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FEDEF/L DEPOSIT INSURANCE CORPORATION Washington January 5, 19-C3 My dear S e n a t o r : I wish t o a p o l o g i z e f o r my d e l a y i n acknowledging your l e t t e r of the 17th. The q u e s t i o n o f i n s u r i n g t h e d e p o s i t s of t h e Bank o f Nevada a t Las Vegas i s a m a t t e r which I rrctild be v e r y happy t o d i s c u s s w i t h y o u a t y o u r convenience, e i t h e r i n my o f f i c e or y o u r o f f i c e whichever y o u p r e f e r . The t h r e e banking agencies are w e l l aware o f t h e i r r e s p o n s i b i l i t y under law to determine t h e e l i g i b i l i t y o f app l i c a n t banks f o r i n s u r a n c e . They r e c o g n i z e , t o o , from past e x p e r i e n c e t h e g r e a t l o s s e s s u f f e r e d by d e p o s i t o r s from over expansion of c r e d i t , and f o r t h a t reason, they are u n a l t e r a b l y opposed t o f u r t h e r expansion of t h e a l r e a d y e x t e n s i v e brr-nch banking conducted by t h e Bank o f America. T a m sure t h a t i f you w i l l c o n s i d e r t h e tremendous r i s k c o n c e n t r a t i o n WP have i n t h e Bank o f America, you w i l l understand our genuine concern o v ^ r t h e problem p r e s e n t e d by t h i s a p p l i c a t i o n . I should l i k e v e r y much t o discuss t h i s m a t t e r w i t h you. Sincerely yours, /s/ Leo C r o " l e y Chairman Honorable J . G. Scrugham, U. S. Senate, Washington, D. C. M r . W. W. Hopper, P r e s i d e n t F i r s t N a t i o n a l Bank o f Nevada Reno, Nevada Dear Mr. Hopper: The above s e l f - e x p l a n a t o r y copy o f a l e t t e r i s your information. Sincerely yours, for (Signed) J . G. Scrugham J . G. Scrugham
@FedFRASER