After big bank merger, CoreStates customers prove ripe for taking
Article Abstract:
In the wake of First Union Corp.'s April 1998 acquisition of CoreStates, Philadelphia's biggest hometown bank, it was well understood that a good number of former CoreStates' former customers would not want to retain their accounts with the new, larger First Union megabank and would instead seek out alternative hometown banking institutions. In Philadelphia, the aggressive, bare-knuckled grab for these customers was well displayed by locally-run Jefferson Bank, a unit of JeffBanks Inc. As many mega-merged banking institutions have realized, it is the time period of several months between the announcement of a merger and when a new larger entity has effectively consolidated its acquisition (laid off some workers and reassigned others, and had its management reorganized) when smaller neighborhood competitors can grab those disillusioned former customers of the acquired bank.
Comment:
With mega-mergers, small local competitors are taking advantage of the lag time involved with fully digesting acquisitions
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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U.S. Bancorp to buy $2.5 billion in stock by end of March 2000
Article Abstract:
US Bancorp announced that its board of directors approved of the company's repurchase of up to $2.5 billion in common shares before March 31, 2000. This amounts to approximately 8.4% of current outstanding shares. US Bancorp was seeking a deal with Wells Fargo, which reached an agreement to merge with Norwest Corp. The company's chairman, John F. Grundhofer, claimed that the stock repurchase had no connection to the Wells Fargo deal.
Comment:
Board of directors approves of the company's repurchase of up to $2.5 billion in common shares before March 31, 2000
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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Sakura Bank seeks $2 billion infusion from big holders
Article Abstract:
Sakura Bank Ltd. announced that it is seeking an approximately $2 billion emergency capital infusion from its biggest stockholders. The bank has been hurt by the falling stock market in Japan and by its large problem loan portfolio. Sakura said that it would some affiliated firms to buy regular and preferred stock by the end of the 1998 fiscal year. The bank's affiliated companies are all the main members of the Mitsui group.
Comment:
Announced that it is seeking an approximately $2 billion emergency capital infusion from its biggest stockholders
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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