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San Francisco Headquarters

L . M. Qinimliil

San Francisco, California
January 23, 1940

Federal Reserve Bank of San Francisco,
San Francisco, California.
Bank of America National Trust and Savings Association proposes
to proceed under the provisions of Section 56$ of the California Bank Act
to convert into a State Member Bank, Before proceeding formally, as r e quired by Section 56b, to dissolve the Association as a National Bank, we
would l i k e to have an indication frost you as to the formalities involved.
We would propose to proceed under a plan similar to that followed by the
F i r s t Commercial Bank of Pontiac, Michigan, which was converted f r o * a
National Bank into a State Bank under substantially the same statute, the
Supreme Court of Michigan decided that i n so converting, the bank did not
lose i t s i d e n t i t y . ( F i r s t Commercial Bank of Pontiac, Michigan, v . Talbert.
61 H.W.,


Accordingly, we are enclosing copy of Section 56b of the
California Bank Act and a pro forma balance sheet indicating the condition
of the Bank as of December 31, 1939, as i t would appear with assets and
l i a b i l i t i e s segregated and c a p i t a l funds allocated to coBsaercial, savings,
and trust departments, as required under State law.
Inasmuch as the proposed procedure w i l l require a stockholders 1
meeting and due notice and publication of our intentions, we should
appreciate having a response as early as possible.

lours very t r u l y ,

L. 1 . Giasnini