Fourth Largest

When, last March, Elisha Walker's Blair & Co. merged with Amadeo Peter Giannini's Bank of America, N. A. (TIME, April 1), the union was generally interpreted as a combination of Giannini resources with Blair & Co. personnel. When, last month (TIME, June 3), Banker Giannini announced that his 60th birthday (1870-1930) would mark his retirement, evident became Elisha Walker's position as Heir Apparent. Thus last week's amalgamation of Bank of America, N. A., with Chatham and Phenix National Bank and Trust Co. might well have been regarded as First Result of Blair & Co. influence in Giannini projects.

Potent was the bank of America-Chatham-Phenix consolidation. It created Fourth Largest Manhattan Bank (after National City, Guaranty Trust, Chase-National Park). Combined capital of the two banks is $38,500,000; combined surplus and undivided profits are $53,082,662 ; combined total resources $726,399,324.

History of the two companies goes back to 1812, when both Bank of America and Phenix National were founded. During its entire 117 years of business life, Bank of America has not budged from its Wall-and-William-Streets site, though its present building was erected in 1926. Amadeo Peter Giannini acquired control (from Ralph Jonas and Associates in Financial & Industrial Securities Corp.) in 1928, added to it two smaller Giannini banks and the N. A. (National Association) portion of its name. The Phenix Bank merged with Chatham National (founded 1850) in 1911, added other banks in 1915 and 1925.

The merged Bank of America and Chatham-Phenix institution will be presided over by President Louis G. Kaufman of Chatham-Phenix. Amadeo Peter Giannini will probably become Board Chairman. Elisha Walker will head the investment affiliate. It is expected that two Brooklyn banks--Traders' National and Nassau National will soon join the Bank of America family. Because news of the merger leaked out prematurely, and because merged banks are hard to christen, no name for the new institution had been chosen last week.