First Interstate Takeover Attempt

The hostile attempt of Wells Fargo & Co. to acquire Los Angeles-based First Interstate Bancorp (Oct. 19) must be vigorously opposed by all cultural, business, union and political leaders who care about the social and economic future of Southern California. As the only major commercial bank headquartered in Southern California, First Interstate Bank has been noted for its sensitive and supportive contributions to the well-being of our community, not just its bottom-line financial results.

The primary motivation underlying this takeover attempt is to provide additional profits for Wells Fargo shareholders through major cost reductions that would be obtained by eliminating First Interstate’s headquarters in Los Angeles plus many branches, support facilities and related people and real estate. Furthermore, as the cultural and community organizations in Los Angeles noted with the disappearance of Getty Oil into Texaco and Security Pacific into Bank of America, support for their vital activities will also be drastically reduced if Wells Fargo prevails, despite likely assurances to the contrary.

Los Angeles has suffered too long from the relative indifference of major businesses that make important portions of their sales and profits in Southern California. Now is the time for a broad coalition of community leaders of all political orientations, roles and backgrounds to work together against this further erosion of our community.

ROBERT S. ATTIYEH, President

Los Angeles Philharmonic Assn.

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* The Times should wake up and start caring about Los Angeles with verve and passion. “When Giants Move, the Region Shakes” (editorial, Oct. 24) carries no overtone of deep concern that thousands of people in Los Angeles and throughout California and the West will be out of jobs. Millions of dollars will stop flowing to our businesses and charities. Our inner city and the struggling businesses in South Central will lose a growing source of financial help, a source that has stepped up to the line to fill a vacuum left by the closing of Security Pacific. Los Angeles will become a third-class banking city and another great Los Angeles business, First Interstate Bank, will die. You should not pass the buck to the U.S. bank regulators to be “the final arbitrator.”

As a First Interstate employee, I have great self-interest. Our company and its people have worked hard and sacrificed these last few years to create one banking company to serve our customers better and increase solid shareholder value. Wells Fargo is coming in to rob us of the result and gain the reward. It is wrong! To characterize my feelings as “jitters” is a major understatement.

NEIL B. MARTIN

Los Angeles