Word: mergers
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Dates: during 1980-1989
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...while many traders seemed anxious to sell last week, there were still buyers aplenty for one category of stocks-companies whose shares hold speculative promise because they are prime takeover targets. Wall Street's merger mania accounted for some $80 billion in stock market trading during 1981. Some experts believe that takeover speculation by professional arbitragers, traders who try to buy merger stocks low and sell them high, and the takeover adventurists among the general public account for up to 25% of current trading...
These problems have been too much for many thrifts. During 1981 a record 256 S and Ls and savings banks slid into mergers with other institutions. Last month, for example, the Harlem Savings Bank announced its union with the Central Savings Bank on the other side of Manhattan. The marriage had been arranged by federal banking authorities to save failing Central, which had a third-quarter operating loss of $8.3 million against a net worth of $17.7 million. To bring off the merger with Harlem, the Federal Deposit Insurance Corporation took over a package of Central's weak loans...
...condition of thrifts is perhaps worst in New York City. Federal officials are now trying to find a merger mate for the venerable (founded 1819) New York Bank for Savings, which has assets of $3.6 billion. At least eight other New York institutions are also in trouble. Says Muriel Siebert, the state's superintendent of banking: "The problems are extremely serious. These are institutions that survived the Civil War and the Great Depression and never missed an interest payment. This is air unprecedented phenomenon...
...agency, though, was unable to find a merger partner last summer for Economy Savings and Loan in Chicago, and that bank was forced to close. But its 8,054 depositors did not lose any money because their accounts were insured up to $100,000 by the Federal Government...
...supply-side test, a financial shake-up and merger mania...