KEY TO ROSTER--The corporate name of each company is followed by its founding or incorporation date in parentheses. Sales figures have been confined as closely as possible to operating revenues. They include equity in earnings of joint venture corporations as reported, but exclude nonoperating revenue such as dividends and gains from the sale of real estate. Income figures are given before extraordinary items. Related income-per-share figures are fully diluted when available and are based on average shares outstanding during the year, or the number of shares outstanding at year-end, depending on the company's accounting method. Sales and income figures are given for the year-end 1986 or fiscal year ended on or before February 28, 1987 followed in parentheses by sales and income figures, respectively, for the prior reporting period. Where preliminary figures have been made available, they have been so noted. Dividend figures (when paid) are reported for common stock shares. Asset figures are given as of the final day of the year covered by sales and income figures. The term "1986 Rank" indicates the rank of the company in the 1986 Los Angeles Times Roster. The 1986 Roster was published June 8, 1986 and used figures for years ended most recently prior to March 31, 1986. The abbreviation NYSE, ASE, PSE and OTC indicate listing/trading on the New York, American and Pacific stock exchanges or trading on the over-the-counter market. The various categories of companies have been ranked on the following basis: industrial firms by sales/revenues; merchandising firms by sales; transportation firms and utilities by revenues; and financial institutions and insurance firms by assets.
The top California-headquartered financial institutions ranked by assets for year-end 1986 or fiscal year ended on or before February 28, 1987
1 Bank of America National Trust & Savings Assn. (1904) Ranks second nationally in deposits. Engages in general commercial banking. Operates 895 branches, 156 convenience banking centers, and 12 real estate loan centers in California. Also operates a network of 52 branches, 9 corporate offices and 15 representative offices internationally. Assets: $91.61 billion year-end 1986 ($106.17 billion in 1985). Deposits: $76.00 billion ($88.08 billion). Net income: loss of $442.0 million (loss of $431.0 million). Employees: total 59,090; California 46,690. Headquarters: 555 California St., San Francisco 94104. Chairman and chief executive: A.W. Clausen. 1986 rank: 1.
2 Security Pacific National Bank (1871) Ranks seventh nationally in deposits. Operates 595 retail banking offices and 40 business banking centers in California. Also operates loan production offices in major U.S. cities; an Edge Act subsidiary with branch offices in major U.S. cities; offshore banking units in key international markets. Owned by Security Pacific Corp. (see holding companies). Assets: $47.50 billion year-end 1986 ($44.81 billion in 1985). Deposits: $34.57 billion ($32.88 billion). Net income: see holding company. Employees: Included in holding company numbers. Headquarters: 333 S. Hope St., Los Angeles 90071. Chairman: Richard J. Flamson III. President and chief executive: George F. Moody. 1986 rank: 2. NYSE, PSE as Security Pacific Corp.
3 Wells Fargo Bank National Assn. (1852) Ranks 9th nationally in deposits. Operates 513 statewide branches, four overseas and one subsidiary--Wells Fargo International Ltd. Owned by Wells Fargo & Co. (see holding companies). Assets: $39.24 billion year-end 1986 ($23.52 billion in 1985). Deposits: $33.29 billion ($19.76 billion). Net income: see holding company. Employees: total 20,300; California not available. Headquarters: 464 California St., San Francisco 94163. Chairman and chief executive: Carl E. Reichardt. President: Paul Hazen. 1986 rank: 3. NYSE, PSE as Wells Fargo & Co.
4 First Interstate Bank of California (1868) Ranks 12th nationally in deposits. Operates 320 branches in California. Also operates an Edge Act subsidiary in New York with branch offices in Chicago and Miami and conducts business abroad in 21 locations through branches, representative offices and subsidiaries. Wholly owned by First Interstate Bancorp (see holding companies). Assets: $22.47 billion year-end 1986 ($20.61 billion in 1985). Deposits: $18.12 billion ($16.50 billion). Net income: $174.0 million or $23.87 a share ($137.9 million or $18.91). Employees: total 12,410; California 11,960. Headquarters: 707 Wilshire Blvd., Los Angeles 90017. Chairman, president and chief executive: William E. B. Siart. 1986 rank: 4. NYSE, PSE as First Interstate Bancorp