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The entity that became First Interstate Bancorp was previously known as Western Bancorporation.
Answer: True
Explanation: The company evolved through several names, including Firstamerica Corporation and Western Bancorporation, before officially adopting the First Interstate Bancorp name in 1981.
First Interstate Bancorp was founded in Los Angeles, California, in 1958.
Answer: True
Explanation: First Interstate Bancorp was established on July 1, 1958, with its corporate headquarters situated in Los Angeles, California.
The ticker symbol for First Interstate Bancorp on the New York Stock Exchange was 'FIB'.
Answer: False
Explanation: First Interstate Bancorp was traded on the New York Stock Exchange under the ticker symbol 'I'. The symbol 'FIB' was not associated with the company.
Transamerica Corporation, founded by Amadeo Giannini, commenced operations in 1928 with substantial banking and non-banking assets.
Answer: True
Explanation: Amadeo Giannini established Transamerica Corporation in 1928, initiating business with significant financial assets encompassing both banking and non-banking ventures.
The separation of Transamerica Corporation and Bank of America in 1953 was mandated by regulators citing concerns under the Clayton Antitrust Act, not the Sherman Antitrust Act.
Answer: True
Explanation: Regulatory action in 1953 compelled the separation of Transamerica Corporation and Bank of America based on provisions within the Clayton Antitrust Act, which addresses anti-competitive practices.
What type of operations was Transamerica Corporation required to spin off under the Bank Holding Company Act of 1956?
Answer: False
Explanation: The 1956 Act imposed restrictions on bank holding companies, compelling Transamerica Corporation to divest its banking subsidiaries, while it continued to operate its insurance businesses.
Firstamerica Corporation, formed in 1958, later changed its name to Western Bancorporation in 1961.
Answer: True
Explanation: Firstamerica Corporation, established in 1958 following the spin-off from Transamerica, subsequently adopted the name Western Bancorporation in 1961.
United California Bank (UCB) served as the primary retail banking arm of Western Bancorporation subsequent to its acquisition of California Bank.
Answer: True
Explanation: Following the acquisition of California Bank, Western Bancorporation rebranded its retail banking operations under the name United California Bank (UCB).
The official name change from Western Bancorporation to First Interstate Bancorp occurred in June 1981.
Answer: True
Explanation: The transition from Western Bancorporation to First Interstate Bancorp was officially completed in June 1981, not July.
The adoption of the 'First Interstate' name system-wide was intended to enhance public recognition and ensure operational consistency, contrary to reducing recognition or fostering diversity.
Answer: True
Explanation: The strategic aim of adopting the 'First Interstate' name was to build a unified brand identity, thereby increasing public recognition and standardizing operations across the network.
Through which digital collection can archived annual reports for First Interstate Bancorp (1985-1994) be accessed?
Answer: False
Explanation: Historical annual reports for First Interstate Bancorp from 1985 to 1994 are available digitally through the University of Washington Libraries, not the Library of Congress.
The corporate lineage of First Interstate Bancorp traces back to a spin-off from Transamerica Corporation.
Answer: True
Explanation: Transamerica Corporation divested its banking operations, which subsequently formed the basis for what would become First Interstate Bancorp.
The primary trade name adopted system-wide by First Interstate Bancorp was 'First Interstate Bank'.
Answer: True
Explanation: To foster brand recognition and consistency, the company adopted 'First Interstate Bank' as its primary trade name across its operations.
What was the name of the company that First Interstate Bancorp was spun off from?
Answer: Transamerica Corporation
Explanation: Transamerica Corporation's divestiture of its banking assets led to the formation of the predecessor company to First Interstate Bancorp.
What was the ticker symbol used by First Interstate Bancorp when traded on the New York Stock Exchange?
Answer: I
Explanation: The company's stock was listed and traded on the NYSE under the symbol 'I'.
Before adopting the name Western Bancorporation in 1961, what was the company called?
Answer: Firstamerica Corporation
Explanation: The corporate transition from Firstamerica Corporation to Western Bancorporation occurred in 1961.
Which regulatory act was cited by regulators in 1953 when mandating the separation of Transamerica Corporation and Bank of America?
Answer: The Clayton Antitrust Act
Explanation: The Clayton Antitrust Act was the legal basis used by regulators to enforce the divestiture of Bank of America from Transamerica Corporation.
Which bank served as the primary retail banking arm of Western Bancorporation after acquiring California Bank?
Answer: United California Bank (UCB)
Explanation: United California Bank (UCB) became the principal retail banking entity for Western Bancorporation after the integration of California Bank.
In what year did Western Bancorporation officially change its name to First Interstate Bancorp?
Answer: 1981
Explanation: Western Bancorporation officially transitioned its corporate name to First Interstate Bancorp in 1981.
What was the primary trade name adopted system-wide by First Interstate Bancorp?
Answer: First Interstate Bank
Explanation: This unified branding strategy aimed to consolidate the company's identity across its diverse operations.
Which of the following was NOT a former name or parent company of First Interstate Bancorp?
Answer: First Western Bank and Trust Company
Explanation: While First Western Bank and Trust Company was an operating name for a subsidiary, Firstamerica Corporation, Western Bancorporation, and Transamerica Corporation (as the original parent) represent key stages in the corporate lineage.
Where can archived annual reports for First Interstate Bancorp, covering the years 1985 to 1994, be accessed?
Answer: University of Washington Libraries' digital collections
Explanation: This repository serves as a primary source for historical corporate financial data for the specified period.
Following the spin-off of its banking operations in 1958, Transamerica Corporation maintained its focus on insurance and other non-banking business sectors.
Answer: True
Explanation: This strategic shift allowed Transamerica to concentrate on its diversified portfolio beyond traditional banking.
At its zenith, First Interstate Bancorp ranked as the eighth largest banking institution in the United States.
Answer: True
Explanation: During its period of greatest scale and influence, First Interstate Bancorp achieved the distinction of being the eighth largest banking company nationally.
Western Bancorporation's substantial expansion during the 1960s was primarily motivated by the strategic imperative to contend with Bank of America, then the dominant banking institution in California.
Answer: True
Explanation: Western Bancorporation's significant expansion in the 1960s was largely driven by a desire to compete with Bank of America, which was the largest bank in California at the time.
In 1984, First Interstate Bancorp expanded into merchant banking by purchasing Continental Illinois Ltd.
Answer: True
Explanation: In 1984, First Interstate Bancorp expanded its operations into merchant banking through the acquisition of Continental Illinois Ltd., entered the equipment leasing market via Commercial Alliance Corporation of New York, and augmented its mortgage banking activities by acquiring Republic Realty Mortgage Corporation.
What was the principal strategic driver behind Western Bancorporation's expansion initiatives during the 1960s?
Answer: To compete with Bank of America
Explanation: The competitive landscape, particularly the dominance of Bank of America in California, motivated Western Bancorporation's growth strategy in the 1960s.
Which of the following was NOT an area of expansion for First Interstate Bancorp in 1984?
Answer: Insurance underwriting
Explanation: In 1984, the company expanded into merchant banking, equipment leasing, and mortgage banking, but not insurance underwriting.
What was the approximate valuation of First Interstate Bancorp's hostile takeover bid for Bank of America?
Answer: False
Explanation: The hostile takeover attempt by First Interstate Bancorp against Bank of America in the late 1980s was valued at approximately $3.2 billion.
Following its failed bid for Bank of America, First Interstate Bancorp acquired Allied Bancshares of Houston.
Answer: True
Explanation: Subsequent to the failure of its bid for Bank of America, First Interstate Bancorp completed the acquisition of Allied Bancshares, a Houston-based banking entity.
In 1994, First Interstate Bancorp executed an acquisition of 15 banking branches located in Washington state, previously belonging to the defunct Great American Bank.
Answer: True
Explanation: This strategic acquisition expanded First Interstate's presence in the Washington state market.
What was the approximate value of First Interstate Bancorp's hostile takeover attempt of Bank of America?
Answer: $3.2 billion
Explanation: This significant bid represented a major strategic move by First Interstate Bancorp during that period.
First Interstate Bancorp ceased to exist independently in 1996 following its acquisition by Wells Fargo.
Answer: True
Explanation: The company's independent existence concluded on April 1, 1996, when it was acquired by Wells Fargo, not in 1995 by Bank One Corporation.
What was the approximate valuation of Wells Fargo's initial acquisition offer for First Interstate Bancorp in October 1995?
Answer: False
Explanation: Wells Fargo's initial hostile bid in October 1995 valued First Interstate Bancorp at approximately $10.8 billion.
During the competitive takeover battle for First Interstate Bancorp, Norwest Corporation and Bank One Corporation emerged as potential 'white knights'.
Answer: True
Explanation: During the competitive takeover battle for First Interstate Bancorp, several major banking corporations, including Norwest Corporation, Bank One Corporation, and First Bank System, were considered potential 'white knights'.
First Bank System withdrew from the takeover battle for First Interstate Bancorp in mid-January 1996 due to regulatory difficulties concerning the structure of its offer.
Answer: True
Explanation: First Bank System withdrew from the takeover battle in mid-January 1996 primarily due to encountered regulatory challenges related to the proposed structure of its acquisition offer.
On what date was the acquisition of First Interstate Bancorp by Wells Fargo completed?
Answer: False
Explanation: The merger between Wells Fargo and First Interstate Bancorp was officially finalized on April 1, 1996.
Wells Fargo announced plans to eliminate approximately 7,200 jobs subsequent to its acquisition of First Interstate Bancorp.
Answer: True
Explanation: This figure reflects the anticipated workforce reduction resulting from the integration of the two banking entities.
Following the 1996 division of First Interstate Bancorp, the Montana-based organization successfully negotiated to retain the established First Interstate name and logo.
Answer: True
Explanation: Despite the acquisition by Wells Fargo, the Montana entity secured rights to continue using the First Interstate branding.
As of 2023, how many locations does First Interstate BancSystem operate across the United States?
Answer: False
Explanation: The current First Interstate BancSystem, operating under a franchise agreement, maintains approximately 306 locations across 14 states as of 2023.
Which entity acquired First Interstate Bancorp, marking its end as an independent company?
Answer: Wells Fargo
Explanation: Wells Fargo officially completed its acquisition of First Interstate Bancorp on April 1, 1996.
Which bank initially reached a merger agreement with First Interstate Bancorp in November 1995, before Wells Fargo's successful bid?
Answer: First Bank System
Explanation: This agreement preceded the eventual successful acquisition by Wells Fargo, highlighting the competitive nature of the takeover process.
What was the final agreed-upon value for the merger between Wells Fargo and First Interstate Bancorp?
Answer: $11.3 billion
Explanation: The final merger agreement between Wells Fargo and First Interstate Bancorp was established with a total valuation of $11.3 billion, primarily in stock.
How many jobs did Wells Fargo plan to eliminate after acquiring First Interstate Bancorp?
Answer: Approximately 7,200
Explanation: Subsequent to the acquisition, Wells Fargo declared its intention to eliminate approximately 7,200 positions.
Which of the following entities was NOT involved as a potential acquirer or merger partner during the takeover battle for First Interstate Bancorp in 1995-1996?
Answer: Allied Bancshares
Explanation: While Allied Bancshares was acquired by First Interstate Bancorp earlier, it was not a participant in the final bidding war for the company itself.
Paul Erdman, the president of United California Bank of Basel, faced fraud charges related to the bank's collapse.
Answer: True
Explanation: Paul Erdman, the president of United California Bank of Basel, was among the bank's officers who spent time in jail on fraud charges related to the bank's collapse.
Edward M. Carson held the positions of Chairman and Chief Executive Officer of First Interstate Bancorp throughout its recovery period in the mid-1990s.
Answer: True
Explanation: Carson's leadership was instrumental in guiding the institution through its revitalization phase.
The perpetrators of the 1986 Hollywood bank heist employed a method involving tunneling beneath the bank, originating from an extensive subterranean network and executed over several months using specialized tools.
Answer: True
Explanation: This method involved tunneling beneath the bank, originating from the city's subterranean infrastructure.
What was the approximate amount of cash stolen during the 1986 Hollywood heist?
Answer: False
Explanation: The cash stolen during the 1986 Hollywood bank heist amounted to approximately $270,000.
Robbers involved in the 1992 Victorville heist were observed to be brandishing AK-47 firearms.
Answer: True
Explanation: The use of these specific firearms was a notable detail reported from the incident.
What distinction did the high-speed chase following the 1992 Victorville heist hold?
Answer: False
Explanation: The pursuit following the 1992 Victorville heist was notable for being the longest high-speed chase recorded in the history of the Victorville Police Department at that time.
The building currently known as the Wells Fargo Center in Portland, Oregon, was identified as the First Interstate Tower during the period spanning from 1981 to 1996.
Answer: True
Explanation: This naming convention reflects the bank's significant presence and branding during its operational years.
Who served as Chairman and CEO during First Interstate Bancorp's recovery in the mid-1990s?
Answer: Edward M. Carson
Explanation: Carson's leadership was instrumental in guiding the institution through its revitalization phase.
What was the estimated value of the contents stolen from safe deposit boxes in the 1986 Hollywood heist?
Answer: $2,500,000
Explanation: This figure represents the value of items taken from the safe deposit boxes, distinct from the cash stolen.
How did the robbers access the First Interstate Bank in Hollywood during the 1986 heist?
Answer: By tunneling under the bank from a nearby sewer line.
Explanation: This method involved tunneling beneath the bank, originating from the city's subterranean infrastructure.
What type of firearms were prominently used by robbers in the 1992 Victorville heist?
Answer: AK-47s
Explanation: The use of these specific firearms was a notable detail reported from the incident.
The 1992 Victorville heist was featured on which crime drama television show?
Answer: Rescue 911
Explanation: 'Rescue 911' was known for dramatizing real-life emergency and crime incidents.
What was the former name of the Wells Fargo Center in Portland, Oregon, during the period it was associated with First Interstate?
Answer: The First Interstate Tower
Explanation: This naming convention reflects the bank's significant presence and branding during its operational years.