December 21, 2007 |
SunTrust Banks Inc., the country's seventh-largest bank company, said it had bought $1.4 billion of mortgage-tainted securities from two money market funds it manages, becoming at least the seventh company to rescue customers from losses on an investment traditionally billed as one of the safest. The bailout by the Atlanta-based firm was intended to keep the money funds from falling below the $1 a share promised to investors.
March 11, 2002 |
The accounting firm Andersen, damaged by its connections to bankrupt client Enron Corp., is talking with Big Five accounting firm Deloitte Touche Tohmatsu about selling some or all of its operations, according to reports. Negotiations began last week between New York-based Deloitte and Chicago-based Andersen, the New York Times reported late Sunday on its Web site. The newspaper cited sources involved in the talks who spoke anonymously.
July 21, 1998 |
SunTrust Banks Inc. agreed to buy Crestar Financial Corp. for $8.6 billion in stock, creating the nation's 10th-largest bank, the companies said Monday. The deal will expand the reach of SunTrust, which already operates in Florida, its home state of Georgia and Tennessee, into Virginia, Maryland and the District of Columbia. It is the latest in a series of mergers and acquisitions that have swept the U.S.
July 2, 2001 |
Stocks are expected to edge slightly higher this week amid very light trading as many investors leave town for the Fourth of July holiday Wednesday. Wall Street is optimistic after the Federal Reserve chopped interest rates again last week to help reverse the economic downturn. Though the quarter of a percentage point cut was less than expected, it hinted a rebound may be at hand, investors said.
October 14, 1997 |
Coca-Cola Co. Chairman Roberto C. Goizueta was in critical condition Monday with a throat infection related to recent treatments for lung cancer. The 65-year-old Goizueta, who was in intensive care at Emory University Hospital in Atlanta, will miss a board meeting Thursday for the first time since he became chairman of the soft drink giant 16 years ago. "He's seriously ill," said Randy Donaldson, a Coca-Cola spokesman. "He did not feel like he would be there." Goizueta was hospitalized Sept.
July 15, 2004 |
Bank of America Corp., the third-biggest U.S. bank, said Wednesday that second-quarter profit rose 41%, boosted by consumer lending and the purchase of FleetBoston Financial Corp. Net income climbed to $3.85 billion, or $1.86 a share, from $2.74 billion, or $1.80, a year earlier, the Charlotte, N.C.-based company said. Chief Executive Kenneth Lewis, 58, said the bank was "ahead of schedule" in integrating FleetBoston, which it bought for $48 billion in April.
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.
August 4, 2004 |
Banking giant Wachovia Corp. on Tuesday said it might face federal charges related to stock transactions before a big merger with a former rival, and separate allegations of improper mutual fund trading. The stock transactions followed the 2001 announcement that Charlotte, N.C.-based First Union Corp. would buy Wachovia and take its name. The bank said the Securities and Exchange Commission had laid out its claims in a so-called Wells notice.
March 28, 2007 |
AT&T Inc. said Tuesday that it had taken a step toward the long-promised notion of phones replacing credit cards, checks and cash by signing agreements with Wachovia Corp. and several other banks. The agreements will allow customers of its Cingular Wireless arm, which is being rebranded as AT&T, and participating banks to manage their accounts and pay bills electronically by using an application on their cellphones.
November 21, 2007 |
Federated Investors Inc. bailed out a so-called enhanced cash fund for wealthy investors and institutions after declines in the market value of mortgage-backed securities the fund held. But Federated, the third-largest manager of money market mutual funds, said it hadn't propped up any of its money-market portfolios. Some Federated rivals have recently had to pump in millions of dollars to bail out ailing money funds.