The staff of Rep. Fernand St. Germain has compiled a list of 42 examples of interlocking boards of directors between banks and insurance companies. In some instances, a bank and an insurance company have several directors on each other's boards, according to the staff. Among the examples of interlocks:
Prudential Insurance Co., the country's biggest with assets of $39 billion, is interlocked with eight different banking institutions, including three of the ten largest banks.
Metropolitan Life Insurance Co., No. 2 with $35 billion of assets, is interlocked with 9 different banks, including 5 of the country's biggest - Citibank, Chase Manhattan, Morgan Guaranty Trust, Chemical Bank, First National of Chicago.
Equitable Life Assurance Society, the nation's third largest Insurance company with assets of $19 billion is interlocked with Citibank, Chase Manhattan, Chemical and Continental Illinois Bank, among others.
John Hancock Life Insurance Co. has five officers and directors on the board of First National Bank of Boston.
Aetna Life Insurance Co., No. 6 with assets of $10 billion, is interlocked with four banking institutions, including Citibank.
Connecticut General Life Insurance Corp. in Hartford, the country's eighth largest with $7 billion in assets, has three directors on the board of Connecticut Bank and Trust Co., a $1.4 billion Hartford institution.
Life Insurance Co. of Virginia, the nation's 47th largest insurance company, is interlocked with three large state banks - two director interlocks with United Virginia Bank, two with Central National Bank of Virginia, and one with Bank of Virginia Co.