April 19, 1998 |
Even though he is widely hailed today as a master deal-maker, NationsBank Corp. Chairman Hugh L. McColl Jr. wasn't always so deft at making his company's acquisitions pay off. After helping engineer a couple of bank purchases in Florida in 1982, McColl and other top executives were caught off-guard by the swift, and costly, resignations of roughly 70% of the officers there.
October 16, 1996 |
A number of the nation's leading banks on Tuesday reported solid gains in profit in the third quarter. Wells Fargo, which recently acquired First Interstate Bancorp, reported earnings of $321 million, or $3.23 a share, compared with $261 million, or $5.23, for the third quarter of 1995. Because the acquisition took effect April 1, the San Francisco-based banking giant said its quarterly performance isn't comparable to that of a year earlier.
August 14, 1998 |
The U.S. Office of Thrift Supervision has approved the merger of California Federal Bank with Golden State Bancorp Inc. Golden State, parent of Glendale Federal Bank, and San Francisco-based California Federal are merging in a complicated transaction creating the second-largest U.S. thrift after Seattle-based Washington Mutual Inc. The OTS approved the arrangement in an Aug. 12 letter, signed by Assistant Regional Director Nicholas Dyer. The letter was released Thursday.
January 14, 1999 |
Nobody tells former Marine Hugh McColl what to do. Particularly not the community reinvestment groups that want McColl, as chief executive and chairman of the newly merged Bank of America, to commit to minority lending goals in California. McColl's four-day tour of California cities, which included a stop Wednesday in Los Angeles, was designed to reassure public officials and business leaders that the bank was committed to California lending and to philanthropic giving in the state.
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.
December 3, 1998 |
BankAmerica's top 10 female executives have either been demoted or resigned since the mega-merger with NationsBank, according to a report in the San Francisco Chronicle on Wednesday. Before the merger, San Francisco-based BankAmerica had a history of promoting women. By 1998, 11 of the bank's 45 executives were female. Catalyst, a New York nonprofit group that promotes women in business, found that two of the old BofA's top 14 officers--or 14.
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.
October 1, 1998 |
NationsBank Corp. consummated its merger with BankAmerica Corp. on Wednesday, creating the largest bank in the United States. The new company, which will trade as BankAmerica on the New York Stock Exchange starting today, will be the country's first coast-to-coast bank, with branches from California to North Carolina. It will have $572 billion in assets and serve 30 million households and 2 million businesses. The bank will be headquartered in Charlotte, N.C., where NationsBank is based.
January 29, 1999 |
Fleetwood Credit Corp. in Yorba Linda, the nation's largest lender to recreational-vehicle buyers and dealers, will be sold to a unit of BankAmerica Corp., the companies said Thursday. Details of the all-cash deal were not disclosed. BankAmerica, which recently merged with NationsBank, saw the Fleetwood acquisition as the logical way to expand its presence in the expanding recreational-vehicle, or RV, market, a spokeswoman said.
August 30, 1997 |
NationsBank Corp. on Friday agreed to buy Florida's biggest bank, paying $15.5 billion in the largest banking acquisition in U.S. history. The takeover of Barnett Banks Inc., one of the 25 largest U.S. banks, would make NationsBank the third-largest U.S. banking company and the second-largest in terms of stock market value, the companies said. Now the country's fifth-largest commercial bank, NationsBank earlier this year paid $10 billion for Boatmen's Bancshares of St.