Word: bankamerica
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...Charles Schwab, it was like a long battle to regain custody of a child. For more than a year he has tried to buy back the highly profitable discount- brokerage firm that he founded in 1971 and sold to BankAmerica for $57 million in 1983. Since then he has continued to run the brokerage, but he has felt shackled by the federal restrictions that come with being part of a bank- holding company...
...billion in assets make it the seventh largest U.S. bank holding company, agreed to acquire Houston's Texas Commerce Bancshares (assets: $18.9 billion) for $1.19 billion. If completed, the merger will be among the biggest in U.S. banking history and will create the fourth largest bank company, behind Citicorp, BankAmerica and Chase Manhattan. One day after that deal became public, two large Dallas institutions, healthy Republic Bank and ailing Interfirst, announced a Texas- size merger of their own. The combined bank (assets: $35 billion) will be the $ twelfth largest...
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...
...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...
Several U.S. corporate consortiums, including one jointly owned by AT&T, Chemical Bank, BankAmerica and Time Inc., are also exploring the videotext field. Two other efforts have ended in failure: last spring the Times Mirror and Knight-Ridder newspaper chains shut down a pair of failing videotext projects, for a combined loss of more than $80 million. "The odds are against Minitel," says James Holly, director of Times Mirror's electronic information services. "U.S. consumers are already overwhelmed by choices. Minitel would only add to the clutter." It appears that Americans are not about to join the Mayaux family anytime...