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Shawmut National Corp

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BUSINESS
November 20, 1993 | From Times Staff and Wire Reports
Fed Explains Its Move Against Shawmut: The Federal Reserve Board said it rejected Hartford, Conn.-based Shawmut National Corp.'s proposal to buy a New Hampshire bank because the Justice Department is investigating possible discriminatory lending by a subsidiary and shortfalls in Shawmut's fair-lending program. However, some community activists say Shawmut has steadily improved its lending record since 1990 and this year unveiled two strong community lending initiatives.
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BUSINESS
July 20, 1995 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
Strong loan growth and a continuing rein on expenses helped BankAmerica Corp. post sharply higher quarterly profit, the nation's second-largest banking firm said Wednesday. San Francisco-based BankAmerica reported earnings of $645 million in the second quarter, up 23% from $525 million a year ago. Also Wednesday, Great Western Financial Corp., parent of America's second-largest savings and loan, saw quarterly earnings dip 9.
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BUSINESS
June 24, 1995 | From Bloomberg Business News
Fleet Financial Group Inc. wants to buy back a stake worth as much as $1 billion from investment bankers Kohlberg Kravis Roberts & Co., sources close to the companies said. The buyback would clear an obstacle to Fleet's $3.7-billion stock swap acquisition of Shawmut National Corp. of Boston, which is expected to close by year's end. KKR paid $283 million in 1991 for preferred shares of Providence-based Fleet.
BUSINESS
October 9, 1991 | From Times Staff and Wire Reports
Shawmut National Signs Pact: Shawmut National Corp. has signed an agreement designed to restore and maintain the financial soundness of the Hartford, Conn., bank holding company, the Federal Reserve Board announced. Shawmut, the third-largest bank in New England, has assets of $22.7 billion and problem assets of $1.6 billion. The agreement prohibits payment of any dividends or other funds without prior written agreement by the Fed regional bank in Boston.
BUSINESS
August 27, 1987 | Associated Press
Shawmut Corp. of Boston and Hartford, Conn.-based Hartford National Corp. have agreed to merge in a stock swap that will create a new $25-billion bank holding company, the companies announced Wednesday. The transaction was the latest in a recent series of mergers designed to create "super-regional" bank holding companies with the resources to compete with giant money center banks as interstate banking barriers continue to erode.
BUSINESS
August 27, 1987 | Associated Press
Shawmut Corp. of Boston and Hartford, Conn.-based Hartford National Corp. have agreed to merge in a stock swap that will create a new $25-billion bank holding company, the companies announced Wednesday. The transaction was the latest in a recent series of mergers designed to create "super-regional" bank holding companies with the resources to compete with giant money center banks as interstate banking barriers continue to erode.
BUSINESS
June 24, 1995 | From Bloomberg Business News
Fleet Financial Group Inc. wants to buy back a stake worth as much as $1 billion from investment bankers Kohlberg Kravis Roberts & Co., sources close to the companies said. The buyback would clear an obstacle to Fleet's $3.7-billion stock swap acquisition of Shawmut National Corp. of Boston, which is expected to close by year's end. KKR paid $283 million in 1991 for preferred shares of Providence-based Fleet.
BUSINESS
October 20, 1992 | From Reuters
Major banks reported big gains in third-quarter earnings Monday, citing the benefits of lower interest rates and early signs that problem-loan difficulties may be easing. Charlotte, N.C.-based NationsBank Corp., the fourth-biggest U.S. banking company, said third-quarter profit quadrupled to $350 million as the result of rising net interest margins and declining credit problems. Net interest margin is the difference between what a bank charges in interest and what it pays in interest. No.
BUSINESS
September 21, 1991 | From Reuters
Bank of Boston Corp. and Shawmut National Corp. are close to a merger that would create the largest bank in New England, a source close to the negotiations said Friday. Talks between the banks have been going on for some time, but spokesmen for both declined to comment. "A merger is imminent," the sources said. "It could be two weeks away." Earlier this year, Fleet Norstar Financial Group of Providence, R.I.
BUSINESS
February 22, 1995 | From Times Staff and Wire Reports
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.
BUSINESS
December 14, 1993 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
Saying she wants to "send a message" to all lenders, U.S. Atty. Gen. Janet Reno on Monday announced a settlement of nearly $1 million with Shawmut National Corp., accused of discriminating against black and Latino applicants for home mortgages. "Don't wait for the Justice Department to come knocking," Reno said at a news conference.
BUSINESS
November 20, 1993 | From Times Staff and Wire Reports
Fed Explains Its Move Against Shawmut: The Federal Reserve Board said it rejected Hartford, Conn.-based Shawmut National Corp.'s proposal to buy a New Hampshire bank because the Justice Department is investigating possible discriminatory lending by a subsidiary and shortfalls in Shawmut's fair-lending program. However, some community activists say Shawmut has steadily improved its lending record since 1990 and this year unveiled two strong community lending initiatives.
BUSINESS
October 20, 1992 | From Reuters
Major banks reported big gains in third-quarter earnings Monday, citing the benefits of lower interest rates and early signs that problem-loan difficulties may be easing. Charlotte, N.C.-based NationsBank Corp., the fourth-biggest U.S. banking company, said third-quarter profit quadrupled to $350 million as the result of rising net interest margins and declining credit problems. Net interest margin is the difference between what a bank charges in interest and what it pays in interest. No.
BUSINESS
October 9, 1991 | From Times Staff and Wire Reports
Shawmut National Signs Pact: Shawmut National Corp. has signed an agreement designed to restore and maintain the financial soundness of the Hartford, Conn., bank holding company, the Federal Reserve Board announced. Shawmut, the third-largest bank in New England, has assets of $22.7 billion and problem assets of $1.6 billion. The agreement prohibits payment of any dividends or other funds without prior written agreement by the Fed regional bank in Boston.
BUSINESS
September 21, 1991 | From Reuters
Bank of Boston Corp. and Shawmut National Corp. are close to a merger that would create the largest bank in New England, a source close to the negotiations said Friday. Talks between the banks have been going on for some time, but spokesmen for both declined to comment. "A merger is imminent," the sources said. "It could be two weeks away." Earlier this year, Fleet Norstar Financial Group of Providence, R.I.
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