The Tax Reform Act of 1969, which called for a reduction of concentrated holdings by foundations, resulted in several stock offerings by H.F. Ahmanson, but the company's financial base was so solid that the sales had minimal effect. A $101 million stock offering in 1972 was a record for the time, yet it only represented 6.4% of the firm's $4.4 billion in assets. After the Bank Holding Company Act of 1970, H.F. Ahmanson was forced to sell the Ahmanson Bank, which it did in 1976 to private Philippine investors. However, Ahmanson was able to retain its trust operations as a subsidiary, Ahmanson Trust Company.