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TREASURY DEPARTMENT COMPTROLLER OF TKF. CURRENCY WASHINGTON 25 November 23, 19^7 Confidential Honorable Marriner S. Eccles, Chairman, Board of Governor* of the Federal Reserve System, Washington 25, C. Dear Marrinert Permit ?ae to ackriovledge your l e t t e r of November j u i v i s i n g that the Board of Governors of the Federal Reserve System has under consideration the i n s t i t u t i o n by the Board of Governors of a proceeding against Transanerice Corporation under the Clayton Act and +hat you expect to come to a f i n a l decision i n the matter v i t h i n a period of not more than three months. Tou request t h a t in the aean~ time the Comptroller of the Currency defer decision on pending a p p l i c a t i o n s to branch Transamerica-ovned banks i n t o the branch systems of the Bank of America National Trust and Savings Association and The F i r s t National Bank of P o r t l a n d . For your information, ve enclose copies of l e t t e r s we have today sent to the Bank of America National Trust and Savings Association and The F i r s t National Bank of P o r t l a n d . Ve are agreeable to a reasonable delay in our considerution of the two pending a p p l i c a t i o n s but f e e l the a p p l i c a n t i s e n t i t l e d to a d e f i n i t i v e ansver a t the e a r l i e s t possible d a t e . Please l e t us knovn as soon as you hsve reached a decision. Sincerely yours, / a / PRESTON DELANO Preston Delano Comptroller of the Currency COPY November 28, 1947. M r . F . N. B e l g r a n o , J r . , P r e s i d e n t , The F i r s t N a t i o n a l ' Bank o f P o r t l a n d , P o r t l a n d , Oregon* Dear M r . B e l g r a n o : Please r e f e r t o t h e r e q u e s t o f t h e F i r s t N a t i o n a l Bank o f P o r t l a n d , P o r t l a n d , Oregon, t o branch i n t o i t s system t h e f o l l o w i n g T r s n s a r a e r i c a - c o n t r o l l e d banks. F i r s t N a t i o n a l Bank o f P r i n e v i l l e F i r s t N a t i o n a l Bank o f Cottage Grove F i r s t N a t i o n a l Bank o f F o r e s t Grove C o o l i d g e and M c C l a i n e , S i l v e r t o n S c i o S t a t e Ban*, S c i o C l a t s o p Country Bank, Seaside Bank o f Sveet norne M o r e l a n d - S e i l v o o d Bank, P o r t l a n d F i r s t N a t i o n a l Bank o f kugene Benton County S t a t e Banic, C o r v a l l i s Tou w i l l r e c a l l t h a t when you were l a s t here i n Washington t h i s m a t t e r was d i s c issed a t sonie l e n g t h . The C o m p t r o l l e r o f t h e Currency i s a d v i s e d by t h e Board o f Governors of t h e F e d e r a l Heserve Systea t h a t t h e Board now has under c o n s i d e r a t i o n the q u e s t i o n of i n s t i t u t i n g p r o c e e d i n g s under t h e C l a y t o n A c t a g a i n s t Transamerica C o r p o r a t i o n . Under these c i r c u m s t a n c e s , i t w i l l be necessary f o r t h i s o f f i c e t o d e f e r i t s d e c i s i o n on the above l i s t e d applications. Very t r u l y yours, P r e s t o n Delano C o m p t r o l l e r o f t h e Curency Noveaber 28, 1947 Mr. 8 . C. Beise, Executive Vice President, Bank of America Rational Trust and Savings Association, San Francisco, C a l i f o r n i a . Dear Mr. Beisei Please r e f e r to the request of the Bank of America Rational Trust and Savings Association to branch into i t s system the following Transamerica-controlled banks and t h e i r e x i s t i n g branches! F i r s t Trust & Savings Bank of Pasadena (3 branches) F i r s t National Bank of Crovt Landing Head O f f i c e of the Bank of Nauaan Crovt Landing Branch of the Bank of Nevaan Patterson Branch of the Bank of Newaan Gustine Branch of the Bank of Mevman Head O f f i c e of the Bank of Pinole i n Crockett Pinole Branch of the Bank of Pinole Rodeo Branch of the Bank of Pinole Bank of Tehachapl Central Bank of Calaveras, San Andreas Farmers and Merchants Bank of V a t t e F i r s t Sational Bank i n Corcoran F i r s t Rational Bank i n Santa Ana F i r s t National Bank i n Turlook F i r s t National Bank of B e l l f l o v e r F i r s t National Bank of F a i r f i e l d F i r s t National Bank of Garden Qrove F i r s t National Bank of Lot Altos F i r s t National Bank of San Jacinto F i r s t National Bank of Veed F i r s t National Trust k Savings Bank of Santa Barbara Temple C i t y National Bank of Temple City Tou v i l l r e c a l l t h a t when ycu vara l a s t here i n Vaehington t h i s matter ves discussed a t S O S M length. The Comptroller of the Currenoy i s advised by the Bo*rd of Governors of the Federal Reserve System that the Board nov has under consideration the question of i n s t i t u t i n g proceedings under the Clayton Act against Transamerica Corporation. Under these circumstances, i t v i l l be necessaiy f o r t h i s o f f i c e t o defer i t s decision on the above l i s t e d applications. Very t r u l y yours, (Signed) Preston Delano Preston Delano PDlAC December 1 1 , 1947 Honorable Tom 6 . C l a r k , Attorney General, , Washington, D. C. Dear Mr. Attorney Generals As I hare previously advised you, the Board recently directed t h a t an i n v e s t i g a t i o n be undertaken under the d i r e c t i o n of i t s Legal D i v i s i o n to a s c e r t a i n whether there I s j u s t cause f o r the Board to i n s t i t u t e the statutory proceeding contemplated by Section 11 of ths Clayton Act looking t o the entry of an order requiring Transamerica Corporation to d i v e s t I t s e l f of the stocks of any or a l l of the bCnks which i t now owns, w i t h ths exception of t h a t of Bank of America Rat i o n a l Trust and Savings Association. That i n v e s t i g a t i o n i s already under way, both a t the Board's o f f i c e s i n Washington and a t the Federal Reserve Bank of San Francisco. I n connection w i t h t h i s i n v e s t i g a t i o n i t would be h e l p f u l i f representatives of ths Board were to be afforded an opportunity to exsmine the i n v e s t i g a t i o n f i l e s of the A n t i t r u s t Division of your Department respecting Transamerica Corporation, which r e l a t e to a s i m i l a r i n v e s t i g a t i o n which t h a t D i v i s i o n recently completed. Nay I therefore request t h a t representatives of t h s Board be granted permission to examine such f i l e s , including the reports of agents of the Federal Bureau of Investigation. Sincsrely yours, M. S. I c c l e s , Chairman. JLTifcc UA0/47
