Commercial banks
Mid Am, Inc. (Nasdaq: MIAM, MIAMP) has completed its acquisition of Adrian State Bank, a $128 million state-chartered bank headquartered in Adrian, Michigan. This transaction represents Mid Am's initial entry into the state of Michigan and marks the company's attainment of $2 billion in total assets.
Commercial banks
Cardinal Bancshares, a $560-million bank holding company, has restructured its planned consolidation of two of its financial institution subsidiaries, First Federal and Mutual Federal Savings Bank. As part of the consolidation, four of the five First Federal offices and associated deposits and assets will be transferred to Mutual Federal. This
Commercial banks
Fiserv, Inc., a leading provider of financial data processing systems, has announced a significant strategic alliance with The Chase Manhattan Bank, N.A. to manage the bank's New York-based check processing and check imaging operations. The agreement, set to go into effect on March 1, 1995, is expected
Commercial banks
Duff & Phelps Credit Rating Co. has assigned an initial rating of 'AA' (Double-A) to Norwest Corporation's $125 million senior note issue, reflecting the company's demonstrated ability to consistently deliver financial performance that exceeds industry norms. The rating reflects Norwest's financial strength,
Banking industry
Virtual Vineyards, an Internet-based wine retailer, has begun accepting credit card payments from customers over the Internet, courtesy of Wells Fargo Bank. As of February 1995, Wells Fargo has become the first U.S. bank to securely process credit card payments for an Internet merchant. This breakthrough allows customers to
Banking industry
Star Bank, N.A., a leading regional bank, has been chosen as the custodian and provider of various banking services for the Lindner Family of Mutual Funds, a prominent mutual fund company headquartered in St. Louis, Missouri. This partnership marks a significant milestone for Star Bank, with the Lindner Family
Commercial banks
NationsBank Chairman Hugh McColl spoke out against ideological attacks on affirmative action, calling for a partnership between the private sector and government to achieve meaningful progress in minority advancement. McColl criticized federal agency initiatives that focus on process over results, arguing that they are counter-productive to addressing deep-seated inequities. He
Commercial banks
BankAmerica Corporation, one of the largest financial institutions in the US, has announced a significant increase in its quarterly dividend and the authorization of a substantial stock repurchase program. The corporation's Board of Directors has decided to elevate the quarterly dividend on its common stock to $0.46
Commercial banks
Bank United has announced its intention to acquire the deposits and loans of Bayshore National Bank's Kingwood branch, a move that will transfer $5.5 million in accounts to Bank United's Kingwood branch. The acquisition will take effect on February 11, 1995, and will enable Bank
Commercial banks
Boston Chicken Inc.'s Philadelphia-based developer, Mid-Atlantic Restaurant Systems, L.P., has secured a significant $30 million multi-year senior credit facility with agent CoreStates Bank of Philadelphia. This financing will provide the necessary capital to complete Mid-Atlantic's development program, which aims to open a total of 118
Commercial banks
In a significant move, SC Bancorp, the parent company of Southern California Bank, has signed a definitive agreement to acquire the Corporate and Private Banking Division of Independence One Bank of California F.S.B. The acquisition involves the purchase of $85 million in commercial loans and the assumption of
Commercial banks
Community Savings, F.A. (NASDAQ: CMSV), a savings and loan association in Palm Beach, Martin, and St. Lucie counties, reported net income of $1.1 million for the first quarter ended December 31, 1994, a significant increase from $929,000 in the same quarter of 1993. The primary drivers of
