Banking: The Parsons Group

Michigan law puts tight controls around the expansion of banks. There is an absolute ban on the bank holding companies that are familiar throughout the rest of the country; no bank can open a branch farther than 25 miles from its home office, or in a town where another bank is already established. The rules are so strict that the recent acquisitions made by a crew of young businessmen known as "the Parsons Group" seem a blatant invitation to the bank examiners. In the past three years, Donald H. Parsons, 37, and his 15...

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