Word: bancorp
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Dates: during 1980-1989
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...took early retirement. Now Clausen must deal quickly with a flood of red ink amounting to almost $1 billion in losses in the past five quarters at BankAmerica. He also faces the unwelcome challenge of a more than $2 billion merger offer from Los Angeles-based First Interstate Bancorp (assets: $50 billion). Last week a new possibility was reported by the Wall Street Journal: Citicorp, the largest U.S. banking institution, with assets of $176 billion, was also pondering ways to acquire BankAmerica...
...decision upheld the so-called New England Compact, which allows mergers across state lines by banks in the region. With the court's verdict, Bank of Boston (1984 assets: $22.1 billion), New England's No. 1 lender, will now acquire Colonial Bancorp of Waterbury, Conn. (assets $1.5 billion), and RIHT Financial Corp. (assets $2.3 billion) of Providence for about $200 million. Said a disappointed Hans Angermueller, vice chairman of Citicorp (assets $150.1 billion), which led the legal fight against the regional pact: "Banking is the only industry that still enjoys local protection...