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About Portland observer. (Portland, Or.) 1970-current | View Entire Issue (June 4, 1981)
Portland Observar J u n e 4 . 1981 P a g e t First Interstate Bank First chooses new name h wax July 4, 1865. W hile m any citizens o f Pori land were celeb ratin g the n a tio n 's 89ih b irth d a y , a g ro u p o f businessm en conferred quietly in a law office on f r o n t A venue an d o rg a n iz e d a bank. I he founders requested the name I list National Bank of Oregon Bui when they received the bank’s char ter later that year, they discovered the com ptroller o f the currency had changed the nam e to first National Bank ol Portland. I he bank ado p ted the unsolicted nam e and o p en ed for business on May 7, I866, as the first n a tio n a l c h a rte re d b ank on the P acific C o a st. I he bank has been open every normal business day since that dale. U it h capitalization ol $I(X),(XX), the fin a n c ia l in s titu tio n m ad e its In st loan on th e second day o f o p e ra tio n . By the end o f the first week it had made five loans totaling $l,8(M). On September 22, 1866, the bank was d elc a re d a “ d e p o sito ry o f public m onies.” W ith that official designation from the II S. treasurer, the bank received government funds lor distribution to military outposts throughout the Northwest. I he S ta te o f O reg o n was only seven years old when first National Bank opened for business. I he stale and th e bank su b se q u e n tly have com plem ented each o th e r’s grow th and prosperity, and have weathered tough times together. In I93O, I ra n sa m e ric a C o r p o ra tio n a c q u ired c o n tro llin g in terest m I irst N a tio n a l Bank. D in in g the I93()x, I irst N a tio n a l Bank a c q u ire d th e assets and assum ed the lia b ilitie s ol several h a n k s that w ere on th e b rin k o f b a n k ru p tc y . I hese b anks becam e affiliates o f I irst National Bank. first National Bank was operated only from its Portland headquarters until 1933, when n a tio n a lly c h a r tered banks were first perm itted to open branches. By the end o f that year, first National had I6 branches in nine cities. D uring the next few years, through acquisitions and the opening o f new offices, the branch system burgeoned into a statew ide network. In I954, the bank added 20 branches — 18 by converting a f filia te banks to First N ational branches, and two by form ing new offices. This was the greatest one- year branch increase in the bank’ s h istory. By year-end 1954, First N ational had 69 branches in 54 cities. To comply with the Bank Holding Com pany Act o f I956, Trans- america was required in I958 to divest itself o f either its banking or non-banking entities. Transamerica * Faculty in PSU’ s Black Studies Department cite Fungai Kumbula as having been active in student organizations on campus as well as in the local community. Dr. William Little , department chairman, said: “ Fungai has made substantial con trib u tio n s to P ortland State by 2 bdrm, 1 bath, hdwd floors, close in, newly painted, $275 NET per month. All homes located in the North/ Northeast area REM CO PROPERTIES 297 5575 Real Estate M g m t. SWEET CORN FRESH CALIFORNIA 639 7728 620 5199 CASCADE TREE SERVICE Toppina, Trimming, Removals Hedge i t Shurb work Free Estimates Established w ith over 170 offices coast to coast s T w e n ty one banks, w ith nearly 900 o ffic es in 11 w e stern states, adopted a new nam e First Interstate Bank -- on June 1. A total of 7,474 new signs w ill be unveiled as part of the largest name change program in Am erican banking history. elected io shed its banking interests. 1 his spin-off led to the form ation of a h an k h o lding c o m p a n y , w hich becam e know n as W estern Ban- corporation. Because the bank's operations ex te n d e d sta te w id e , the nam e fir s t National Bank of Portland had been a m isn o m er for m any y ears. In 1958, the name was changed to first N a tio n a l Bank o f O re g o n , P ort lan d . A ssets reached $1 billion in 1959. In 1964, the bank becam e 1 irst N ational Bank of O regon, 99 years after the founders applied for that nam e. T he bank becam e a wholly owned subsidiary o f W estern Ban- corporation in 1980. On M o n d ay , Ju n e I, 1981, the nam e o f the bank was changed to f irst In te rs ta te Bank o f O re g o n , N. A. The name change is p a n o f a massive program in which W estern Bancorporalion changes its name to First In terstate B ancorp and all 21 affiliate banks take the f irst Inter state Bank name. teaching courses in Black Studies in the area o f African A ffairs, as well as by w riting numerous articles in the P ortland Observer during the past two years. He is by far one o f the top students we have at Portland State.” I irst In terstate Bank o f O regon has p ro v id e d six g e n e ra tio n s o f Oregonians with a lull range ol con sumer and commercial banking ser vices, trust services anil real estate lending. I he bank continues to play a p ro m in e n t role in O re g o n ’s e c o n o m y , as n has do n e for I 15 years.. NURSES For hom e health « are private duty and hospital staffing • RNs •H o m e H ealth •LP N s »Aides • Nurses Aides »Live in •Compai»**»n* Medical Personnel Pool r 24 hour service • 7 days a w eek PH: 234 0968 Join the M P P team E O E M ZF SHOP lENOW'S r *» ■ 1 B R A N D S yo u k n o w I VA R IC TIK S yo u lik e SIZES yo u w o n t « MH I I «Ml.««*,« • Kite • 1 I Mvirtwo • lllk « t u A o lt e e • l i r a * M l. M am ach Friewdltest • Ulna a Hl «litan • ]«tl< * I I Mtltlan The I S tore* In T o w n Since 1 9 0 * • N l a m h a r a •< O r a a la y • ■ •'•ig te Milla F ia ta • t l l a d a a l l IM v i M a n • O ak » ra v t • lir a * W ttl » « m ilt • ta te t O t n t • K l n * C ity f •• * The phrase " c ro c o d ile te a rs " d erives fro m an a n c ie n t G ree k legend - The giant liz a rd was b e lie v e d to attract its victims by lo u d m o a n ing and then shed tears while it devoured th e m . I----------------------------------- SUMMER <Junel7 'Mi through Lhrouq FRIDAY MONDAY io: oo & z\oo WELCOME ALL? TO T H E © R E A D /N G M r. Kum bula also has been in volved in numerous seminars which featured guest speakers fro m the U.S. State Department, as well as Africa. plans for better policing in the Black community and w ill talk them over with Albina residents he knew when he worked in the area. Bruce Broussard, publisher o f the Observer, said the p o lice /co im - munity relations forum set for June 20th w ill be held. Those attending the forums had asked that the Police Bureau talk w ith com m unity residents and bring plans to the forum to address com m unity con cerns. “ We are concerned that channels o f communication be kept open so that plans fo r needed changs can be developed.” New high school proposed (Continued from Page 1 Col 6) Washington/Monroe magnets to Adams. “ He told us that decision could be changed in July, as has been written in the newspapers,” Nelson said. “ I am really upset at that at titude. The magnet students from W ashington/Monroe were sup posed to have an official visit to Adams today - an all day visit - but BLADE CHUCK ROASTS 5 bdrm, 1 ’A baths, 2 story, com pletely REFURBISHED, huge close in spacious $350 NET per month. Ql First Interstate Bank Jordan removal (Continued from Page I Col 6) fo r six months “ honeym oon” before his adm instration is at tacked, Ms. Pettet said she is willing to watch for a week or two but not for six months. “ The Urban L eague w ill closely m o n ito r and make recommendations,” she said. Herndon said the response he has had on the appointment of Still has been negative. “ I have not had much to say labout Still but he ap pears to have the support o f conser vative and racist elements” , he said. “ What I have heard is frightening.” In the meantime, Still said he has 1 (REMCO) 2 bdrm, 1 bath, separate dining rm, yard, 1 car garage, w-d book up. $275 NET per month 1 bdrm, 1 bath, carpet, drapes garden style apartment, laundry facilities coin op available, facili ties, rec. room $195 NET per month. Black Studies awards Kumbula Fungai K um bula, graduate student from Zimbabwe, has been awarded the PSU Black Studies Departm ent A w ard, U niversity Commendation. RENTALS it was cancelled. We’ ve been told that s ta ff from both schools are being warned not to participate in any com m unity e ffo rt to save the schools.” Dean G isvold and C h arlotte Beeman, who w ill jo in the School Board on July 1st, have announced that they w ill reopen the school closure issue with the plan to close Adams prior to next fall. 99* Color me and , bring to H l*- ç REÄXW61FEE ,, open; ng, P rizes, balloons; an4 ^tre a ts M il be giv< I rvin / & P a r k BOOWS .. >EADl N ú GAME .5 "¡PHONICS GAMES fePELLlN/G BEES A LOr MORE U! F UN FOR KIDS OF ALL A G E S - . _ (PARENTS TOO)
