September 4, 1991
Keith P. Russell, formerly the second-highest ranking executive at GlenFed Inc. in Glendale, has been hired by Mellon Bank in Pittsburgh as an executive vice president responsible for information management and research, technology products and the mortgage banking departments. Russell abruptly resigned in June as president and chief operating officer of GlenFed, parent of Glendale Federal Bank. Russell, who had been seen as a successor to Chief Executive Norman M.
July 17, 1991 |
Security Pacific Corp. and Wells Fargo & Co. reported sharply lower second-quarter earnings Tuesday because of rising problem loans, with Wells Fargo unexpectedly warning that its loan troubles could continue because of the uncertainties in the economy. While the drop in earnings for the two California banks was expected, Wells Fargo's disclosure of deeper problems surprised bank analysts and caused the San Francisco bank's stock to fall sharply.
December 5, 1989 |
Mellon Bank Corp. said today that it agreed to acquire 54 branch offices from a subsidiary of Meritor Savings Bank for around $335 million. The agreement to buy the offices of PSFS was approved by the boards of directors of Mellon Bank (East), the Mellon unit purchasing the branches, and by Philadelphia-based Meritor. Mellon will assume deposits of about $5.2 billion and acquire assets of $4.9 billion from PSFS.
July 17, 1989 |
Mellon Bank Corp. announced today it has agreed in principle to sell Mellon InvestData Corp. subsidiary to International Thomson Publishing Corp., a unit of the Thomson Corp. The transaction is subject to negotiation of a definitive purchase agreement and customary closing conditions. Terms were not disclosed. The transaction is expected to close in the third quarter and would result in a $27-million one-time after-tax gain for Mellon, company officials said.
July 26, 1988 |
Mellon Bank Corp. said Monday that it will shift $1 billion in bad loans into a new independent bank to stabilize Mellon's earnings and improve its recently troubled finances. "Last June, we said we'd deal with our problems as aggressively as we could . . . that we were not going to disembowel the company in any form. This step is just a logical extension," said Frank V. Cahouet, chairman of the bank holding company that ranked as the nation's 16th largest at the end of 1987.
July 20, 1988 |
Wells Fargo said Tuesday that its earnings in the second quarter were slightly better than in the first quarter and that it had showed continued improvement in reducing bad loans. Like all major banking companies, Wells Fargo's earnings of $124.4 million in the quarter were a sharp improvement over the same period last year when the company lost $293.7 million as a result of increasing its reserves for loans to Latin America.
April 20, 1988 |
Wells Fargo reported sharply higher earnings for the first quarter of the year on Tuesday, joining a growing list of the nation's big banks that are emerging from last year's financial difficulties related to foreign loans. San Francisco-based Wells Fargo said its profits for the quarter totaled $120.4 million, an increase of 54% over the first quarter of 1987. The bank said the improved results stemmed from increased revenue, an improved loan picture and reduced operating expenses.
October 21, 1987 |
Four of the nation's leading bank holding companies Tuesday reported higher third-quarter earnings, while a fifth reported a drop in profit. Wells Fargo & Co., Citicorp, Manufacturers Hanover and Bankers Trust New York Corp. reported profit gains. Mellon Bank Corp. reported a drop in its profit.
July 15, 1987 |
Chemical New York Corp. and Mellon Bank Corp. on Tuesday became the latest of the major bank holding companies to report steep second-quarter losses as a result of their decision to increase loan-loss reserves to cover troubled Third World loans. Chemical, the nation's seventh-largest bank holding company, said it lost $1.10 billion in the three months ended June 30, compared to earnings of $98 million in the year-ago quarter. The company had posted a loan-loss provision of $1.
June 16, 1987 |
Frank V. Cahouet, the peripatetic California banker who helped turn Crocker National Bank around before it was sold to Wells Fargo last year, will become the new chief executive of Pittsburgh's Mellon Bank, the bank announced Monday. Mellon also said Monday that it was setting aside $415 million for additional losses on Latin American loans and, as a result, expects to lose $500 million in the second quarter and a substantial amount for the year. Mellon is following many major U.S.