PAGE 10, THE HERALD, Wednesday, March 29, 1974

Canadian Bank In California
Has Been There For 114 Yrs.

One of Callfornia’s 225 com-
petitive banks has found its
Canadian 4 identity a
significant advantage.

The Callfornia Canadian
Bank, a wholly-owned sub-
sidiary. of the Canadian
Imperial Bank of Com-
merce, also enjoys a strong
California identity—in one
form or another, it as been
doing business innthe state
for 114 years.

Three years before Con-
federation, an enterprising
British banker opened the
Bank of British Columbia in
San Francisco after having
started banking services In
British Columbia for
Californians and others who
went te Canada for gold.

In 1901, that bank merged
with the Canadian Bank of
Commerce and six decades
later it adopted its present
name in Califcrnia.

In an interview. president
Robert Dickerrod revia:
that bank directors can-
sidered deleting ‘‘Canadian”’
from the new title-but sur-

veys found no public dislike
of a partly-Canadian label,
even when criticism was
general“ concerning
Canada’s desire to cut
energy exports to the United
States,

HAS COMMERCE
BACKING

On the contrary, many
businessmen were attracted
by the idea of a bank that
‘was small enough to be fast
and flexible but also had

-behind it all the financial

resources of a huge bank,

McKerroll said.
“The mame suggests
strength, that there's

something more to it than
just another California bank
with $250 million in assets.”

The “something” is large
indeed in California terms.
The June 30 financial
statement of California
Canadian Bank lists $336.2
million of its own assets—
snd the $20.8 billion of the
canadian Imperial Bank of
Commerce.

If a customer drops into

MecKerroll's office seeking
financing greater than what
the California Canadian
Bank can legally provide,
the president can im-
mediately transform himself
into an agent for the Com-
merce, whose U.S. lending
limit of about $93 million far
surpasses the California
bank’s §2.5 million.

The California bank has
grown rapidly since it
started expansion in the mid-
60s by buying a San Mateo

-bank of which the late en-

tertainer Bing Crosby was
airman.

MOVES UP IN RATINGS
The California Canadian
Bank now has 24 branches,
eight of which were bought.
In December, 1975, it
ranked 2st among
California banks with $239
million in assets; its coming
December, 1977, statement
will show $412 million in
assets and a rank of I8th.
The only other full- service
Canadian ks
California, branches of the

Toronte-Dominion Bank and
Bank of Montreal, ranked
74th and 75th respectively.

McKerroll, however, said
he does not see his bank
aiming at the top in
California, where the largest
banks have assets of several
billion dollars and hundreds
of branches,

His ambction is to have the
bank remain a flexible,
efficient operation with a
share of the fast-growing
Canada-California , financial
dealings but primarily
oriented toward domestic
California service. -

Of the 600-plus personnel of
the California Canadian
Bank, only McKerroll and
six others were transferred
from theparent
Canadiannbank,

Although customers ex-
pect bank staff. to be
knowledgeable about
Canadian affairs—and
Zomeone asks nearly every
Jay about .the Quebec
situation— “we're more and
more accepted as a
Zalifornia bank.' ;

BUSINESS DIRECTORY

accessories in

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6335-5866

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PHONE 4638-1991

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MR, BUSINESSMAN!
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Phone 638-1464
CLOSED MONDAY

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"

HARDWARE STORES

Wednesday, March 29

TW. GUIDE |

All listings subject to change without notice.
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5 p.m. fo midnight

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