Word: citicorp
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Dates: during 1980-1989
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...years or close their doors. In case they need state help in the meantime, the legislators authorized a $100 million bond issue. To reduce Maryland's potential loss in rehabilitating the Old Court and Merritt thrifts, the state began negotiating their sale to such institutions as New York's Citicorp and Chase Manhattan...
...neighborhood banks across the U.S., an invasion of financial giants is at hand. Big-city institutions are breaking through the legal barriers that once confined them to their home states. New York's Citicorp, the most aggressive of them all, gained important ground last week by persuading the Maryland legislature to allow the bank to set up branches in the state. The new law gives the same privilege to any out-of-state bank that promises to invest at least $25 million in Maryland and create a minimum of 1,000 jobs. In Citicorp's case, the bank plans...
Most Maryland bankers strongly opposed the legislation because Citicorp (assets: $151 billion) is more than seven times as big as all of Maryland's 89 banks combined. But Governor Harry Hughes promoted the move as an economic stimulant, a tactic that Citicorp hopes will appeal to other states...
...Citicorp's competitors, Chase Manhattan (assets: $87 billion), also branched out last week. The bank established a beachhead in Ohio by agreeing to buy two small thrifts, Mentor Savings Bank in Mentor and Federated Savings Bank in Cincinnati. Both were among the 69 savings and loans temporarily closed last month in Ohio...
...wail of protest because their savings will remain frozen until authorities find a healthier partner to take over the shuttered bank. About 3,000 depositors gathered last week at Xavier University's field house for an emotional rally to urge the state to speed up action. New York's Citicorp has emerged as the prime merger candidate. A host of state and federal investigators are looking into Home State's ties with E.S.M. Government Securities, a Fort Lauderdale dealer in Treasury bills and bonds whose March 4 closing forced Home State out of business. A central figure in these probes...