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\ FEDERAL DEPOSIT INSURANCE CORPORATION WASHINGTON December 29, 194-2. > > ^ V \ - v J s $ : r> nJ I > V C * 1V j0 / ^ Mf v \* 'N.-i < * ** L ft Kj My dear Senator: This is to acknowledge your letter of December 18th which refers to the Bank of Nevada at Las Vegas, Nevada. The application of .this bank for deposit insurance was disapproved som° time ago. The reason for disapproval was *chie r ly one of p o l i ^ . As you kno-', w are charged under e our lav with the responsibility of determining the e l i g i b i l i t y of applicant banks for insurance. Frankly, the question presented in this instance could not be determined solely on the basis of the e l i g i b i l i t y of this particular institution. The question inevitably involves the broader question of the advisability of the further expansion of the Bank of America. W already have a e tremendous risk concentration in the Bank of America and w have e tried from time to tine to secure the cooperation of this group in the matter of ceasing further expansion of i t s already extensile branch banking system. I a sure you w i l l agree that ve must conm cern ourselves now with the uncertainty of post war conditions and w certainly know from experience that depositors can suffer e tremendous loss from over expansion o r credit and from loose bank management, and banlT supervis'Tifn*. It. is~v/Ith there things in mind that w believe i t i n e advisable for the Bank of America to spread it? branch banking system a l l over ti e V>est and w have therefore withheld insurance e froT any ne1" bank acquired by this groun. I a glad to know of vcur interest in the natter and I m shall be glad to discuss i t further with you at your convenience. Cordially yours, (Signed) Leo T. Crowley Chairman Honorable Pat MeCarran, United States Senate, Washington, D. C. / - r • * x '<?,< c f a £7^ vl\ t / ^ £ 1 I f - i J > ' </ s C o ^ * a . ^ - * ** J . AO . A f A ^ e r s . c sc - - ^ s tsu/i * . <-?
