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November 15, 1998 | From Associated Press
California's newest multimillionaire didn't get rich by winning the lottery. He blew the whistle on the Bank of America. Patrick Stull, along with his attorneys, will receive $25 million of BankAmerica's $187.5-million settlement of a lawsuit alleging that the bank cheated municipal bond issuers. BankAmerica is the biggest bank in the nation since its $40-billion merger with NationsBank Corp. in September.
October 30, 1998 | Times Wire Services
BankAmerica Corp.'s shares jumped 4.5% after its chairman and chief executive, Hugh McColl, accepted the board's request to lead the newly formed bank holding company into the next century. BankAmerica's directors agreed unanimously at their first meeting this week to ask McColl, 63, to stay on until June 30, 2002, two years beyond his normal retirement age. McColl does not have an employment agreement.
October 27, 1998 | Bloomberg News
BA Merchant Services shareholders sued to block BankAmerica Corp.'s $252-million purchase of the one-third of the credit card processing company it doesn't already own, saying they aren't getting enough for their shares. BankAmerica's San Francisco-based Bank of America offered $15.50 for each Class A share of BA Merchant Services last week. The credit card company spun off from the bank two years ago. BankAmerica already owns all of BA Merchant Services Class B common shares, representing 66.
David A. Coulter, who headed the old BankAmerica before its merger with NationsBank, abruptly resigned Tuesday--a week after the new bank announced stunning losses tied to a $1.4-billion unsecured hedge fund loan that Coulter had engineered in 1997. Coulter, 51, will leave the post of BofA president Oct. 30. The merger, which created the nation's largest bank, took effect Oct. 1. Although there were early indications that the brainy Coulter might succeed Hugh L. McColl Jr.
October 1, 1998 | From Associated Press
NationsBank Corp. consummated its merger with BankAmerica Corp. on Wednesday, creating the largest bank in the United States. The new company, which will trade as BankAmerica on the New York Stock Exchange starting today, will be the country's first coast-to-coast bank, with branches from California to North Carolina. It will have $572 billion in assets and serve 30 million households and 2 million businesses. The bank will be headquartered in Charlotte, N.C., where NationsBank is based.
Wild market swings abroad and at home will cost BankAmerica Corp. at least $122 million more than expected this quarter, although the West Coast's largest bank said it still expects a profit. Securities trading losses have added another $110 million to the bank's $220 million in previously announced Russian losses, the bank said Tuesday. Sources said the new losses were incurred in Asia and Latin America.
August 29, 1998 | From Reuters
Three large U.S. banks joined the ranks of casualties from the Russian economic front Friday, announcing trading losses in the millions of dollars. J.P. Morgan & Co., the nation's fourth-largest bank, said it lost money in Russia but declined to say how much. The company said its "exposure" in Russia is $160 million and its trading revenue has been hurt during the current quarter, partly as a result of accounting for Russian losses.
August 19, 1998 | Bloomberg News
BankAmerica Corp. Chief Executive David Coulter told employees he will stay after the bank merges with Charlotte, N.C.-based NationsBank Corp., moving to quell speculation that he would leave and collect a severance package worth more than $30 million, several BankAmerica employees said. After commenting on other merger-related matters in a voicemail message to employees last week, Coulter said he wanted to clarify his situation.
August 14, 1998 | From Bloomberg News
The U.S. Office of Thrift Supervision has approved the merger of California Federal Bank with Golden State Bancorp Inc. Golden State, parent of Glendale Federal Bank, and San Francisco-based California Federal are merging in a complicated transaction creating the second-largest U.S. thrift after Seattle-based Washington Mutual Inc. The OTS approved the arrangement in an Aug. 12 letter, signed by Assistant Regional Director Nicholas Dyer. The letter was released Thursday.
July 16, 1998 | From Bloomberg News
BankAmerica Corp. said its operating profit rose 8.4% in the second quarter on higher fee income from investment banking and other businesses. Several other U.S. banks also reported healthy earnings for the quarter as they generated higher fees from consumers and corporations in a strong economy. The San Francisco-based bank, which has agreed to be acquired by NationsBank Corp., said profit from operations rose to $866 million, or $1.21 a diluted share, from $799 million, or $1.
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