Banking industry
Duff & Phelps Credit Rating Co. (DCR) has taken a significant step in assessing the creditworthiness of Indonesian bank and structured transactions by downgrading their ratings. The deteriorating creditworthiness of the government of Indonesia, fueled by the country's increasingly unstable political situation, has put the viability of the
Banking industry
Southside Bancshares, a bank holding company based in Tyler, Texas, has announced an underwritten public offering of 2 million trust preferred securities, with an option to purchase up to 300,000 additional shares to cover over-allotments. The proceeds from the offering will be used to purchase junior subordinated debentures issued
Banking industry
TSYS, a leading credit, debit, commercial, and private-label card processing company, has announced a significant contract with First Hawaiian Bank, one of the largest banks in Hawaii, to provide commercial, debit, and cardholder processing services. The multi-year contract marks a significant milestone for TSYS, further solidifying its position as a
Banking industry
The political infighting over the European Central Bank (ECB) has dented the credibility of the single currency project, leading to increased uncertainty about the future of the euro and the "safe-haven status" of the pound and the dollar. Analysts believe that a stronger pound, which has already risen
Banking industry
First Tennessee Bank, a nationwide diversified financial services institution, has announced the launch of FTB Online, a Java-enabled suite of Internet banking, financial analysis, and planning applications. This innovative platform allows customers to interact with and manage their financial information, including tracking account activity, viewing account balances, paying bills, and
Banking industry
Birmingham Midshires Building Society is at a crossroads, awaiting a decision from Royal Bank of Scotland (RBS) regarding its agreement to be acquired by the bank. Despite the deal being signed last August, the Midshires has been unable to proceed with the acquisition due to RBS's unwillingness to
Banking industry
The Royal Bank of Scotland has exercised its right to purchase 49% of its RBS Advanta credit card joint venture from Fleet Financial Group, a move that will solidify its majority stake in the business. The transaction, expected to complete in the near future, is a result of the recent
Banking industry
Bank of New York Co. has made a major move in the banking industry by offering to acquire Mellon Bank Corp. for $23.6 billion in stock, marking the largest unsolicited bank takeover bid in history. The proposal, valued at $90 a share, represents a 28.8% premium over Mellon&
Banking industry
Canadian bank shares suffered their steepest two-day decline since January 12 as merger rumors surrounding the banking industry cooled off. The Toronto Stock Exchange 300 composite index fell 10.39 points to 7,754.36, with Canadian Imperial Bank of Commerce, Toronto-Dominion Bank, and Bank of Nova Scotia cutting 35
Banking industry
The latest wave of bank mergers has many citizens' advocates and lawmakers questioning the implications for consumers, particularly those with low and moderate incomes. Concerned advocates predict that larger banks will charge higher fees and reduce services, resulting in fewer choices and more monopoly consolidation of power. Some economists,
Banking industry
The planned merger between NationsBank Corp. and BankAmerica Corp. will create the largest U.S. bank, with assets totaling $570 billion, spanning 22 states, and operating in 38 other countries. Under the terms of the agreement, BankAmerica investors will receive 1.1316 shares for each share they hold, while NationsBank
Banking industry
Household International and Beneficial Corporation, two leading consumer finance companies, announced a definitive merger agreement on April 7, 1998, creating one of the country's leading consumer finance and credit card companies. The merger, worth over $8.6 billion, will combine the strengths of both companies, resulting in a
