NationsBank Corporation Confident in Merger with BankAmerica Amidst Announcements

Strategic Insights -

NationsBank Corporation and BankAmerica Corporation are moving forward with their planned merger, despite a recent announcement by BankAmerica that may have raised questions about the deal's status. The merger is set to be considered by shareholders of both companies at meetings on September 24, with a closing date of September 30. NationsBank's CEO, Hugh L. McColl Jr., expressed confidence in the deal's success, citing the strategic imperatives and potential benefits of combining the two companies.

Key Takeaways:

  • The merger between NationsBank Corporation and BankAmerica Corporation remains on track, with shareholder meetings scheduled for September 24 and a closing date set for September 30.
  • Hugh L. McColl Jr., CEO of NationsBank, stated that the strategic imperatives for the transaction are as strong as they were when the deal was first announced.
  • The new company will have a wider presence in the US market, with leadership positions in several of the nation's fastest-growing markets.
  • NationsBank Corporation has $308 billion in assets, making it the third-largest US bank with full-service operations in 16 states and the District of Columbia.
  • The company provides financial products and services to 18 million households and 1 million businesses, as well as institutional investors and government agencies across the US and globally.

Statistics:

  • $308 billion: The total assets of NationsBank Corporation, making it the third-largest US bank with full-service operations.
  • 16 states and the District of Columbia: The regions where NationsBank has full-service operations.
  • 18 million households: The number of households that NationsBank provides financial products and services to.
  • 1 million businesses: The number of businesses that NationsBank provides financial products and services to.
  • 9/30: The closing date of the merger, pending shareholder approval.
  • 9/24: The date of the shareholder meetings where the merger will be considered.

Sources:

  • NationsBank Corporation
  • PR Newswire (Sept. 15, 1998)
  • BankAmerica Corporation
  • New York Stock Exchange (NYSE)
  • SOURCE NationsBank Corporation

/CONTACT: Investors: Susan Carr, 704-386-8059 or Kevin Stitt, 704-386-5667, or Media: Bob Stickler, 704-386-8465, all of NationsBank Corporation