Frank Belgrano,
Coast Banker, 64
Chairman and President of
Transamarica Is Dead ---
Ex-Giannini Associate
Frank N. Belgrano Jr., chairman and president of the Transamerica Corporation, died yesterday, apparently of a heart attack,
in his suite at the Park Lane Hotel. His age was 64.
Mr. Belgrano, who lived in San Francisco, had been visiting here since Nov. 2. His wife was with him.
The Transamerica Corporation is a West Coast holding company with large insurance and real estate interests.
It was founded by the late A. P. Giannini, the Italian immigrant peddler who also founded the Bank of America chain in California.
Mr. Belgrano was associated with Mr. Giannini for many years. In 1953, after the latter's death, Mr. Belgrano
succeeded him as head of Transamerica. A year later, however, he broke with the Giannini interests.
In 1954 Mr. Belgrano refused to turn over to the Bank of America twenty-two California banks then owned by
Transamerica and long considered potential links in the Bank of America chain. Instead he used them to set up a new First Western
Bank chain as part of his Transamerica empire, which was then said to be the largest bank holding company in the United States.
Set up New Company
Mr. Belgrano was forced to divest the Transamerica Corporation of its baning interests by the Bank Holding Company
Act of 1956. In effect this prohibited a bank holding company from owning non-bank interests.
Mr. Belgrano then set up a new bank holding company, called the Firstamerica Corporation, to which he transferred
Transamerica's bank holdings. Transamerica stockholders received Firstamerica stock. Thereafter Transamerica concentrated on its
non -bank holdings.
In 1934-35 Mr. Belgrano served as national commander of the American Legion. He took a strong position against
communism and fascism and for preparedness.
He served as financial adviser to the United States High Commission in the Philippines in 1945. In 1953 he returned
to the Philippines as head of a survey mission of the Mutual Security Administration.
Mr. Belgrano was born in San francisco on May 18, 1895, the son of a banker. He was educated in California schools
incuding Oakland High School.
Worked in Father's Bank
After World War I Mr. Belgrano went to work for his father's bank, which was later merged with a Giannini bank. Mr. Belgrano
served as a vice president of the merged bank, known as the United Bank and Trust Company, until 1940.
He was president of the Pacific National Fire Insurance Company from 1940 to 1943 and president of the Central Bank of
Oakland, Calif., from 1943 to 1947. During the latter period he was also vice president of the Occidental Life Insurance Company of California.
In 1947 Mr. Belgrano went to Portland, Ore., to become president of the First National Bank there. He returned to San Francisco
in 1953 to head Transamerica.
Besides his widow, the former Margaret Evelyn Biddle, whom he married in 1922, Mr. Belgrano is survived by three sisters,
Mrs. W. Albin Latos of Santa Ana, Calif.; Mrs. Richard De Mille of Los Angeles, daughter-in-law of the late Cecil B. De Mille, film producer-director;
and Mrs. Aime Michaud of San Francisco.
