Word: bancorp
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While Texas banks were leaping into mergers, San Francisco's BankAmerica was trying to elude Los Angeles-based First Interstate Bancorp. BankAmerica, staggering from losses of $600 million over the past nine months, has steadfastly ignored First Interstate's offers of a friendly merger, but the would-be acquirer last week unveiled a hostile bid that it values at $3.23 billion. BankAmerica Chairman A.W. Clausen called the action "reckless." Whatever happens to BankAmerica, it is increasingly clear that from the Texas oil patch to the California coast, virtually any institution is a possible target for the new merger-minded empire...
Other merger bids were seemingly not affected. Undeterred by its frustrated advances toward Lear Siegler, Wickes announced it would proceed with a $1.16 billion bid for New York-based Collins & Aikman, a textile concern. In California, First Interstate Bancorp is continuing its more-than- $3 billion bid to win giant BankAmerica...
BankAmerica spent last week dodging a $3.4 billion merger bid by First Interstate Bancorp and an informal takeover offer from Citicorp. But the beleaguered San Francisco company realizes that its shareholders will scream foul unless it does something to rescue its foundering finances (more than $1 billion in losses in the past six quarters). To raise cash, BankAmerica has decided to consider selling one of its crown jewels, the highly profitable Charles Schwab discount-brokerage subsidiary. The most probable buyer is none other than Charles Schwab, the company's founder, who sold out to BankAmerica in 1983 for $52 million...
Business is brisk for these consultants as a result of the recent rash of mergers, acquisitions and spinoffs. Says Joel Portugal, a partner at Anspach Grossman: "Industry is in a state of flux, and that means business for us." When Bank of Virginia merged with Maryland's Union Trust Bancorp, Anspach Grossman suggested the name Signet for the combined company...
...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...