Commercial banks
Peoples Bancorp Inc. announced the successful completion of its acquisition of Russell Federal Savings Bank, a federal savings bank subsidiary, for approximately $9.25 million in cash. The acquisition was effective January 1, 1997, and marks a significant milestone for Peoples Bancorp, a Marietta, Ohio-based financial institution with total assets
Financial services
FirstFederal Financial Services Corp and Summit Bancorp jointly announced the signing of a definitive agreement for the acquisition of the stock of Summit Bancorp by FirstFederal on December 31, 1996. Under the terms of the agreement, FirstFederal will exchange 1.87 shares of its common stock for each of the
Commercial banks
Hemet Federal Savings and Loan Association, a 76-year-old community banking institution with over $1 billion in assets and 19 branches across North San Diego County and the Coachella Valley area in Riverside County, has appointed Mark R. Andino as senior vice president and CFO. Andino brings extensive experience in the
Financial services
Crestar Financial Corporation has completed its acquisition of Citizens Bancorp, a holding company for Citizens Bank based in Laurel, Maryland. The merger, which was announced in September and approved by shareholders of both companies on December 30, 1996, will see Citizens shareholders receive 0.835 shares of Crestar Financial Corporation
Commercial banks
Security Bank Holding Co. has made a strategic investment of up to $2.0 million in Lincoln Security Bank, a new bank being formed in Newport, Oregon. This move is part of the company's growth strategy to expand into new geographic areas while maintaining a focus on local
Commercial banks
Hibernia has expanded its coverage of northeast Louisiana to five parishes from three after its merger with FNB Bancshares, Inc., parent of First National Bank of Lake Providence, became effective on January 1, 1996. The merger had been approved by regulators and FNB shareholders. With this expansion, Hibernia's
Commercial banks
Haven Bancorp, the holding company for Columbia Federal Savings Bank, has received regulatory approval to launch its third share repurchase program. The program authorizes the repurchase of up to 225,537 shares of common stock, which is approximately five percent of the company's outstanding shares of 4,510,
Commercial banks
Sierra Tahoe Bancorp, a bank holding company operating in Northern California and Nevada, has announced the adoption of a Shareholder Protection Rights Plan to shield its stockholders from potential takeover attempts by hostile entities. The plan aims to protect the company's interests and value by diluting the influence
Bank holding companies
First Interstate Bank, a leader in online banking services, has upgraded its Internet web site, offering customers a secured environment to request banking services, access information on various bank products, and download customer demos. With this move, First Interstate becomes one of the pioneers in the rapidly growing Internet community,
Bank holding companies
J.P. Morgan & Co. Incorporated announced a significant increase in its regular quarterly dividend to $0.81 per share, marking an 8 percent rise from the previous $0.75 per share. The company also approved the purchase of up to 7 million shares of its common stock to mitigate
Bank holding companies
Travelers Group, the nation's largest diversified financial services company, has announced a major partnership with J.P. Morgan & Co. for a new holding company formed from the combined property and casualty insurance operations of Travelers Insurance and Aetna Life & Casualty. J.P. Morgan has committed $200
Commercial banks
Star Bank, N.A. has made a significant move in the Dayton, Ohio market by announcing the opening of five new full-service branch locations within four Cub Foods stores and one Lofino's supermarket. This collaborative effort aims to provide customers with a seamless shopping and banking experience. Mike
