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Financial General Says
It Intends to Become
lBank Holding Company
Aim Is to Comply With New Law
On Investment Firms; Major
Holder to Take Opposite Tack!
A WALL Smsr Joanna. News Roundup l
Financial General Corp., Washington, D.C.,I
said it plans to become a bank holding oomr
pany to comply with a recently enacted Fed-
eral law requiring it and certain other trusts
and investment companies to divest either
their banking or nonbanldng businesses.
. International Bank, also Washington. holder
a 81.8% interest. in Financial] General. said
it- plans to stay out of the bank holding com-
pany business. '
George Olmsted, chairman of both con-
cerns. said they hadnt yet reached a more
detailed solution on how to comply with the
new law. We know where we went to 8".
but we dont know yet how were going to:
get there." he commented. He noted that the
companies have 12 years to comply with the
law law.
The law is aimed chiefly at a trust as-
ltsblished by the Alfred I. Du Pont estate in
Florida. It controls 30 banks. a railroad. a
paper company and has large real estate hold-
ings. It is also aimed at Financial General,
which has interests in 26 banks and in var-
ious insurance. financing and manufacturing
concerns. Among Financial General's non-
benking holdings are interests in Hawkeye-
Security Insurance 00.. United Security In-
surance Co., American Installment Credit
Corp. and Bankers Security Life Insurance
Society.
In another development, International Bank
bought a 63.4% interest in Central National
Bank & Trust 00.. Des Moines. Iowa. from
Bell Intercontinental Corp., Bell announced
yesterday. Mr. Olmsted said the transaction
[wasnt contrary to International Bank's plan
'to avoid being a bank holding company, be
cause a concern isn't classified as a bank
holding company unless it controls at least
two banks. International Bank currently
doesn't have a direct interest in any other
bank, he said.
A Bell spokesman said the value of the
stock was more than $9.3 million. The trans.
action is subject to approval by the Securi-
ties and Exchange Commission. Central Na-
tional said 833,249 shares were involved.
Bell is a majority-owned subsidiary o!
PAGE 1
Finanial General Says It Intends to Become Bank Holding Company Alm Is to Comply With New Law On Investment Firms; Major Holder to Take Opposite Tack A WALL STREET JoURNAL Ne.s Roundup Financial General Corp., Washington, D.C., said it plans to become a bank holding company to comply with a recently enacted Federal law requiring it and certain other trusts and investment companies to divest either their banking or nonbanking businesses. International Bank, also Washington, holder of a 31.3% interest in Financial General, said it plans to stay out of the bank holding company business. George Olmsted, chairman of both concerns. said they hadn't yet reached a more detailed solution on how to comply with the new law. "We know where we want to go, but we don't know yet how we're going to get there," he commented. He noted that the companies have 12 years to comply with the new law. The law is aimed chiefly at a trust established by the Alfred I, Du Pont estate In Florida. It controls 30 banks, a railroad, a piper company and has hirge real estate holdings. It is also aimed at Financial General, which has interests in 26 banks and in various insurance, financing and manufacturing concerns. Among Financial General's nonbanking holdings are interests in Hawkeye. Security Insurance Co., United Security Insurance Co., American Installment Credit Cirp. and Bankers Security Life Insurance Society. In another development, International Bank bought a 63.4% interest In Central National Bank & Trust Co., Des Moines, Iowa, from Bell Intercontinental Corp., Bell announced yesterday. Mr. Olmsted said the transaction wasn't contrary to International Bank's plan to avoid being a bank holding company, because a concern isn't classified as a banlt Scolding company unless it controls at least two banks. International Bank currently desn't have a direct Interest in any other bank, he said. A Bell spokesman said the value of the -tock was more than $9.3 million. The transaction is subject to approval by the Securi. ties and Exchange Commission. Central National said 333,249 shares were involved. Bell is a majority-owned subsidiary of Equity Corp., a New York closed-end investment company. Equity also owns a 14.5% in. terest In Financial General.
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mods:title Correspondence, 1946-1973. Correspondence 1966 M-Z. (Farris Bryant Papers)
mods:subject LCSH
mods:topic Bryant, Farris, 1914-
United States. Office of Emergency Planning.
Florida. Board of Control.
Florida Turnpike Authority.
Florida. State Road Dept.
Marjorie Harris Carr Cross Florida Greenway (Fla.)
mods:hierarchicalGeographic
mods:continent North America
mods:country United States of America
mods:state Florida
Politics and government
1951-
mods:geographic Florida
Bryant, Farris, 1914-
mods:genre Correspondence
United States. Congress. Senate
Elections, 1970
Segregation
Florida
St. Augustine
Political campaigns
Florida
Elections
Florida
Governors
Florida
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JSTOR
Bank holding companies
Property trusts
Interest
Political campaigns
Business correspondence
Financial investments
Investment banking
Investment companies
Business holdings
Commercial law
Insurance
Political elections
Wall Street
General journals
Holding companies
Law firms
Banking regulation
Banking
International law
Papermaking
Real estate agencies
Real estate financing
Real estate
Installment credit
Bankers
Life insurance
National central banks
Development banks
National banks
Financial transactions
Headway
Political action committees
Majority owned subsidiaries
Boxes
Toll roads
United States Senate
Governors
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