August 14, 2001 |
The Federal Reserve said it cleared First Union Corp. to buy North Carolina rival Wachovia Corp., removing the last major hurdle to the bitterly contested $14.6-billion bank merger. Wachovia's shareholders approved First Union's proposal earlier this month, ending a spirited battle over the Southeast regional bank with rival suitor SunTrust Banks Inc . The deal will create the No. 4 U.S. bank with 19 million customers, $321 billion in assets and 90,000 employees.
August 4, 2001 |
Months of fighting about ownership of Wachovia Corp. ended abruptly Friday as its shareholders approved a $14.3-billion merger with First Union Corp., causing rival SunTrust Banks Inc. to concede defeat. Just as swiftly, the focus of First Union Chairman Ken Thompson and Wachovia Chairman L.M. "Bud" Baker Jr. now has shifted from simply clearing the way for the merger to figuring out what will happen down the road. The new bank--which will retain the Wachovia name and be based in Charlotte, N.C.
August 1, 2001 |
First Union Corp. shareholders approved a proposed $14.4-billion stock acquisition of Wachovia Corp., the latest chapter in a hotly contested takeover battle with SunTrust Banks Inc. for the Southeastern U.S. bank. Wachovia shareholders Friday are set to vote on the First Union merger, which the board of the Winston-Salem, N.C., company has backed. At its annual meeting, First Union said stockholders cast about 730.2 million shares--nearly 75% of the 979.
July 21, 2001 |
A North Carolina state judge upheld First Union Corp.'s agreement to buy Wachovia Corp. for $14.5 billion, rejecting a challenge by rival bidder SunTrust Banks Inc. The ruling by Special Superior Court Judge Ben Tennille cleared the path for a shareholder vote Aug. 3 on the agreement between the two North Carolina-based banks. After the boards of First Union and Wachovia approved merger plans in April, Atlanta-based SunTrust launched its own $15.
May 23, 2001 |
Wachovia Corp.'s board of directors voted to reject a "hostile" $13.7-billion acquisition proposal from SunTrust Banks Inc., reaffirming previous plans to merge with First Union Corp. "We looked long and hard, and on multiple occasions, at a combination with SunTrust and concluded it would not work," Wachovia Chairman L.M. Baker said. Shares of Winston-Salem, N.C.-based Wachovia rose 55 cents to $65.70; Atlanta-based SunTrust climbed 80 cents to $61.84; and First Union, of Charlotte, N.C.
May 16, 2001 |
First Union Corp. defended its $12.6-billion takeover offer for Wachovia Corp. as superior to a surprise $13.5-billion bid from rival suitor SunTrust Banks Inc., but it did not try to trump the higher offer. The Charlotte, N.C.-based company said its offer is not much lower than that of Atlanta-based SunTrust and would result in greater earnings, capital and savings.
May 15, 2001 |
SunTrust Banks Inc. said it launched an unsolicited $13.5-billion bid for fellow regional bank Wachovia Corp., topping an earlier offer from First Union Corp., in a drive to widen its reach in the Southeast. SunTrust's surprise bid, which values Winston Salem, N.C.-based Wachovia at $64.86 a share, is about 6% higher than a rival offer of $61.16 a share from No. 6 U.S. bank holding company First Union.
April 10, 2001 |
Bank One Corp. agreed to buy Wachovia Corp.'s $8-billion credit card portfolio, making the bank's First USA Inc. unit the No. 2 card issuer behind Citigroup Inc. Bank One didn't disclose the purchase price of the portfolio, which has about 2.8 million customer accounts. Chief Executive Jamie Dimon said he expects a cost savings of $100 million from the deal. He didn't say how many of Wachovia's 1,400 credit card employees would be offered jobs.
February 7, 2001 |
Wachovia Corp., the fourth-largest bank in the Southeastern U.S., hired Credit Suisse First Boston to determine whether it should sell its $8-billion consumer credit card business. Wachovia, which said it is the 12th-largest bank card issuer, also is considering forming a joint venture or keeping the business. The bank has about 2.8 million active consumer card accounts. Its commercial card accounts, with less than $100 million in receivables, aren't part of the review.