Word: merger
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Dates: during 1990-1999
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Amid the sudden-death dealmaking of the past decade, the world of banking seemed like an island of restraint. But recently the industry has come down with a case of can-you-top-this fever. The latest combination is the largest in banking history, the merger of San Francisco-based BankAmerica with its smaller Los Angeles rival, Security Pacific. With $193 billion in assets, the enlarged BankAmerica will rank a close second to New York's Citicorp among U.S. banks...
...keep policyholders and investment capital from fleeing, as well as to attract new customers, some insurers are looking at mergers as a means to survive and prosper. Connecticut-based Phoenix Mutual Life (with 400,000 policyholders) and New York-based Home Life (300,000) admitted last week that preliminary talks are under way for a possible merger of the two firms, the first between major mutual life insurance companies. In a mutual life insurance firm the policyholders are the owners. If the merger is completed, a process both companies admit may take more than a year to accomplish, it would...
Among bankers these days, big is beautiful. In the largest combination of two U.S. banks ever, Chemical Banking last week agreed to acquire New York City rival Manufacturers Hanover in a $2.3 billion stock swap. The merger of the two huge but weak Goliaths, both burdened by hefty portfolios of ailing loans, will create a megabank with assets of $137 billion, second in size among U.S. banks only to New York's Citicorp. Moreover, the deal is likely to prompt a new wave of mergers across the country as other big banks struggle to remain competitive...
...merger will inflict sharp pain on employees and the troubled New York economy. Chemical and Manufacturers said they would eliminate $650 million a year in costs through a series of deep cutbacks. The banks plan to pare 6,200 jobs, or nearly 15% of their combined work force, and shut 70 of their 436 branches in the New York City area. Manufacturers Hanover, which financed construction of the Brooklyn Bridge, will see its name vanish into corporate history. Nonetheless, Manufacturers chairman John McGillicuddy, 60, will head the merged company until 1994, when Chemical chief Walter Shipley, 55, will succeed...
...biggest impact of the merger could come from the pressure it exerts ( on other large banks. Just one day after the New York behemoths unveiled their agreement, C&S/Sovran, a regional firm based in Atlanta and Norfolk, Va., said it would press ahead in merger talks with North Carolina's NCNB to create the third largest U.S. banking company. In California experts said merger candidates include San Francisco's Wells Fargo and the ailing First Interstate and Security Pacific banks in Los Angeles. Any pairing among those would create a formidable new West Coast giant...