Banking industry
Schenectady Federal Savings Bank, a subsidiary of SFS Bancorp, experienced a decrease in net income for the third quarter ended September 30, 1998, despite an increase in net interest income. The company reported a net income of $252,000 or $0.22 diluted earnings per share, a decrease from $296,
Banking industry
Republic Security Financial Corporation, the parent company of Republic Security Bank, has completed the acquisition of First Palm Beach Bancorp, a parent company of a $1.8 billion thrift, First Bank of Florida. The consolidation, approved by shareholders on October 27, 1998, has solidified Republic's position in Southeast
Banking industry
Sovereign Bancorp, Inc. has signed a definitive agreement to acquire Peoples Bancorp, Inc., significantly enhancing its capital ratios and positioning the company for future growth. The acquisition is expected to materially improve Sovereign's capital ratios, with the tangible capital ratio expected to rise above 5.25 percent and
Banking industry
Washington Mutual, a financial services company with a history dating back to 1889, has selected Affiliated Computer Services (ACS) for a three-year outsourcing contract for its Loan Servicing Division. Under the contract, ACS will digitize Washington Mutual's loan documents, providing immediate access to the information at three division
Banking industry
Henry Tileston, an experienced leasing professional, has been promoted to Vice President/National Sales Manager of Eldorado Bank's Leasing Division, as announced by President and CEO Robert P. Keller. Tileston earned a national reputation in the field through his work with Ford Motor Credit Company and Continental Illinois
Banking industry
Mason-Dixon Bancshares, Inc., the parent company of Carroll County Bank and Trust Company, Bank of Maryland, and Rose Shanis Financial Services, LLC, has announced its agreement to acquire Baltimore-based Sterling Bancorp in a cash transaction worth $10.294 million. This acquisition marks a significant step towards Mason-Dixon's plan
Banking industry
Crestar Financial Corporation, a Richmond, Virginia-based banking holding company, announced record net income of $88.9 million for the third quarter of 1998, a 12% increase from the same quarter in 1997. This marked the company's highest quarterly earnings to date, driven by strong net interest income and
Banking industry
Alabama National BanCorporation (Nasdaq/NM: ALAB) has completed its merger with Community Financial Corporation, parent company of Georgia State Bank of Mableton, Georgia. The merger marks a strategic move for Alabama National, adding to its existing nine bank subsidiaries across Alabama, Florida, and Georgia. The combined entity, Alabama National BanCorporation,
Banking industry
The Pacific Exchange has announced the trading of adjusted series options for First Chicago NBD Corporation, including LEAPS, as part of the merger between First Chicago NBD Corporation and Banc One Corporation. The trading is set to begin on October 6, 1998, with the January four-month expiration cycle. The position
Banking industry
The new bank created by the merger of NationsBank and BankAmerica Corp. will be known as Bank of America in most places, with Florida being the last state to adopt the name change, expected to take several years to complete. The Barnett Bank branches purchased by NationsBank will be renamed
Banking industry
Greensboro is abuzz with business activity as local companies make headlines with mergers, acquisitions, and closures. The city's thriving market is attracting national players, while local businesses are adapting to changing market trends. The recent deals announced include the acquisition of Jack Pickard Imports by Crown Automotive, the
Banking industry
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
