Commercial banks
BankAmerica Corp.'s announcement of $220 million in trading losses this quarter, primarily incurred in Russia, marks the first direct measure of the financial crisis's impact on big U.S. banks with significant overseas interests. The losses significantly reduced BankAmerica's total Russian exposure, from $412
Commercial banks
The rapid decline of bank stocks on Thursday can be attributed to a $110 million charge taken by Republic New York for losses in Russian government bonds. The majority of banks have minimal exposure to Russia, but NationsBank, set to merge with BankAmerica, has a notable exception, with $412 million
Commercial banks
The proposed merger between BankAmerica Corp. and NationsBank Corp. has cleared the final regulatory hurdle, allowing the two banks to join forces and become the largest U.S. banking operation. The deal, which was announced on April 13, involves the sale of 17 branches in New Mexico with $492 million
Commercial banks
The recent jumbo $12 billion credit facility arranged by Lead arranger and administrative agent NationsBank for Worldcom Inc. has attracted a significant number of lenders, bringing together a syndicate group of 82 participants, including both existing lenders and new ones. The facility features a combination of a 364-day revolving credit,
Commercial banks
The proposed merger between BankAmerica Corp. and NationsBank Corp. has taken a significant step forward, as the US Justice Department has approved the $56.6 billion deal. The merger, expected to be completed after September 23, will create the nation's largest bank, with BankAmerica's San Francisco
Commercial banks
Shares of Charlotte-based Interstate/Johnson Lane Inc. jumped significantly on speculation that the brokerage will be bought, with Interstate/Johnson Lane shares climbing to $38.75, a 7.5 percent increase from the previous day. Amidst the takeover rumors, possible buyers were identified as two North Carolina banks, Centura Banks
Commercial banks
NationsBank, a major financial institution, and McCormack Baron & Associates, a renowned developer, are teaming up to buy and revitalize the historic Cupples Station, a 10-building complex in downtown St. Louis. The joint effort, which marks a first in the nation for a bank's active involvement in a
Commercial banks
NationsBank has selected the Diffusion Server as the "event notification" mechanism for its NationsBank Direct(SM) transaction and information network. This will enable customers to receive real-time proactive notification when critical incoming payments are received, important outgoing payments are made, and key account balances are updated. The Diffusion
Commercial banks
CheckFree, a leading provider of electronic commerce services, has entered into a two-year agreement with NationsBank, the fifth largest originator of ACH transactions, to provide expanded ACH system support. Under this agreement, CheckFree will maintain on-site specialists at NationsBank's ACH processing centers and provide ongoing system support, including
Commercial banks
NationsBank, one of the nation's largest financial services companies, has chosen Arel Communications & Software, Ltd. to provide state-of-the-art interactive communications systems for its distance learning network. The network will initially link 50 key NationsBank training centers throughout the U.S., with Arel's IDEAL system offering
Commercial banks
The latest deal in the banking industry has left the future of two major banks, Wachovia Corp. and BB&T Corp., uncertain as the trend of buyouts and mergers continues to shape the landscape. Analyst Michael Ancell of Edward Jones warned that banks that delay in expanding may find
Commercial banks
The Nasdaq composite continued its relentless march to new heights, closing at a record 2,104.25 and marking its ninth consecutive session at the top. However, the Dow Jones industrial average and other broad-market indexes retreated from record terrain, with the Dow falling 42.22 to 9,295.75.
