Word: citicorps
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...days after the seizure, the FSLIC held a bidding conference that attracted 32 financial institutions, and a month later Citicorp's bid was declared to be the highest...
...Citicorp's attempt to gain a foothold on Bank America's turf dates back to early 1980, when a tentative deal to buy Fidelity for $200 million fell through because of opposition from federal and state regulators. After the failing thrift was seized last April 13 by the Federal Savings and Loan Insurance Corp., however, it was rechartered as a federal mutual association when the Government had a more favor able attitude toward interstate takeovers...
...Home Loan Bank Board an nounced a second round of bidding on June 17. Despite BankAmerica's offer to back financially a California-only merg er, the board announced that the highest bid of the three California S and Ls that participated was still $143 million lower than Citicorp's offer...
Reaction in California to the board's decision ranged from disappointment to outrage. Said California Savings and Loan Commissioner Linda Tsao Yang: "The decision is a tragedy. The entire bidding process was little more than a predetermined effort to legitimize the sale of Fidelity to Citicorp...
Despite its bitter opposition to the Fidelity takeover, Bank-America maintained last week that it was "too early to tell" what kind of impact the merger would have on the Califor nia banking market. "We're not trembling with trepidation because Citicorp is coming to California," said Spokesman Ronald Owens. "We're ready to take on all entrants to this market. It just means the competition is going to get a little heavier." Bank-America, which must still receive the approval of the Federal Reserve Board for its own bold move out of traditional banking, the purchase...