NationsBank and BankAmerica Merger Creates First Coast-to-Coast Bank

NationsBank and BankAmerica shareholders overwhelmingly approved a merger on Thursday, creating the country's first coast-to-coast bank. The deal, valued at $37.3 billion, will bring together two of the country's largest banks, combining the assets of NationsBank and BankAmerica to form a new entity. The merger will make the new bank the largest in the United States and third-largest in the world.

Key Takeaways:

• The merger resulted in a 72.7% approval rate among NationsBank shareholders and a 75% approval rate among BankAmerica shareholders.
• The combined entity will have assets valued at $37.3 billion and will be based in Charlotte, North Carolina.
• The merger brings together two of the country's largest banks, creating a coast-to-coast bank with operations spanning the country.
• The new bank will be headed by NationsBank CEO Hugh McColl and will have a significant presence on the West Coast, with access to California's 35 million residents and the Pacific Northwest.
• The merger received final regulatory approval from the Federal Reserve last month, paving the way for the creation of the new bank.
• The combined entity will surpass Chase Manhattan Corp. to become the nation's largest commercial bank.
• Hugh McColl cited the addition of California and the Pacific Northwest as the most attractive part of the merger.

Statistics:

• 72.7% of NationsBank shareholders voted in favor of the merger.
• 75% of BankAmerica shareholders voted in favor of the merger.
• The merger deal is valued at $37.3 billion.
• The new bank will have assets valued at $37.3 billion.
• California has a population of 35 million residents.
• The Federal Reserve provided final regulatory approval for the merger last month.
• The new bank will be headquartered in Charlotte, North Carolina.