Parker Pen seeks S&L in California
The Parker Pen Company is aiming for a bigger stake in the banking and savings-and-loan fields. And this means more than just seeing additional use of its writing instruments in financial institutions.Skip to next paragraph
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The Janesville, Wis., company, through its subsidiary, First Deposit Corporation of San Francisco, is seeking to acquire 100 percent of the voting stock of the Redding (Calif.) Savings & Loan Association. The four-year-old, one-office S&L has about $8 million in assets.
This move follows First Deposit's purchase last fall of a majority interest in Citizens National Bank, Tilton, N.H. The bank has about $5 million in assets.
Parker Pen, which has indicated it plans a major move into the financial services industry, acquired First Deposit last April, about a month after it was established. The pen company turned First Deposit into a research-and-development unit, focusing on consumer financial services.
Albert Kahr, president of First Deposit, is a former consultant with Stanford Research Institute, Menlo Park, Calif. He is widely credited with designing the cash-management account introduced four years ago by Merrill Lynch, Pierce, Fenner & Smith Inc., the brokerage firm. The cash-management account allows stock brokerage customers to make withdrawals and deposits, much like bank or savings-and-loan accounts.