Commercial banks
Fred Meyer Inc. has secured commitments for a $4.25 billion credit facility from top investment banks, led by BT Alex. Brown, Chase Manhattan, NationsBank, and Salomon Smith Barney. The facility will provide Fred Meyer with a $2 billion revolver, a $1.75 billion A-term loan, and a $500 million
Commercial banks
National Australia Bank Limited has formally completed its acquisition of HomeSide, Inc., a leading residential mortgage producer and servicer based in Florida. The acquisition, which involved the purchase of HomeSide shares for $27.825 per share or a total of $1.227 billion, marks a significant expansion for the National
Commercial banks
A devastating series of tornadoes ripped through Central Florida on Monday morning, leaving a trail of destruction in its wake. The storm damaged properties in Seminole, Osceola, Volusia, and Orange counties, affecting thousands of residents. In response to the disaster, First Union Corporation, a subsidiary of First Union Corp. (NYSE:
Commercial banks
Pacific Century Financial Corp., a regional financial services holding company, has unveiled a comprehensive two-year reorganization and restructuring program aimed at improving efficiency and reducing costs. The plan involves the merger of First Federal Savings & Loan with Bank of Hawaii, the closure of approximately 25 branches in the state,
Commercial banks
First Commercial Corporation, a $6.9 billion bank holding company, has declared a quarterly cash dividend of 28 cents per share for shareholders of record as of March 17, 1998. The payment will be made on April 1, 1998. Additionally, the company has authorized the repurchase of up to 1.
Commercial banks
F&M Bancorporation, a multi-bank holding company in Kaukauna, Wisconsin, has completed its acquisition of the Bank of South Wayne, a move that will enable the company to better serve the financial needs of communities in southwestern Wisconsin. With the addition of the Bank of South Wayne, F&
Commercial banks
Regions Financial Corporation and First Commercial Corporation have jointly announced that they have signed a definitive agreement for the merger of First Commercial into Regions. The combined entity will become the nation's 26th largest banking company, with assets of $32.8 billion and 667 banking locations in nine
Commercial banks
NationsBank Corp. has cemented its position as the nation's largest bank by market value, surpassing Citicorp and BankAmerica Corp. with a market value of $58.3 billion. This milestone is a result of the bank's aggressive acquisition strategy, which has seen it purchase Barnett Banks Inc.
Commercial banks
McClatchy Newspapers Inc., a leading American media company, has successfully arranged a massive $1.435 billion credit facility to support its acquisition of Cowles Media Inc. The deal was orchestrated by Salomon Smith Barney and Bank of America, with a team of managing agents and co-agents from prominent banks worldwide.
Commercial banks
First Liberty Financial Corp. (Nasdaq: FLFC) has reported a significant increase in earnings for the first quarter of fiscal 1998, with core income rising 11% to $3.6 million compared to $3.3 million a year earlier. This growth is attributed to various factors, including a 10% increase in core
Commercial banks
Zions Bancorporation, a leading banking institution, reported a significant milestone in its financial performance, with a record net income of $122.4 million for the year 1997. This achievement marks a notable increase of 18.0% over the restated $110.2 million earned in 1996. The company's operating
Commercial banks
U.S. stocks plunged for the third consecutive day as investors became increasingly cautious about the potential impact of slowing Asian economies on profit growth in 1998. The decline was led by major banks, including Citicorp, J.P. Morgan & Co., and others. Analysts pointed to the heightened risk of
