September 4, 1998
* Banc One Corp.'s First USA credit card unit bought Chevy Chase Bank's credit card business, making it the No. 2 U.S. credit card company. Terms were not disclosed. Columbus, Ohio-based Banc One said First USA bought $4.9 billion in card loans, will hire Chevy Chase's 1,300 credit card employees and will take over the bank's credit card facilities in Frederick, Md.
April 22, 1998 |
The biggest U.S. banks reported strong first-quarter profits Tuesday, beating Wall Street's expectations as trading and core business operations showed solid growth and financial markets soared. Chase Manhattan Corp., the nation's largest bank-holding company, said profit from operations rose 11% to $1.05 billion, or $2.35 a diluted share, from $949 million, or $2.02, in the year-ago quarter. The latest results beat the average forecast of $2.26 a share, based on a survey by First Call Corp.
April 14, 1998 |
As many as 18,000 jobs could be lost as the result of NationsBank Corp.'s merger with BankAmerica Corp. and Banc One Corp.'s acquisition of First Chicago NBD Corp., mostly in technical and support staff. "The biggest overlap will be in finance, treasury, compliance, systems, operating activities and administration," where "you just don't need the extra people," said Peter Crist of Chicago-based recruiting firm Crist Partners. NationsBank and BankAmerica's merger into the second-largest U.S.
October 21, 1997 |
Banc One Corp., the nation's eighth-largest bank holding company, said it agreed to acquire New Orleans-based First Commerce Corp. for about $2.7 billion in stock. The purchase would make Banc One the largest banking company in Louisiana, with a leading position in five of the top six markets in the state, Banc One said. Banc One, based in Columbus, Ohio, already operates in Louisiana as a result of its 1995 acquisition of Baton Rouge-based Premier Bancorp.
March 5, 1997
WIn the latest strategic alliance between financial services and retailing firms, Columbus, Ohio-based Banc One Corp. said it will install automated teller machines in about 2,000 centers operated by San Diego-based Mail Boxes Etc. throughout the U.S. The Banc One/Mail Boxes Etc. ATMs will also sell prepaid phone cards and postage stamps. The companies said that modified Mail Boxes Etc. centers will also be located in selected Banc One branches.
January 21, 1997 |
After watching AT&T, General Motors and independent credit card companies capture a growing share of the consumer credit business, Banc One made its own move Monday by announcing plans to acquire First USA for $6.75 billion. The deal would create the nation's third-largest credit card operation, with a combined 32 million cardholders, marrying the nation's 10th-largest bank with one of the fastest-growing credit card companies.