April 14, 1989
Bank of New York: The financial institution said its net income in the first quarter increased 86% to $101.1 million. It said the higher earnings partly reflected savings from its merger with Irving Bank Corp., completed in December. Meanwhile, Chemical Banking Corp. reported that its first-quarter profit fell 6% to $117.9 million. The New York-based bank said substantially higher corporate finance fees, an increase in net interest income and a lower provision for loan losses were not sufficient to offset the $25.6-million gain on the sale of investment securities reported in last year's first quarter.
March 7, 1996
N.Y. Group Buys Brazil Rail Line: Brazil sold a 600-mile stretch of railroad to a consortium that includes Chemical Banking Corp. and New York-based holding company Noel Group Inc. for $63 million. The sale--the first of six such rail lines the government plans to auction--fetched 3.6% more than the government sought. It is the first privatized company to be purchased exclusively by foreign investors.
January 24, 1992 |
Zale Corp., the jewelry store chain that has been under pressure from its creditors, filed for voluntary protection under Chapter 11 of the U.S. Bankruptcy Code on Thursday. In an increasingly familiar pattern among troubled companies, Zale said it arranged what amounted to a prepackaged bankruptcy in which it will receive a $510-million loan from Chemical Banking Corp. to help Zale emerge from bankruptcy later.
September 26, 1992 |
Chemical Banking Corp. said it is slowing the consolidation of its bank branches in the New York City area as part of its merger with Manufacturers Hanover Corp. Chemical said it would close 10 branches between Oct. 12 and the end of 1992, instead of 30 units. It will shut a total of 80 branches by the end of 1993. It said it was delaying the merging of check processing systems because of a flood that affected its operations center in downtown Manhattan.
July 30, 1990 |
Chemical Banking Corp., one of five banks that expressed interest in financing the $4.38-billion employee buyout of UAL Corp., has opted out of the deal--for now, it was reported today. The bank's withdrawal less than two weeks before a deadline to secure financing for the deal was described as temporary and subject to change, the Wall Street Journal reported, citing sources it did not identify. UAL is the parent of United Airlines. The employee group has until Aug. 9 to secure financing.