Word: mergers
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Dates: during 1960-1969
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...Public was operating well in the red, and state banking officials began casting around for a merger partner to save what was left. Early last week, a proposed merger with Detroit's solid, $498 million Bank of the Commonwealth unraveled when Public's accountant up and quit over "disagreements" with his bosses. Michigan State Banking Commissioner Charles Slay called it all "the damnedest mess I've ever seen...
...bank's end was quick and clean. Despairing of achieving a successful merger, Slay went into a Wayne County circuit courtroom at 6:45 one evening last week. The judge declared Public insolvent, put it in receivership with the Government's Federal Deposit Insurance Corp. FDIC quickly moved to safe guard Public's depositors by selling Public to Commonwealth, and provided the new owner with a $10 million guarantee against any further bad debts owed to Public. Six hours later, at 12:45 a.m., McGuire was informed of the deal by telephone. At 2 a.m., Commonwealth officers...
...merger, originally approved last April by the Interstate Commerce Commission, has since been put off four times while the ICC and the Eastern railroads tried to work out conditions that would be equitable for all. One problem has been the debt-ridden New Haven railroad. Under the terms of the merger, it will eventually become a part of the Penn Central; until it does. New York, Connecticut, Rhode Island...
Massachusetts have agreed to pay subsidies to protect their commuters. One reason the court refused to stay the merger was that a postponement would jeopardize the subsidy at a time when the New Haven needs it most...
...picking up passengers; the ICC, in approving the Pennsylvania and Central's request to merge, has ordered that the bigger line continue current freight interchanges with the smaller railroads in order to guarantee their revenues. The three small roads are destined to eventually end up in a second merger that will link them with the Norfolk & Western and C. & O.-B. & O. in a system as big as the Penn Central. The suspicion is that the smaller railroads, which do not oppose the Penn Central merger, are actually maneuvering to get better terms in the merger of the remaining...