NationsBank, BankAmerica holders vote for $43.02 billion merger plan
Article Abstract:
Shareholders of NationsBank Corp. and BankAmerica Corp. approved the $43.02 billion merger of the two companies, clearing way to form the nation's second-largest bank. The companies are expected to complete the merger in less than a week, so they can report third-quarter results as a single entity. The transaction won votes of almost 98% of NationBank shareholders and 97% of BankAmerica shareholders in separate shareholder meetings in Charlotte and San Francisco, where the two companies are based. The merger has already recieved regulatory clearance. The new company will hold 8.1% of US bank deposits, bigger than any other bank. In terms of assets, its total of $580 billion will rank the new company as No.2 behind Citigroup. The parent company of the new Charlotte-based will be called BankAmerica.
Comment:
Shareholders approved the $43.02 billion merger with NationBank
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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Credit-card processor Nova to buy PMT in stock accord valued at $1.23 billion
Article Abstract:
Nova Corp. will aquire PMT Services Inc. for $1.23 billion, or $24.27 a share. The aquisition will create the fourth largest merchant credit-card processor compamy in the nation. The company will handle credit-card payments for approximately 350, 000 businesses. It will also create the leading processor of credit-card transactions to mom-and-pop merchants where profit margins are among the widest in the industry. The deal will combine two Southeast competitors whose management teams know each other well.
Comment:
Will aquire PMT Services Inc.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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BankAmerica seeks growth by more acquisitions
Article Abstract:
BankAmerica Corp will seek acquisitions even while combining BankAmerica and NationsBank operations in 1998-1999, according to CEO Hugh McColl Jr. Because the Charlotte, NC-based BankAmerica holds 8.1% of US bank deposits, however, the pool of acquisition targets will be limited by the federal law that restricts any single bank from holding more than 10% of deposits nationwide. The most likely targets will be in areas where BankAmerica could become 1st or 2nd in size with a single acquisition.
Comment:
Seeks to expand through acquisitions while combining BankAmerica and Nationsbank operations
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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