 93103 want to stop wasteful spending. Send me the Local Cut Taxes handbook. I enclose a check for: YES I ( ) ( ) ( ) $2 for single copy $1.50 per copy for two to ten $1.20 per copy for larger quantities Name Address CityStateZip Average demand deposits rose $53 million, or 12 percent, while average time and savings deposits advanced $95 million, or 18 percent. R.L. Burns Wins Contract SAN BERNADINO, Ca.-- R. Burns Corp. (OTC 13.50, 14.00) and the Tennessee Valley Authority last r, week signed a $250,000 million coal supply contract. Burns said shipments will begin Jan. 1, L. 10-yea- 1978. The intial price f.o.b. is $23.57 a ton, subject to cost escalation considerations as of October 1976. Burns said it will deliver the coal from a new mine to be opened near its Pyro Mining Co. located in Sturgis, Ky. |