The State Banking Board has approved the organization of the UBAF Arab-American Bank owned jointly by multi-national Arab interests and four American companies. The bank’s board of directors will comprise 11 Arabs and 11 Americans. The State Banking Department required the bank’s incorporators to sign a pledge that the bank will operate in a completely nondiscriminatory manner. The four U.S. companies, each with a 5% equity in the new bank are: Bankers Trust, N.Y., First Chicago Corp, Security Pacific Corp, and Texas Commerce Bankshares.
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The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
