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Southeast Banking Corp

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BUSINESS
August 19, 1991 | From Times Staff and Wire Reports
Southeast Bank Sums Up the Bad News: The latest grim chapter concerning Southeast Banking Corp. is summed up in its quarterly filing with the Securities and Exchange Commission. The documents said any takeover deal would need government assistance and that the bank has been borrowing from the Federal Reserve. In addition, Southeast said its deposit base continues to shrink.
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BUSINESS
September 25, 1991 | From Times Staff and Wire Reports
Bank Merger Means Job Losses in Florida: First Union Corp. of Charlotte, N.C., will eliminate 2,800 jobs, all in Florida, as it takes over the failed Southeast Bank of Miami and consolidates operations, a First Union spokesman said. Some Southeast employees could be out of work as early as Friday, as First Union begins cutting 22% of the combined staff. About 500 jobs will be eliminated this year.
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BUSINESS
September 21, 1991 | From Reuters
First Union Corp.'s winning bid for Southeast Banking Corp. signals that U.S. regulators are cutting tougher deals for failed banks, creating a challenge for the merger of the two major Southern banks. "First Union is taking a gamble here," Paine Webber Inc. analyst Lawrence Cohn said. "It is buying a heck of a franchise, but it remains to be seen what price it is paying." The buyout, announced late Thursday, will eventually make Charlotte, N.C.
BUSINESS
September 21, 1991 | From Reuters
First Union Corp.'s winning bid for Southeast Banking Corp. signals that U.S. regulators are cutting tougher deals for failed banks, creating a challenge for the merger of the two major Southern banks. "First Union is taking a gamble here," Paine Webber Inc. analyst Lawrence Cohn said. "It is buying a heck of a franchise, but it remains to be seen what price it is paying." The buyout, announced late Thursday, will eventually make Charlotte, N.C.
BUSINESS
August 6, 1991 | From American Banker
Southeast Banking Corp. is borrowing from the Federal Reserve Bank of Atlanta, a sign that the troubled Miami-based company may be having liquidity problems, banking sources said. Loans from the Atlanta Fed's discount window amounted to $137 million last Wednesday, up from $48 million a week earlier, according to data released Thursday afternoon.
BUSINESS
September 20, 1991 | From Reuter
First Union Corp., a major banking power in the Southeast, was selected from among several bidders to purchase ailing Southeast Banking Corp. of Miami, the Federal Deposit Insurance Corp. said Thursday. The merger will create the 11th-largest bank group in the nation. It is the latest in an unprecedented wave of consolidations within the bloated industry as banks try to survive hard times. Among the banks that have gained strength are NCNB Corp.
BUSINESS
September 25, 1991 | From Times Staff and Wire Reports
Bank Merger Means Job Losses in Florida: First Union Corp. of Charlotte, N.C., will eliminate 2,800 jobs, all in Florida, as it takes over the failed Southeast Bank of Miami and consolidates operations, a First Union spokesman said. Some Southeast employees could be out of work as early as Friday, as First Union begins cutting 22% of the combined staff. About 500 jobs will be eliminated this year.
BUSINESS
January 1, 1992 | From American Banker
By limiting the Federal Reserve's ability to lend via the discount window, the banking reform law has poked a hole in the proverbial safety net. The new law limits how long a district Federal Reserve bank can issue extended credit to a bank. It also makes the Fed liable for some costs of expensive resolutions at banks that had borrowed from the discount window while ailing.
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
September 20, 1991 | From Reuter
First Union Corp., a major banking power in the Southeast, was selected from among several bidders to purchase ailing Southeast Banking Corp. of Miami, the Federal Deposit Insurance Corp. said Thursday. The merger will create the 11th-largest bank group in the nation. It is the latest in an unprecedented wave of consolidations within the bloated industry as banks try to survive hard times. Among the banks that have gained strength are NCNB Corp.
BUSINESS
August 19, 1991 | From Times Staff and Wire Reports
Southeast Bank Sums Up the Bad News: The latest grim chapter concerning Southeast Banking Corp. is summed up in its quarterly filing with the Securities and Exchange Commission. The documents said any takeover deal would need government assistance and that the bank has been borrowing from the Federal Reserve. In addition, Southeast said its deposit base continues to shrink.
BUSINESS
August 6, 1991 | From American Banker
Southeast Banking Corp. is borrowing from the Federal Reserve Bank of Atlanta, a sign that the troubled Miami-based company may be having liquidity problems, banking sources said. Loans from the Atlanta Fed's discount window amounted to $137 million last Wednesday, up from $48 million a week earlier, according to data released Thursday afternoon.
NEWS
September 1, 1992 | ERIC HARRISON, TIMES STAFF WRITER
For the first time since Hurricane Andrew swept through here eight days ago, mangling lives and landscape, thousands of southern Florida residents emerged from their damaged homes and debris-strewn neighborhoods Monday to go to work.
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