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C O P Y March 12, 1941 MEMORANDUM For Wm. P . Funsten, Supervising Examiner, Federal Deposit Insurance Corporation, Twelfth D i s t r i c t , and R. B. West, Vice P r e s i d e n t , Federal Reserve Bank of San F r a n c i s c o With reference t o a l e t t e r from the Bank: of America N. T . & S. A , , dated March 11, 1941* addressed t o yourselves and the undersigned as the Committee named i n paragraph 5 o f the Comptroller of the Currency's r e q u i r e ments of the Bank of America N. T . & S. A . , of March 6, 1940, the f o l l o w i n g add i t i o n a l information i s submitted f o r consideration: Mr. L . M. G i a n n i n i , President o f the bank, advised me t h a t should the Committee recommend the acceptance o f the bank's proposal, which contemplates w r i t i n g o f f of ยง2,000,000 i n d e p r e c i a t i o n during the year 1941* be w i l l d u r i n g the year 1942 w r i t e o f f an amount representing an a d d i t i o n a l d e p r e c i a t i o n of approximately $2,000,000. Mr. G i a n n i n i states t h a t , of t h i s additional d e p r e c i a t i o n , $1,000,000 w i l l be e i t h e r charged t o the undivided p r o f i t s account or t o the s p e c i a l reserve on or before June 30, 1942, and the remainder w i l l be t r e a t e d i n a s i m i l a r manner d u r i n g the second h a l f of 1942* Mr. G i a n n i n i has acknowledged t h a t the d i s p o s i t i o n of the d e p r e c i a t i o n i n t h e manner as h e r e i n stated does not preclude t h e Comptroller o r the Currency from e s t a b l i s h i n g , i n the f u t u r e , any f u r t h e r d e p r e c i a t i o n on the p r o p e r t i e s under c o n s i d e r a t i o n or any other s i m i l a r p r o p e r t i e s owned by the bank* (signed) I r w i n D. Wright I r w i n D. Wright Chief N a t i o n a l Bank Examiner, T w e l f t h F e d e r a l Reserve D i s t r i c t .
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