Star Banc and Firstar near merger
Article Abstract:
Star Banc Corp. of Cincinnati and Firstar Corp. of Milwaukee are close to a merger valued at $5 billion or more in stock which would create a bank with 625 branches in seven Midwestern states and Arizona. The merged banking company would have assets of nearly $35 billion. Teaming up together would allow both banks to better compete against such larger rivals as the industry continues to consolidate. Since Firstar failed to meet the ambitious financial goals of a restructuring in 1995, it has been considered a target for mergers or acquisitions.
Comment:
Star Banc to merge w/Firstar in deal valued at $5 billion; combined, will have 625 branches
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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Doubts grow over Banc One's skill with cost scalpel
Article Abstract:
Banc One Corp.'s preliminary returns from its cost-reduction campaign are causing greater concerns about the bank's ability to produce guaranteed savings from its proposed $24.1 billion merger with First Chicago NBD Corp. Banc One's CEO, John McCoy, promised in 1995 to cut the bank's overhead. The bank consequently centralized operations along business lines and cut over 5,500 jobs. However, Banc One is producing lower than expected savings from the cost-reduction program.
Comment:
Concerns grow over early returns from bank's cost-reduction campaign
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
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