July 27, 1987 |
Banc One Corp. and Milwaukee-based Marine Corp. have agreed to a stock-swap merger valued at about $543.3 million, the two bank holding companies announced Friday. The definitive agreement, if approved by shareholders of both companies and by banking regulators, would create a $22-billion institution with offices in five Midwestern states. Under the definitive agreement with Banc One, each share of Marine stock would be swapped for 2.332 shares of Banc One.
October 1, 1998 |
AT&T Corp. and IBM Corp. won contracts valued at about $1.8 billion to manage the telephone and computer networks of Banc One Corp. IBM said it won a separate $2.2-billion, five-year contract from Boeing Co. to manage the aircraft maker's server computers and provide its telephone and videoconferencing service. AT&T said its Banc One contract, for $1.4 billion over six years, is its largest ever for managing such a network.
September 9, 1998 |
The Justice Department said it cleared the $29-billion merger of Banc One Corp. with First Chicago NBD Corp. after the banks agreed to divest 39 branch offices in Indiana with total deposits of nearly $1.5 billion. The banks also offered to sell some middle-market commercial loan operations in Indiana, the Justice Department's antitrust division said. Union Planters Corp. agreed to acquire the assets in a deal expected to be completed in the first quarter of 1999.
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.
June 30, 1989 |
The Federal Deposit Insurance Corp. disclosed details Thursday of the complex arrangement under which Banc One Corp. of Columbus, Ohio, won a bidding competition to take over 20 failed banks of MCorp of Dallas, a bailout that will cost the federal government about $2 billion and constitute the second-largest bank rescue ever. FDIC Chairman L. William Seidman, describing the arrangement worked out in principle a day earlier, said the FDIC share would involve $300 million in cash outlays and an additional $1.7 billion debt to the Federal Reserve.
July 25, 1995 |
Bank of Boston Corp. lost a third potential suitor when Banc One Corp. said Monday that it has withdrawn a $5-billion takeover offer. The announcement came just a day after CoreStates Financial Corp. and Bank of Boston called off a $4.2-billion merger that had been coolly received on Wall Street. Before that, Mellon Bank Corp. had been talking with Bank of Boston about a merger that was scrapped in favor of the aborted CoreStates deal.
January 20, 1993 |
Led by Wells Fargo & Co., several major U.S. banks on Tuesday reported strong fourth-quarter profits, indicating that aggressive measures to clean up bad loans and cut costs are starting to pay off. A groundswell of enthusiasm from investors buoyed the bank stocks, with Wells setting the pace with a whopping rise of $13 a share, to $99, in trading on the New York Stock Exchange.
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.