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UNITED STATES OF AMERICA
BEFORE THE
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
IN THE MATTER OF
TRANSAMERICA CORPORATION
COMPLAINT
The Board of Governors of the Federal Reserve System charges
that Transamerica Corporation, hereinafter called respondent, is violating and has violated the provisions of Section 7 of an Act of Congress
approved October 15, 1914 (the Clayton Act), "An Act to supplement existing laws against unlawful restraints and monopolies, and for other parposes11, and the Board of Governors of the Federal Reserve System hereby
issues this, its complaint against said respondent, and states its
charges with respect thereto as follows, to wit:
PARAGRAPH ONE—Respondent is a corporation organized under
the laws of the State of Delaware, having its principal office in the
City of San Francisco, State of California. Respondent has an authorized
capital stock of 25,000,000 shares, of the par value of #2.00 per share,
approximately 9,900,000 shares of which are now outstanding. Respondent,
through various subsidiary and other companies which i t controls, is now
engaged, in interstate commerce, in the commercial banking business in
the United States and in foreign countries; in the business of home f i nancing; in the business of acquiring, managing and selling real estate;
in the business of catching, buying, processing and selling fish and
seafood; in the business of underwriting and selling l i f e , health, accident, fire, automobile and marine insurance; in the business of manufacturing and selling hydraulic controls, line supports for aircraft,
agricultural implements, Diesel engines, non-ferrous and aluminum castings and forgings, malleable iron and steel castings, oil-well equipment
and machinery, and other products; and in other businesses.
PARAGRAPH TWO—Respondent was founded by A. P. Giannini on or
about October 11, 1928, for the purpose, among ethers, of acquiring and
consolidating under one management the control cf a number of corporations, including banks, which theretofore had operated under the general
direction and control of the said A. P. Giannini. At or about the time
of its organization,respondentacquired controlling stock interests in
the following corporations, among others:
(a) Bank of Italy National Trust and Savings Association (now
Bank of America National Trust and Savings Association). This bank was
founded by A. P. Giannini in 1904 as a state bank under the laws of the
State of California. At the time of its incorporation and until 1927 i t
operate^ as a state bank under the name of Bank of Italy. In 1927 Bank
of Italy converted into a national bank under the name of Bank of Italy




-2-

National Trust and Savings Association (hereinafter referred to as Bank
of Italy N. T. & S. A.). At or about the time respondent acquired a
controlling stock interest therein Bank of Italy N. T. & S. A. was
operating through a head office in San Francisco and approximately 292
branches located throughout the State of California. Approximately 200
of such branches had been established following the acquisition, by
various companies or persons acting under the general direction of A. P.
Giannini, of controlling stock interests in or the banking business of
various independent banks and branches of such banks located throughout
the State of California. In addition to the banks and branches so acquired and converted into branches of Bank of Italy or its successor,
Bank of Italy N. T. & S. A., and during the period between the organization of the Bank of Italy and respondents incorporation, controlling
stock interests or the banking business of approximately 87 other independent banks and branches of such banks had been acquired by companies
or persons acting under the general direction of the said A. P. Giannini,
which banking offices were subsequently closed, the banking business of
each such closed office being absorbed by an existing branch or bronchos
of said Bank of Italy or its successor, Bank of Italy N. T. & S. A.
(b) National Bankitaly Company • This corporation was a f f i l i ated with Bank of Italy N. T. & S. A. and succeeded to the business of
Stockholders Auxiliary Corporation (a corporation organized in 1917 by
A. P. Giannini for the purpose, among othfers, of facilitating the bank
expansion activities of the Bank of Italy, above-described).
(c) Merchants National Trust & Savings Bank, Los Angeles,
California. This bank was a national bank having its principal office
in Los Angeles, California, and operating approximately 35 branches
located in Los Angeles and vicinity.
(d) United Security Bank & Trust Company, San Francisco,
California. This bank was a state bank organized under the laws of the
State of California, having its principal place of business at San
Francisco, California, and operating approximately 53 branches located
throughout the State of California. This bank resulted from the merger
in 1928 of the United Bank & Trust Company and the Security Trust Company of Bakersfield, California, both of such banks being state banks
organized and operating in the State of California.
(e) French-American Corporation. This corporation was affiliated through common stock ownership with United Security Bank &
Trust Company. At or about the time of respondent's organization the
French-American Corporation owned controlling stock interests in a number
of banks, including San Diego State Bank, San Diego, California; First
National Bank, Berkeley, California; First Bank of Jamestown, Jamestown,
California; Motherlode National Bank, Sonora, California; Second Avenue
State Bank, Los Angeles, California; Bank of Oxnard, Oxnard, California;
Placerville National Bank, Placerville, California; and Vallejo Commercial
National Bank, Vallejo, California.




-3-

(f) Bank of America National Association. This bank was a
national bank having its principal office and operating approximately
30 branches in the City of New York, New York.
(g) Bankitaly Company of America. This corporation was organized under the laws of the State of Delaware, having its principal office
in San Francisco, California. I t owned controlling stock interests in
various subsidiary companies, including Americommercial Corporation (a
corporation organized in 1924 by Stockholders Auxiliary Corporation and
certain stockholders of Bank of America of Los Angeles, Los Angeles,
California, to further facilitate the bank expansion activities of Bank
of Italy, above-described), Banca DfAmerica E D*Italia (a banking company formed under the laws of Italy, having its principal office in Milan,
Italy, and operating approximately 37 branches throughout Italy), and
Ameritalia Corporation (a banking affiliate of Banca DfAmerica E D f Italia).
(h) California Joint Stock Land Bank. This corporation was
organized by the Bank of Italy in 1919 under the provisions of the Federal
Farm Loan Act.
( i ) Bankitaly Mortgage Company. This corporation was organized
by National Bankitaly Company in 1927 and engaged in the business of lending on mortgage loans in urban communities.
( j ) Bankitaly Agricultural Credit Corporation. This corporation was organized by National Bankitaly Company in 1928 to make loans on
country real estate.
. PARAGRAPH THREE—Since its organization in 1928 respondent has
continued, under the general direction of A. P. Giannini, to expand its
banking interests by the acquisition, either directly or through one or
more of its controlled companies or agents, of controlling stock interests
in or the banking business of various independent banks which banks were at
the time of such acquisitions in competition with one or more of the banks,
already controlled by respondent. As a result of such expansion respondent
now controls approximately 46 banks, operating approximately 598 branches
located in the Statesof California, Oregon, Nevada, Arizona and Washington,
having aggregate deposits of approximately 16,640,000,000. Of the banking
offices so controlled by respondent approximately 555 are located in
California, 57 in Oregon, 15 in Nevada, 7 in Arizona, and 10 in Washington.
Of the banking deposits so controlled by respondent approximately
#5*716,000,000 are located in California, 1614*000,000 in Oregon, #129,000,000
in Nevada, #85,000,000 in Arizona, end #96,000,000 in Washington. The banking offices and deposits controlled by respondent constitute the following
percentages of the total banking offices and deposits in each of the five
state$ above-named: In California approximately 50 per cent of a l l banking
offices and 43 per. cent of a l l deposits; in Oregon approximately 36 per
cent of a l l banking offices and 44 per cent of a l l deposits; in Nevada
approximately 60 per cent of a l l banking offices and 77 per cent of atll




-4-

depositsj in Arizona approximately 13 per cent of a l l banking offices and
20 per cent of a l l deposits; in Washington approximately 4 per cent of a l l
banking offices and 4 per cent of a l l deposits.
PARAGRAPH FOUR—Part of the expansion of respondent's banking
interests was accomplished in the following manner: Respondent acquired,
either directly or through one or more of its controlled companies or
agents, the controlling stock interest in an independent bank and has continued to operate such bank as a separate institution, although controlled
by respondent. Included among the banks so acquired by respondent since
its organization in 1928 and now operated and controlled by i t are the
following:
As of date of acquisition
Deposits
Name of Bank
Year
Branches
(Approx.)
1928 Bank of Italy N. T. & S. A.,
San Francisco, California
(Now Bank of America N. T# & S. A.)
1930 First National Bank,
Portland, Oregon
n
Central Bank,
Oakland, California
(This bank was originally chartered in 1930
as the Bank of America, a state bank, to
take over 58 branches of Bank of America
of California, which merged with Bank of
Italy N. T. & S. A. in that year to form
Bank of America H. T. & S. A.)
1934 First National Bank of Nevada,
Reno, Nevada
1936 National 3ank of Tacoma,
Tacoma, Washington
(Now National Bank of Washington)
First
National Bank,
1937
Forest Grove, Oregon
II
Farmers Bank of Carson Valley,
Minden, Nevada
II
First National Bank of Arizona,
Phoenix, Arizona
fl
Phoenix Savings Bank & Trust Company,
Phoenix, Arizona
II
Coolidge & McClaine,
Silverton, Oregon
1938 First National Bank,
Garden Grove, California
it
Bank of Sellwood,
Portland, Oregon
(Now Moreland-Sellwood Bank)
ii
Clatsop County Bank,
Seaside, Oregon



283

666,944,000
46,174,000

—

—

1

6,741,000
14,499,000

- -

621,000

—

1,154,000

1

14,354,000

- -

3,881,000

—

657,000

—

694,000
443,000

—

463,000

-5-

Name of Bank

Year
1940
tl

tf

1941
ft

tt

it

w
1942
tt

tf

1943
1944
tf

tf

tf

tt

tt

1945
t»

tt
tt

tf

First National Bank,
Cottage Grove, Oregon
Bank of Pinole,
Crockett, California
Central Bank of Calaveras,
San Andreas, California
First National Bank,
Fairfield, California
First National Bank,
Prinaville, Oregon
Bank of Nevada,
Las Vegas, Nevada
Temple City National Bank,
Temple City, California
First National Bank,
Weed, California
First Trust & Savings Bank,
Pasadena, California
Scio State Bank,
Scio, Oregon
Bank of Sweet Home,
Sweet Home, Oregon
First National Bank,
Bellflower, California
First National Bank,
Corcoran, California
First National Bank.
Los Altos, California
Bank of Newman,
Newman, California
First National Bank,
Santa Ana, California
First National Trust & Savings Bank,
Santa Barbara, California
Bank of Tehachapi,
Tehacfcapi, California
First National Bank,
Crows Landing, California
First National Bank,
Eugene, Oregon
First National Bank,
San Jacinto, California
First Savings Bank,
San Jacinto, California
Farmers & Merchants Bank of Watts,
Los Angeles, California




As of date of acquisition
Deposits
Branches
(Approx.)
1,137,000
3

2,879,000
1,063,000

—

722,000
852,000

—

(Newly organized)

—

6a,000

—

932,000

i

16,799,000

—

379,000

—

552,000

—

4,150,000
1,924,000
712,000
3

4,267,000

—

25,530,000

—

9,739,000

—

1,014,000

—

2,196,000

—

34,806,000

—

1,046,000

—

594,000

—

3,861,000

-6-

Year

Name of Bank

1946 Benton County State Bank,
Corvailis, Oregon
tt
First National Bank,
Mountain View, California
tt
First National Bank,
Oakdale, California
tt
Stanislaus County Savings Bank,
Oakdale, California
tt
First National Bank,
Turlock, California
1947 Bank of Beaumont,
Beaumont, California
tt
Carlton State & Savings Bank,
Carlton, Oregon
tt
First National Bank,
Delano, California
tt
Yamhill State Bank,
Yamhill, Oregon
1948 American Commercial & Savings Bank,
Moorpark, California

As of date of acquisition
Deposits
(ADOTOX.)
Branches
9,351,000

1

3,821,000
3,055,000

——

3,409,000
- -

6,605,000

——

2,205,000
976,000
9,635,000
1,502,000

——

1,246,000

Each of the banks so acquired and now operated and controlled by
respondent is engaged in interstate commerce within the purview of Section 7
of the Act of Congress approved October 15, 1914- (Clayton Act).
PARAGRAPH FIVE—A further part of the expansion of respondents
banking interests was accomplished in the following manner: Respondent,
either directly or through one or more of its controlled companies or agents,
acquired either a controlling stock interest in or the banking business of
an independent bank and contemporaneously therewith or thereafter caused
such independent bank and branches, i f any, of such bank to be converted
into a branch or branches of a bank already operated and controlled by respondent, and the banks and branches of such banks so acquired and converted
are today operating as branches of one or more of the banks listed in Paragraph Four above. Included among the banks so acquired and converted since
respondents organization in 1928 are the following:

Year

Name of Bank

1928 Branches of Merchants National Bank,
Los Angeles, California
ti
United Security Bank & Trust Co.,
San Francisco, California
(Head office and 28 branches)
it
Branches of San Diego State Bank,
San Diego, California
ti
First National Bank,
Eureka, California



Number of banking
offices acquired Deposits
and converted
(Approx.)
23
29

146,883,000

4
1

2,405,000

-7-

Year

Name of Bank

1928 Motherlode National Bank,
Sonora, California
19
Bank of Oxnard,
Oxnard, California
ft
Vallejo Commercial National Bank
Vallejo, California
tt
First National Bank,
Grass Valley, California
ft
Northern California Bank of Savings,
Marysville, Califomia
tt
First National Bank,
Alturas, California
tf
Central Bank of California
Auburn, California
(Head office and 4 branches)
ft
Branches of Berkeley Bank,
Berkeley, California
tf
First National Bank,
Chino, California
tt
Cloverdale Commercial & Savings Bank,
Cloverdale, California
If
First National Bank,
Colton, California
tt
Bank of Dixon,
Dixon, California
tt
First National Bank,
Exeter, California
tt
First National Bank,
Geyserville, California
tf
Bank of Pacific Grove,
Pacific Grove, California
tt
Petaluma Savings Bank,
Petaluma, California
II
Richmond Commercial & Savings Bank,
Richmond, California
tt
San Carlos Bank,
San Carlos, California
tt
State Bank of Ramona,
Ramona, California
tt
First National Bank,
South Pasadena, California
tt
Lassen Industrial Bank,
Susanville, California
(Head office and 1 branch)
tt
Commercial Bank,
Turlock, California
(Head office and 1 branch)



Number of banking
offices acquired
and converted

Deposits
(Approx.)

1

153,000

1

99,000

1

1,707,000

1

420,000

1

3,305,000

1

522,000

5

1,460,000

5
1

427,000

1

176,000

1

795,000

1

1,102,000

1

558,000

1

331,000

1

1,274,000

1

3,109,000

1

261,000

1

171,000

1

354,000

1

566,000

2

1,383,000

2

1,727,000

-8-

Year

Name of Bank

1928 El Dorado County Bank
Placerville, California
it
Daiiymen1 s Coast Bank,
Valley Foard, California
(Head office and 2 branches)
tt
Golden State Bank,
Walnut Park, California
1929 The Oakland Bank,
Oakland, California
(Head office and 8 branches)
tt
First National Bank,
Poarfcerville, California
tt
Amador County Development Bank,
Jackson, Califoamia
tt
Citizens State Savings Bank,
Gardena, California
tt
National Bank of Hermosa Beach,
Hermosa Beach, California
tt
Bank of Isleton,
Isleton, California
tt
First National Bank,
Long Beach, California
tt
Arroyo-Seco State Bank,
Los Angeles, Califoamia
tt
Florence National Bank,
Los Angeles, California
tt
Branches of Pacific National Bank,
Los Angeles, Califoamia
tt
Monterey Park Commercial & Savings Bank,
Monterey Park, Califoamia
tt
Bank of Norwalk,
Noarwalk, Califoamia
tt
Bank of San Clemente,
San Clemente, Califoamia
tt
First National Tamst & Savings Bank,
Whittier, Califoamia
tt
Commercial $ Savings Bank of Sutter County,
Yuba City, Califoamia
1930 Broadway Commercial & Savings Bank,
Burlingame, California
tt
George W. Bates & Company, Bankers,
Portland, Oregon
w
Bank of East Portland,
Portland, Oregon




Number of banking
offices acquired
and converted
1

Deposits
(Approx.)
1,759,000
2,033,000

1

122,000
60,324,000

1

3,228,000

1

201,000

1

256,000

1

236,000

1

601,000

1

6,524,000

1

861,000

1

714,000

1

312,000

1

842,000

U

322,000

1

4,869,000

1

811,000

1

294,000

1

1,430,000

1

1,018,000

- 9 -

Year
1932
19
ft
91
1933
tt
it
tt
ti
tt
tt
tt
it
tt
1934
t!
ft
1935
tt
tt
tt
tt
tt
tt
tf

^ame o^ B^flc

, ,

Number c>f banking
offices acquired
averted
„ , ,
and cc
1

Livestock
StateOregon
Bank,
Portland,
Southeast Portland Bank,
Portland, Oregon
West Side State Bank,
Los Angeles, California
First National Bank,
Alhambra, California
The Gresham Bank,
Gresham, Oregon
First National Bank,
Sebastopol, California
Oregon State Bank,
Portland, Oregon
American National Bank,
Portland, Oregon
Montavilla Savings Bank,
Portland, Oregon
First National Bank,
Astoria, Oregon
First Inland National Bank,
Pendleton, Oregon
Shute Savings Bank,
Hillsboro, Oregon
First National Bank,
Salem, Oregon
Bank of Woodburn,
Woodburn, Oregon
First National Bank,
Condon, Oregon
First National Bank,
Cucamonga, California
First National Bank,
Puente, California
Russ-Williams Banking Company,
Ferndale, California
McCloud National Bank,
McCloud, California
Wallowa National Bank,
Enterprise, Oregon
First National Bank,
LaGrande, Oregon .
Commercial National Bank,
Lakeview, Oregon
First National Bank,
Medford, Oregon
First National Bank,
Tillamook, Oregon
First National Bank,
Union, Oregon




1

Deposits
(Aonrox.)
324,000
(newly organized)

1

613,000

1

2,243,000

1

(newly organized)

1

269,000

1

405,000

1

4,832,000

1

(restricted)

1

1,328,000

1

1,950,000

1

(restricted)

1

1,153,000

1

(restricted)

1

170,000

1

166,000

1

684,000

1

543,000

1

957,000

1

577,000

1

1,082,000

1

600,000

1

2,667,000

1

1,368,000

1

368,000

- 10 Year
1936
if

19

99

II

99

99

91

99

91

99

99

99

99

91

99

99

99

If

19

tt

19

99

Name of Bank

Number of banking
offices acquired
and converted

First National Bank of Southern Oregon
Grants Pass, Oregon
First National Bank,
Coquille, Oregon
First National Bank,
Ashland, Oregon
First National Bank,
Merrill, Oregon
First National Bank,
Klamath Falls, Oregon
Sierra Valley Bank,
Loyalton, California
Plumas County Bank,
Quincy, California
(Head office and one branch)
Bank of Milpitas,
Milpitas, California
Citizens Bank,
Laguna Beach, California
First National Bonk,
Fallbrook, California
California First National Bank,
Long Beach, California
First National Bank,
San Dimas, California
Westwood National Bank,
Westwood, California
Branch of Bank of Inglewood,
Los Angeles, California
First National Bank,
El Monte, California
Delta Bank,
Rio Vista, California
First National Bank,
Claremont, California
Bank of Point Arena,
Point Arena, California
First National Bank,
Downey, California
Crescenta Canada National Bank,
Montrose, California
First National Bank,
Del Rey, California
First National Bank,
Atascadero, California
Calistoga National Bank,
Calistoga, California




Deposits
(Atrorox.)

1

1,460,000

1

617,000

1

1,183,000

1

431,000

1

2,959,000

1

321,000

2

337,000

1

306,000

1

471,000

1

303,000

1

4,040,000

1

311,000

1

609,000

1
1

907,000

1

541,000

1

851,000

1

185,000

1

154,000

1

265,000

1

350,000

1

230,000

1

778,000

-11-

Year

Name of Bank

1936 Branches of Seaboard National Bank,
Los Angeles, California
it
Lumbermen1s National Bank,
Bend, Oregon
tt
North Bend National Bank,
North Bend, Oregon
tt
United States National Bank,
Newburg, Oregon
ti
First National Bank,
Elko, Nevada
1937 Farmers & Merchants National Bank,
Eureka, Nevada
tt
Kent National Bank,
Kent, Washington
tt
Auburn National Bank,
Auburn, Washington
It
First State Bank,
Bremerton, Washington
It
Castle Rock Bank,
Castle Rock, Washington
It
Kalama State Bank,
Kalama, Washington
It
Pasadena Savings Bank,
Pasadena, California
tt
Lindsay Savings Bank,
Lindsay, California
tf
First National Bank,
Fontana, California
If
First National Bank,
Glendora, California
tt
First National Bank,
Jfcrnes, California
IV
First Bank of Highland,
Highland, California
tf
First National Bank,
Molalla, Oregon
It
First National Bank of Coos Bay,
Marshfield, Oregon
tt
First National Bank,
Hood River, Oregon
tt
Steiver & Carpenter Bank,
Fossil, Oregon
ft
First National Bank,
Oregon City, Oregon
tt
First State Bank,
Las Vegas, Nevada




Number of banking
offices acquired
and converted

Deposits
(Approx,)

4
1

1,458,000

1

384,000

1

1,043,000

1

2,407,000

1

519,000

1

627,000

1

866,000

1

185,000

1

535,000

1

358,000
579,000

1

801,000

1

751,000

1

530,000

1

781,000

1

393,000

1

376,000

1

1,690,000

1

1,629,000

1

2a,000

1

1,196,000

1

3,211,000

-12-

Year

Name of Bank

1937 Mason Valley Bank,
Yerington, Nevada
tt
Yuma Branch of Miners & Merchants Bank,
Bisbee, Arizona
tf
Branches of Central Bank of Oakland,
Oakland, California
ft
First National Bank of Arizona at Phoenix,
Phoenix, Arizona

1938 Coffman-Dobson Bank & Trust Company,
Chehalis, Washington
tf
Toledo State Bank,
Toledo, Washington
ft
State Bank of Winlock
Winlock, Washington
tf
Bank of Alameda County,
Alvarado, California
(Head Office and 2 branches)
1943 First National Bank of Lamanda Park,
Pasadena, California
1944 First National Bank,
Clovis, California

Number of banking
offices acquired
and converted
1

Deposits
(Approx.)
302,000

1
2
1

1

(Deposits included with
First National
Bank of
Arizona listed
in Paragraph
Four, herein)
2,640,000

1

84,000

1

333,000

3

2,652,000

1

1,830*000

1

1,909,000

PARAGRAPH SIX—A further part of the expansion of respondents
banking interests was accomplished in the following manner! Respondent,
either directly or through one or more of its controlled companies or
agents, acquired either a controlling stock interest in or the banking business of an independent bank and contemporaneously therewith or thereafter
caused the banking business of such independent bank and branches, i f any,
of such bank to be transferred into an existing banking office already
operated and controlled by respondent and thereupon caused the banking
office of the independent bank so acquired to be closed. Included among
the banks so acquired and caused to be closed by respondent were the following:
Number of banking
offices eliminated

Year
1928

tt

Merchants National Bank,
Los Angeles, California
(Head office and 12 branches)
Branches of United Security Bank
& Trust Company,
San Francisco, California




13

25

Deposits

(Adotox. )

1 2 3 , 3 H » 000

13

Year
1928
»f
tt
tt
tt
tt
tt
tt
tt
tt
tt
tt
tt
tt
it
tt
it
it
tt
tt
n

Name of Bank
Butte County Savings Bank,
Chico, California
Bank of America,
San Pedro (Los Angeles), California
San Diego State Bank,
San Diego, California
(Head office and one branch)
Bank of Lake,
Lakeport, California
First National Bank,
Berkeley, California
First Bank of Jamestown,
Jamestown, California
Placerville National Bank,
Placerville, California
First National Bank,
Marysville, California
Second Avenue State Bank,
Los Angeles, California
First National Bank,
Auburn, California
Berkeley Bank,
Berkeley, California
(Head office and 1 branch)
Chino Savings Bank,
Chino, California
First Savings Bank,
Colton, California
(Head office and 1 branch)
Security Savings Bank,
Exeter, California
Sonoma County National Bank,
Petaluma, California
First National Bank,
Santa Rosa, California
Branch of Lassen Industrial Bank,
Susanville, California
First National Bank,
Turlock, California
New First National Bank,
Visalia, California
Security Savings Bank,
Visalia, California
Vallejo Bank of Savings,
Vallejo, California




Number of banking
offices eliminated

Deposits
(Approx.)

1

2,057,000

1

599,000

2

973,000

1

553,000

1

2,914,000

1

151,000

1

453,000

1

1,033,000

1

446,000

1

459,000

2

5,110,000

1

189,000

2

302,000

1

419,000

1

1,525,000

1

559,000

1
1

1,745,000

1

503,000

1

306,000

1

1,325,000

-u-

Year

Name of Bank

1929 Branches of The Oakland Bank,
Oakland, California
tf
First National Bank,
Anaheim, California
tt
First National Bank,
Gardena, California
tt
Graham National Bank,
Los Angeles, California
tt
First National Bank,
Healdsburg, California
tt
First Savings Bank,
Healdsburg, California
tt
Pacific National Bank,
Los Angeles, California
(Head office and 2 branches)
tt
Donahue-Kelly Banking Company,
San Francisco, California
tt
Eagle Rock State Bank,
Los Angeles, California
1930 First National Bank,
Ventura, California
tt
Home Savings Bank,
Ventura, California
(Head office and 1 branch)
it
Security Trust & Savings Bank,
Portland, Oregon
Atlantic Avenue Bank,
1 9 3 1
Bell, California
tf
First National Bank,
Ducor, California
1932 Branch of First National Bank,
Alhambra, California
tt
First National Bank,
Vacaville, California
tt
Vacaville Savings Bank,
Vacaville, California
tt
First National Bank,
SoUora, California
tt
Tuolumne County Bank,
Sonora, California
First
National Bank,
1 9 3 3
Redondo Beach, California
tf
First National Bank,
Orland, Califoamia




Number of banking
offices eliminated

Deposits
(Approx.)

4
1

3,602,000

1

456,000

1

386,000

1

1,073,000

1

948,000
14,095,000

1

2,156,000

1

306,000

1

1,551,000
1,649,000

1

238,000

1

504,000

1

216,000

1
1

213,000

1

288,000

1

2,426,000

1

948,000

1

821,000

1

399,000

15 -

Year

Name of Bank

1933 Bank of Lassen County,
Susanville, California
11 Sebastopol Savings Bank,
Sebastopol, California
tf Hibernia Bank,
Portland, Oregon
tt National Bank of Commerce,
Astoria, Oregon
tt State Bank of Echo,
Echo, Oregon
Fortuna
State Bank,
1935
Fortuna, California
1936 State Bank of Ashland,
Ashland, Oregon
tt First National Bank,
Riverside, California
tt San Dimas Savings Bank,
San Dimas, California
tt Bank of Xnglewood,
Inglewood, California
(Head office and 1 branch)
tt
Pomona..Commercial & Savings Bank
Pomona, California
tt
First National Bank,
Paso Robles, California
tt Ferndale Bank,
Ferndale, California
tt Seaboard National Bank,
Los Angeles, California
(Head office)
1937 Central Rink of Oakland,
Oakland, California
(Head office)
n Los Nietos Valley Bank,
Downey, California
tt Covine. Valley Savings Bank,
Covina, California
tt First National Bank,
Covina, California
tr First Central National Bank,
Calexico, CalifQmia
tt First Savings Bank,
Glendora, California
tt Bank of Lakeview,
Lakeview, Oregon
1938 First National Bank,
Napa, California
1939 Estacada State Bank,
Portland, Oregon



Number of banking
offices eliminated

Deposits
(Aoorox.)

1

1,262,000

1

579,000

1

1,797,000

1

841,000

1

79,000

1

148,000

1

289,000

1

2,216,000

1

265,000

2

1,787,000

1

789,000

1

614,000

1

857,000

1

13,491,000

1

37,664,000

1

1,317,000

1

980,000

1

1,050,000

1

856,000

1

608,000

1

784,000

1

3,948,000

1

150,000

-16-

Year

Name of Bank

194-0 Branch of Bank of Pinole,
Crockett, California
Bank
of
Suisun,
1 9 a
Suisun, California
tt
Winters National Bank,
Winters, California
1942 Farmers & Merchants Bank,
Gardena, California
If
Citizens National Bank,
Ontario, California
1943 Bank of Gait,
Gait, California
19AA Bank of Corning,
Corning, California
n
First National Bank,
Laton, California
M
Branch of Bank of Newman,
Newman, California
1948 First National Trust & Savings Bank,
Fullerton, California

Number of banking
offices eliminated

Deposits
(Aporox.)

1
1

1,209,000

1

328,000

1

710,000

1

1,481,000

1

543,000

1

1,752,000

1

932,000

1
1

4,044,000

PARAGRAPH SEVEN—Commencing on or about May 18, 1943, and at
various times thereafter respondent has attempted, either directly or through
one or more of its controlled companies or agents, to acquire a controlling
stock interest in the Citizens National Trust & Savings Bank, Los Angeles,
California. In furtherance of such attempts respondent has acquired and now
owns, either directly or through one or more of its controlled companies or
nominees, approximately 58,937 shares of the said Citizens National Trust &
Savings Bank, which number of shares represents approximately 23 per cent
of the total number of shares of said bank now outstanding. Citizens National Trust & Savings Bank is a national bank operating through a head
office and 33 branches, a l l located in Los Angeles County, California, having deposits of individuals, partnerships and corporations of approximately
$315,000,000. Citizens National Trust & Savings Bank is engaged in interstate commerce within the purview of Section 7 of the Act of Congress approved October 15, 1914 (Clayton Act)• Should respondent acquire a controlling stock interest in such bank the number of banking offices which respondent controls in Los Angeles County, California, would be increased from
approximately 157 to 191, or from approximately 42 per cent of a l l banking
offices in Los Angeles County to approximately 51 per cent in such county j
and the amount of deposits of individuals, partnerships and corporations
which respondent controls in such county would be increased from approximately $1,656,000,000 to #1,971,000,000 or from 37 per cent to 45 per cent of
a l l such deposits in such county.
PARAGRAPH EIGHT—Upon information and belief, that respondent,
unless restrained, intends to and will further expand its banking interests




-17-

by acquiring the controlling stock interest in the Citizens National
Trust & Savings Bank of Los Angeles, California, as well as controlling
stock interests in other independent banks now operating or which in the
future will be operating in the States of California, Oregon, Nevada,
Arizona and Washington in competition with one or more of the banks now
controlled by respondent.
PARAGRAPH NINE—The acquisition by respondent of the capital
stocks of the banks listed in Paragraphs Four, Five and Six herein, as
well as the acquisition by i t of the stock of Citizens National Trust &
Savings Bank, Los Angeles, California, was contrary to law in violation
of Section 7 of the said Clayton Act, and the effect of such acquisition
of such stocks may be, has been and is:
(a) To substantially lessen competition in the commercial banking business between some or a l l of such banks; or
(b) To restrain commerce in the commercial banking business in
the sections or communities in which such banks were severally engaged
at the time of such acquisition or in some of such sections or communitiesj
or
(c) To tend to create a monopoly of commerce in respondent in
the commercial banking business, particularly in banking offices, bank deposits and bank credit in the five-state area of California, Oregon,
Nevada, Arizona and Washington or in various sections or communities in
the said five states.
WHEREFORE, THE PREMISES CONSIDERED the Board of Governors of the
Federal Reserve System on this 24th day of June, A, D. 1948, issues its
complaint against said respondent.

NOTICE
Notice is herefcy given you, Transamerica Corporation, respondent
herein, that the 12th day of October, A. D. 1948, at 10:30 o'clock in the
forenoon, is hereby fixed as the time and the offices of the Board of
Governors of the Federal Reserve System, in the City of Washington, D. C.,
as the place, when and where a hearing will be had on the charges set
forth in this complaint, at which time and place you shall have the right,
under said Act, to appear and show cause why an order should not be entered fcy said Board requiring you to cease and desist from the violation
of the law charged in this complaint and to divest yourself of the stock




-18-

of the Citizens National Trust & Savings Bank, Los Angeles, California,
and the stocks of any or a l l of those banks listed in Paragraph Four herein.
IN WITNESS WHEREOF, the Board of Governors of the Federal Reserve
System has caused this, its complaint, to be signed by its Secretary, and
its official seal to be hereto affixed, at Washington, D, C., this 24th day
of June, A. D« 1948•
By the Board*
(SEAL)




(signal)

S. R. Carpenter
Secretaiy.