Comptroller's Office Issues Proposed Policy Revision

Article excerpt

The Office of the Comptroller of the Currency has issued a proposed revision of its disclosure policy regarding notices issued pursuant to a change in bank control.

Officials said the Comptroller believes the greater public good would be served by announcing in the majority of cases the receipt of the change of control notice, the name of the affected institution, the proposed purchaser, and the earliest date at which the transaction may be completed.

All other information the Comptroller proposes to remain confidential, as currently treated.

The Comptroller is soliciting comments on its proposals. Particularly sought are opinions on:

- To what extent would early release of information be useful in soliciting information from the community as to whether a notice of disapproval should be issued;

- To what extent would interest of the purchaser be prejudiced by the early disclosure of its existance. . .

- First National Holding Company of Tulsa has applied to the Federal Reserve to become a bank holding company by acquiring 100 percent of the voting shares of First Jenks Bancorporation, Inc. of Jenks, thereby indirectly acquiring First National Bank of Jenks.

In addition, Kingfisher Bancorp, Inc. has applied to the Federal Reserve to become a bank holding company by acquiring 100 percent of the voting shares of Kingfisher Bank and Trust Co. . .

- New England Mutual Life Insurance Co. contributed over $29.7 million to the Oklahoma economy in 1984, according to Edward E. Phillips, chairman of the board.

Of that amount, $10.1 million was paid to policyholders or their beneficiaries, including $1.5 million in dividends.

The remaining $19.6 million was injected into the state's economy through the company's current mortgage and real estate investments.

New England Life's present insurance-in-force in Oklahoma totals over $417 million.

On the national level, the firm made record payments of $1.5 billion in benefits to policyholders and beneficiaries during 1984, including dividends of $221 million. The company's assets under management, including those of its subsidiaries, are approaching $23 billion.

In Oklahoma City, New England Life is represented by Wilson and Associates, 4900 Richmond Square.

- The Central Oklahoma Society of the Institute for Certified Financial Planners will hold a continuing education seminar at 9 a.m. July 13 at the Acacia Inn, located at the corner of Reno and Eastern Avenues.

Speakers at the seminar include business consultant W. Paul Woody, who will address "Tax Planning for Small Businesses and Individuals," and August Helmbright, tax manager with Arthur Young and Co.

Helmbright will discuss current tax issues.

The seminar provides all certified financial planners with three hous of continuing education credit. . .

- Shearson Lehman Brothers Investment Center, Fifty Penn Place, will host the live in-house radio network broadcast of its 37th annual "10 Uncommon Values in Common Stocks" at 8 a.m. Monday.

Since 1949, the annual 10 Uncommon Values portfolio have appreciated 17,283 percent. An original investment of $10,000 rolled-over into each year's new selections would be worth $1.7 million as ofMay 31, not including adjustments for dividends, commissions and taxes, officials said.

Over the past 36 years, the portfolio has outperformed both inflation and the Standard and Poor 500. As a result, officials said, "10 Uncommon Values" is one of the most watched research announcements. . .

- Pension Investment Reporter, published by Money Market Directories, Inc. …