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Show The National Enterprise, August 31, 1977 Page nine First Security S&L sold to Sait Lake contractor First Security Corp. said last week it has sold its savings and loan unit to John Price, a Salt Lake construction executive. Terms of the deal were not disclosed. First Security was ordered by the Federal Reserve Board in 1972 to dispose of the subsidiary as soon as practicable. The Fed claimed First Security has illegally owned the savings and loan since it reacquired the unit in 1970. First Security had owned the savings and loan unit prior to 1959, but in compliance with the Bank Holding Act passed in 1956, the company spun off the unit. In 1970, First Security re- acquired the association. The subsidiary, First Security Savings and Loan Association, operates in Poca- & Proponents of refurbish- ing inner-cit- y housing stock last week received several shots in the arm. told media representatives at the press conference. "They have assured me they are not Salt Lake County treasurer Art Monson announced he would require all bankers to sign a pledge stating they do not practice redlining, if they want to do business with said. the county. A representative of the Federal National Mortgage Association (FNMA) also announced a new effort to purchase loans for homes in urban locations. And state senator Art Kimball stated he is optimistic new legislation will be passed by the legis- tello, Id. DELUXE OFFICE SPACE FOR LEASE Ideal for sales professional businesses THAYNE BUILDING anti-redlini- 2060 East 33rd South ng lature this January. Its really innocuous During a press conference held at the Crossroads Urban Center last week, Monson said bankers who want county deposits would have to sign a statement saying, We pledge not to arbitrarily reject mortgage loans for residential properties because of conditions, characteristics or trends within the geographic area which the property securing a mortgage loan is located. But the pledge is really "innocuous," and represents no threat to lenders, Monson Superior quality by Horne Construction Co. Easy access to freeway at 23rd East Space available from 627 to 4,255 square feet it Rates: $5.50 per Square Foot plus utilities it Ample step away" parking Available approximately it September 15, 1977 Interior built to suit tenant For more details contact: THAYNE MEL THAYNE, AND ASSOCIATES REALTORS 486-103- 9 (Formerly METCO) A one word guide to selling your business. Dont. The phone calls were driving You me crazy. While was trying to still run the business. UBI screened them all, so I saw only the real' prospects. F. Ch.iiKV Vvli-- run into the strangest people when you're trying to sell a biiNinesv Plenty of "tlake" too. UBI hrought me cjualitied prospects, which really made the the difference. 1 w scores progress Anti-redlini- ng tkl 1 . now practicing redlining." he Monson said the pledge would be signed by the lending institutions during the next few months, as they were awarded county deposits. Bids for county money are solicited weekly, Monson said, and it may take a few months for all the major institutions to do business with him. Besides pledging not to arbitrarily reject loans, the institutions must promise not to arbitrarily varv the terms of the mortgage loan or the application procedure, and to make loans available to applicants "with low and moderate incomes within the limits of our legal restrictions." More awareness At the same press conference, Sen. Kimball said a y task force of the committee of the legislature is drafting new legislation, to be ready for the budget sesBusiness-Labor-Econom- anti-redlini- ng sion in January. He believes public opinion is more organized this year than it was last year, and more people are aware of the redlining issue now. He ex- pressed optimism the bill will pass during the next session, although similar legislation was narrowly defeated last year. At a Utah Mortgage Bankers Association seminar held at the Salt Lake Hilton last week, Robert Allen, senior loan representative with FNMA, discussed an affirmative FNMA urban lending program. " In a movie entitled "The Time Has Come," FNMA explained its new program, saying the scarcity of land and affordable housing in most American cities, along with increasing energy constraints, is forcing many ncome citizens to move from the suburbs back to the middle-i- city. Results of FNMA activity in Atlanta, Denver, Dallas, Washington, D.C. and Philadelphia, showed many bank and savings and loan cus- tomers are asking, "If I put my money with this bank, shouldnt the bank put the money back into the community?" Stressing that community leaders need to work together to make the present emigration to the city a successful one, the narrator said government officials, residents, builders and lenders need to work together toward common goals. Recycling structures can cost up to $15 per square foot less than new construction, a major advantage to middle-incom- e homebuyers, the narrator said. And most American cities are filled with housing stock waiting to be renovated. The Film also discussed various city responsibilities, from changing building codes to forming historic districts, and the responsibilities of builders and developers to take the initiative in renovation and new construction in the inner city, and for lenders to make construction and home improvement loans available to those who want to invest time toward these projects. Continued on jxigc II lomoriuwk Decisions Shouldnt Be ladeWitl Aesteidavk Facts : As the above people have testified, there is no need to. Not when there is United Business Investments to do the job expertly and efficiently. UBI is the Nations largest business broker specializing in the sale of businesses exclusively. Through a network of western offices we sell millions of dollars worth of businesses a month. And we can sell yours. One reason is we bring you a lot more than just local prospects. Our referral system link with other offices brings you valuable buyers from out of town and out of state. Prospects you cant get with anyone else. And those buyers are qualified. With all this going for you, you stand a much better chance of getting the price you want for your business. sold my biiNino without hiisslc thanks to UBI. ;i 1 U ilium I ! .iii1 ; .tli .mu liii v;.li.' .Iii ; ! : .'! I1 i'..1. . ' ' - i' i i .invn i : i. !!i.: JJ u i: i ' a hassle or UBI United Business Invotmcnt (801)621-354- 2 With your own computer system from INFORMATION NOW you can have what you want, when you want it. It will cost you less for your data processing than a service bureau. !' flu1 You can so through 520 26th Street Ogden, Utah 84401 Inventory Control Accounts Receivable Accounts Payable Payroll Financial Statements Job Cost Every installation has resulted in significant personnel savings. Call us today and it can be installed in your plant and fully operations in 90 days! (manufacturing companies are one of our specialties) Call 1343 S. State Street Salt Lake City, Utah 841 1 5 (801)486-544- 1 ii Clinton Day at: INFORMATION NOW INC" (801) 487-809- 2 3475 So. 300 W. |