January 3, 1996 |
Teledyne Inc. said it purchased Stellram Group, a maker of high-precision milling, boring and drilling systems, strengthening its position in the European machine tool market. Terms were not disclosed . . . Texas Instruments Inc. and Korea's Samsung Electronics Co. said they are suing each other for patent infringement after talks to renew a semiconductor license agreement broke down. . . . General Motors Corp. said it is changing the name of its GMC Truck division to GMC. . . .
September 24, 1986
The subsidiary, Denver-based Security Pacific Mortgage, was sold to Fleet Financial Group, a bank holding company headquartered in Providence, R.I. Security Pacific acquired the unit in 1973 and will keep its commercial real estate portfolio while selling the residential mortgages to the Rhode Island company. Fleet said the purchase will increase its $14.5-billion mortgage servicing portfolio by $2.5 billion, making Fleet the nation's third-largest mortgage banking company.
February 22, 1995 |
In a combination that would create the nation's ninth-largest banking firm, Fleet Financial Group of Providence, R.I., said Tuesday that it has reached a definitive agreement to buy Boston-based Shawmut National Corp. for $3.7 billion, or $30 a share, in stock. The merger, approved Monday by the boards of both banks, is as much about survival in the tough new world of financial services as it is about New England's biggest bank getting bigger.
August 15, 1997 |
Fleet Financial Group Inc. said it agreed to buy money manager Columbia Management Co. for as much as $600 million in cash, as the bank moves to expand its money management business. The acquisition, which was expected, gives the Boston-based bank an additional $22 billion in assets to manage, including about $6 billion in no-load mutual funds.
August 6, 1992 |
Financial giants Glendale Federal Bank and Fleet Financial Group have settled accusations that they withheld too much money from mortgage customers for tax and insurance payments, attorneys said Wednesday. The settlements, expected to return more than $90 million to customers, are the latest to result from lawsuits contending that many big lenders required excessive payments into escrow accounts.
May 8, 1996 |
Fleet Financial Group's mortgage subsidiary will pay nearly $4 million to African American and Latino clients to settle allegations it charged them more for home loans than comparably qualified whites, the Justice Department announced Tuesday. Fleet agreed to establish a $3.8-million fund to compensate 600 minority clients who received mortgages from branches in Westbury, N.Y., and Woodbridge, N.J., between Aug. 1, 1993, and June 1, 1994.