Banking: Young Bill's Battle

• Share

(2 of 2)

Rejecting First National's offer, White delivered what Adams termed "an ultimatum." According to Adams, White called on the bank either to accede to his full demands for board representation, buy out the family's holding or face a takeover attempt. White denies that he is trying to gain control of the bank. Instead, he says, the Whites seek representation on the board "to assure continuity of our family interests and to advocate more enlightened and progressive policies."

Whatever his ultimate objective, White last week brought the battle to a head by making a tender offer, under the name of Thatcher Banking Partners, for 50,000 shares of First National stock at $120 a share. To put its proposed holding company into operation, the bank needs approval of two-thirds of its stockholders. Coming on top of the stock it already holds, the White family's bid, if successful, would give it a 34% interest, just enough to block implementation of the holding company.

Deep-Seated Love. First National labeled the $120-a-share bid too low, as evidence claimed that White himself had asked at least $140 in offering to sell out his family's holding. Urging shareholders to reject the tender, the bank has declared a dividend increase of 43%, from $2.80 to $4. With his tender offer due to expire August 27, Bill White was insisting meanwhile that his motivation went beyond mere youthful ambition. Said he: "This all comes back to a deepseated, three-generation love of Colorado."