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BUSINESS
December 13, 1995 | Times Staff and Wire Reports
Bank of Boston to Acquire BayBanks: Bank of Boston Corp. said it agreed to buy BayBanks Inc. for $2 billion in stock and expects to cut 2,000 jobs in the combined company. Bank of Boston said the boards of both Boston-based institutions approved the acquisition, which calls for each BayBanks share to be exchanged for 2.2 shares of Bank of Boston. BayBanks stockholders will get a premium of 17% over the recent stock price in the tax-free deal. Bank of Boston stock closed down $1.25 at $45.
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BUSINESS
June 14, 1996 | Times Staff and Wire Reports
Bank of Boston, the nation's 18th-largest bank, said it plans to offer early retirement to 1,500. The move is an attempt to cut costs before it buys cross-town rivals BayBanks Inc. and South Boston Savings Bank.
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BUSINESS
December 13, 1995 | Times Staff and Wire Reports
Bank of Boston to Acquire BayBanks: Bank of Boston Corp. said it agreed to buy BayBanks Inc. for $2 billion in stock and expects to cut 2,000 jobs in the combined company. Bank of Boston said the boards of both Boston-based institutions approved the acquisition, which calls for each BayBanks share to be exchanged for 2.2 shares of Bank of Boston. BayBanks stockholders will get a premium of 17% over the recent stock price in the tax-free deal. Bank of Boston stock closed down $1.25 at $45.
BUSINESS
July 25, 1995 | From Reuters
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 said Monday that it has withdrawn a $5-billion takeover offer.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.
BUSINESS
February 12, 1985
Calling their failure to report $1.22 billion in overseas currency transactions "a simple mistake," First National Bank of Boston officials vehemently denied that the transactions were linked to organized crime. In a Monday story, the Wall Street Journal reported that federal prosecutors were alerted to the bank's unreported transactions during a criminal investigation into cashier's checks purchased by members of a reputed organized crime family in Boston.
BUSINESS
March 28, 1985
The bank has faced federal investigators and congressional inquisitors, state politicians and the press. Now, embattled First National Bank of Boston must answer to its shareholders about the tumultuous events of the past two months. The bank's annual meeting today will give any of its 15,000 shareholders the chance to grill President William Brown about the controversy that has plagued the bank since February, when it pleaded guilty to violating international banking regulations.
BUSINESS
May 19, 1992 | From Times Staff and Wire Reports
Bank of Boston Unveils Loan Program: The bank said it was earmarking at least $3 billion in loans to small businesses to stimulate economic growth. The credit initiative, announced at news conferences in Boston and Hartford attended by the governors of Massachusetts and Connecticut, is aimed at easing a credit crunch that has hamstrung a recovery in the six-state region.
BUSINESS
June 14, 1996 | Times Staff and Wire Reports
Bank of Boston, the nation's 18th-largest bank, said it plans to offer early retirement to 1,500. The move is an attempt to cut costs before it buys cross-town rivals BayBanks Inc. and South Boston Savings Bank.
BUSINESS
July 29, 1995 | From Times Wire Services
Ira Stepanian has resigned as Bank of Boston Corp.'s chairman and chief executive, but his departure does not mean the bank is for sale, his successor, Charles K. Gifford, said Friday. Stepanian's unexpected retirement was announced by the bank late Thursday. A bank spokesman refused to say whether scrapped merger attempts in the past several days with three separate suitors played a role.
BUSINESS
July 25, 1995 | From Reuters
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.
BUSINESS
May 19, 1992 | From Times Staff and Wire Reports
Bank of Boston Unveils Loan Program: The bank said it was earmarking at least $3 billion in loans to small businesses to stimulate economic growth. The credit initiative, announced at news conferences in Boston and Hartford attended by the governors of Massachusetts and Connecticut, is aimed at easing a credit crunch that has hamstrung a recovery in the six-state region.
BUSINESS
March 29, 1985 | Associated Press
The embattled First National Bank of Boston received a show of support from shareholders at its annual meeting Thursday, despite its surprise announcement that it failed to tell the government about an additional $110 million in international cash transactions. Chairman William L. Brown told shareholders that the bank, which pleaded guilty in February to not reporting $1.
BUSINESS
March 29, 1985 | Associated Press
The embattled First National Bank of Boston received a show of support from shareholders at its annual meeting Thursday, despite its surprise announcement that it failed to tell the government about an additional $110 million in international cash transactions. Chairman William L. Brown told shareholders that the bank, which pleaded guilty in February to not reporting $1.
BUSINESS
March 28, 1985
The bank has faced federal investigators and congressional inquisitors, state politicians and the press. Now, embattled First National Bank of Boston must answer to its shareholders about the tumultuous events of the past two months. The bank's annual meeting today will give any of its 15,000 shareholders the chance to grill President William Brown about the controversy that has plagued the bank since February, when it pleaded guilty to violating international banking regulations.
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