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BUSINESS
February 21, 1997 | MELINDA FULMER, SPECIAL TO THE TIMES
BankAmerica Corp., unable to unload a vacant three-story office building in Brea that it bought for $100 million over market value three years ago, said Thursday it will move about 2,500 employees from seven divisions into the facility. More than 1,400 employees will be transferred from the bank's loan processing division, National Consumer Assets Group, which has offices in Pasadena and elsewhere in Brea.
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BUSINESS
February 5, 1997 | Times Staff and Wire Reports
BankAmerica Corp. said it plans to buy back an additional $650 million in common and preferred shares by the end of 1998. It also increased its dividend and revised its stock option plan for senior executives to raise incentives for share performance. LastMarch, the San Francisco-based bank said it would buy back as much as $2 billion of its common stock and $1 billion of its preferred stock by the end of 1997. The company had 365.5 million shares outstanding at the end of 1996.
BUSINESS
January 16, 1997 | From Times Wire Services
BankAmerica Corp. said Wednesday that its fourth-quarter earnings rose 6% as higher fees from checking accounts and other services offset sluggish growth in lending income. Net income for the nation's No. 3 bank rose to $747 million, or $1.93 a share, from $704 million, or $1.74, in the last three months of 1995. As expected, the period included a $280-million restructuring charge and a $147-million gain tied to the initial public offering of a credit-card-processing business.
BUSINESS
December 20, 1996 | Times Staff and Wire Reports
Shares of BankAmerica Corp.'s BA Merchant Services Inc. unit rose 12% amid optimism that the payment-processing company can lead the industry's continued consolidation. BankAmerica said it expects to post a $145-million fourth-quarter gain from selling about a third of the credit-card-processing business to the public. Shares of San Francisco-based BankAmerica rose $2.25 to close at $100.385 on the New York Stock Exchange.
BUSINESS
October 17, 1996 | From Times Wire Services
BankAmerica Corp. said Wednesday that third-quarter earnings fell 3%, as a one-time charge for deposit insurance ate into gains from trading and other non-lending businesses. The nation's third-largest bank said net income fell to $683 million, or $1.75 a share, from $704 million, or $1.72, in the same quarter last year. Before the $82-million charge tied to the recapitalization of a federal thrift insurance fund, earnings at San Francisco-based BankAmerica were $731 million, or $1.88 a share.
BUSINESS
May 12, 1996 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
The key asset that David A. Coulter brings to his work as head of BankAmerica Corp. may be the same one he brings to a back-country trout stream. "What makes Coulter exceptional as a fly fisherman is his ability to focus all his concentration on a small target," said Lewis W. Coleman, the former No. 2 executive at B of A whom Coulter edged out as successor to Richard M. Rosenberg as chief executive.
BUSINESS
November 15, 1995 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
Lewis W. Coleman, passed over for the top job at BankAmerica Corp., will resign as the company's vice chairman and chief financial officer, the banking giant announced Tuesday. Michael E. O'Neill, head of the San Francisco-based bank's global equity investments unit and former chief financial officer of Continental Bank Corp., will succeed Coleman, BankAmerica announced.
BUSINESS
November 4, 1995 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
Hoping to map out the first truly nationwide branch network before Congress changes the rules, BankAmerica Corp. is asking federal regulators for permission to open savings and loan offices in every state where it doesn't already have a presence. San Francisco-based BankAmerica, the nation's second-largest banking company, has filed applications with the Office of Thrift Supervision to open a total of 285 branches of its thrift subsidiary--Bank of America, FSB--in all 50 states.
BUSINESS
October 23, 1995 | JAMES BATES, TIMES STAFF WRITER
BankAmerica Corp. has held talks recently with North Carolina's NationsBank about a possible merger that would create the nation's largest bank, sources said Sunday. But BankAmerica sources also cautioned that there is no guarantee that any deal would be consummated, adding that BankAmerica has come very close before on other major deals that eventually fell apart.
BUSINESS
October 19, 1995 | From Times Wire Services
BankAmerica Corp.'s third-quarter earnings jumped 29%, as the bank made more loans, raised fees for customers and got a break from lower deposit insurance premiums. The nation's second-largest banking company, based in San Francisco, said net income rose to $704 million, or $1.72 a share, from $547 million, or $1.36 a share, a year ago. The results beat Wall Street expectations of $1.58 a share, based the average estimate of 21 analysts surveyed by Zacks Investment Research.
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