August 6, 1991 |
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.
September 20, 1991 |
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.
September 25, 1991 |
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.
January 1, 1992 |
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.
September 21, 1991 |
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.