October 1, 1998 |
In the end, Bank of America won--at least in name. The bank created Wednesday by the merger of BankAmerica Corp. and NationsBank Corp. will carry the Bank of America moniker, as will its network of 5,000 branches coast to coast. "We share a vision . . . starting today, we share a name," said Hugh McColl, who headed NationsBank and who now heads the merged banks' holding company, which also retains the BankAmerica Corp. name.
February 9, 2002 |
In a huge settlement influenced by Enron Corp.'s meltdown, Bank of America Corp. said Friday that it would pay $490 million to put to rest claims that it misled shareholders before its 1998 merger with NationsBank Corp. The Charlotte, N.C., company, the nation's third-largest bank, said it had set aside reserves for the settlement so future results would not be affected. It admitted no wrongdoing. Within weeks of the takeover of San Francisco's BankAmerica Corp.
August 15, 1998 |
BankAmerica Corp. and NationsBank Corp.'s $60-billion merger was approved by the Justice Department and now faces just one regulatory hurdle. The banks agreed to sell 17 branches with $491.6 million in deposits in New Mexico, the only region where the two companies overlapped enough to concern regulators. The San Francisco-based BankAmerica, the nation's fifth-largest bank, and Charlotte, N.C.
May 27, 1998 |
BankAmerica Corp. and NationsBank Corp. on Tuesday named the senior management to run the "new" BankAmerica being created by their $62.5-billion merger, with NationsBank executives getting most of the top retail posts and BankAmerica managers dominating the corporate-banking staff. The naming of Gene Taylor of Charlotte, N.C.
August 31, 1992 |
Last year, three of the nation's largest banks made spectacular promises to invest in economically deprived neighborhoods if regulators approved their mergers with other banks. The bankers got what they wanted--the muscle and geographic reach that such combinations provide. But community activists say it's too early to tell whether the banks' multibillion-dollar promises will be kept.
May 11, 1995 |
Aiming to expand their fledgling home banking operations and defend their turf against Microsoft Corp. and other potential rivals, BankAmerica Corp. and NationsBank Corp. on Wednesday jointly announced that they will buy Meca Software Inc., a major publisher of personal finance software.
October 27, 1992 |
In the first joint venture between a major U.S. bank and brokerage, Nationsbank and Dean Witter Financial Services Inc. said Monday that they will establish a securities firm to sell mutual funds and other investments in bank branches across the country. The proposal, which must be approved by regulators, is another step in breaking down the traditional wall between the banking and securities industries. It comes as banks are searching for new ways to develop fee-based services.
June 28, 1997 |
Owners of Montgomery Securities are expected to vote this weekend on an agreement to sell California's largest investment bank to NationsBank Corp., the fourth-biggest U.S. bank, for about $1 billion, sources said. The deal would be the latest in a wave of acquisitions sweeping the investment banking industry in the wake of new rules easing restrictions on commercial bank involvement in the lucrative securities industry.
October 23, 1995 |
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.