Commercial banks
Birmingham-based AmSouth Bancorporation has agreed to sell its $6 billion third-party mortgage servicing portfolio to GE Capital Mortgage Services, Inc. The portfolio comprises approximately 120,000 mortgage loans and is expected to generate a pre-tax gain of $20 million to $25 million for AmSouth in the second quarter. This sale
Commercial banks
Norwest Bank Minnesota and The Ryland Group, Inc. have announced a definitive agreement for Norwest to acquire the mortgage securities administration business of Ryland's mortgage company subsidiary. The purchase price is $47 million in cash, subject to certain adjustments. This transaction is expected to close in the second
Commercial banks
Colonial BancGroup Chairman Robert E. Lowder and Farmers and Merchants Bank of Ariton, Alabama Chairman D.K. Wilson announced a merger between the two institutions. The deal, pending shareholder and regulatory approval, will see Colonial BancGroup acquire Farmers and Merchants for $10 million in cash and common stock. This move
Commercial banks
NaBANCO and NationsBank have entered into an exclusive partnership to create Unified Merchant Services, a venture that will provide merchant credit card authorization, processing, and settlement services to regional and local merchants throughout the NationsBank service area of the Southeast and Southwest. The partnership combines the resources of NaBANCO, the
Commercial banks
Citicorp's senior debt rating has been increased to "A+" from "A" by Fitch, a leading credit rating agency. This change, along with the removal of Citicorp from FitchAlert, suggests a reduced risk profile for the corporation. The revised ratings reflect improved capital ratios, global
Commercial banks
CU Bancorp, the holding company of California United Bank, has signed a definitive agreement to acquire Santa Ana-based Corporate Bank in a stock transaction. The purchase price at closing is expected to be approximately equal to the book value of Corporate Bank. The acquisition is subject to shareholder approval and
Commercial banks
Norwich Financial Corp., a leading financial institution, has received regulatory approvals to acquire The Bank of Mystic Inc. in a $70 million deal. The acquisition, which is expected to close on April 1, 1995, will merge The Bank of Mystic Inc. with and into The Norwich Savings Society, a wholly-owned
Commercial banks
Charles W. Hall, an executive vice president of National City Corporation and National City Bank in Cleveland, died on Sunday at University Hospitals in Cleveland. Hall was 50 years old and had been diagnosed with cancer in the fall of 1994. He led the trust and investment groups of the
Commercial banks
Charter One Financial, Inc. has announced the definitive agreement to purchase two Cleveland-area branch offices from the Resolution Trust Corporation, formerly operated by TransOhio Savings Bank. The acquisition complements Charter One's strong presence in the Greater Cleveland area, where it already operates 44 offices. The properties, one located
Commercial banks
City Holding Company has signed a definitive agreement to acquire First Merchants Bancorp, its subsidiary Merchants National Bank will become a wholly-owned subsidiary of City Holding. The acquisition will bring in assets of $115 million and deposits of $96 million, increasing City Holding's total assets to $896 million
Commercial banks
The Bank of New York has signed a definitive agreement to purchase the Municipal Bond Administration business of Hibernia National Bank, a subsidiary of Hibernia National Corporation. This acquisition adds approximately 350 municipal bond trustee and agency relationships to The Bank of New York's corporate trust business, representing
Commercial banks
ING Group has reached an agreement in principle with the joint administrators of Barings, Nigel Hamilton, Alan Bloom, and Maggie Mills of Ernst & Young, to acquire substantially all the businesses, assets, and liabilities of the Barings Group. This acquisition aims to continue the activities of the Barings Group, with
