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
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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..
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The
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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 .
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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
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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*
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bring to H l*- ç
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open; ng, P rizes, balloons;
an4 ^tre a ts M il be giv<
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