Word: nationsbank
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Dates: during 1990-1999
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...need a good checking account, bigger banks are definitely not better. That's the conclusion of a new Bank Rate Monitor study, which found that small, local banks offer the best deals in the U.S., while giants like Citibank and NationsBank sock customers with charges up to $200 a year. Small community banks are opening at record rates (200 last year alone), so watch your area for high yields and low minimum balances and fees...
These days he has plenty of both. In the past 10 years, as international banks have struggled with competitors from American Express to America Online, McColl has engineered a kind of banking miracle in homey Charlotte, a deus ex machina where the machina is his very own NationsBank automated-teller machines, and the deus wears cowboy boots. Last week McColl announced the boldest deal yet: a plan to merge NationsBank with California-based BankAmerica to create a golden Godzilla with deposits of $346 billion. On Wall Street, where financial stocks have sizzled this year, the marriage was greeted with huge...
...fair, McColl isn't the only one to have figured this out. The past month has been peppered with the kind of earthmoving financial deals that would have seemed impossible a decade ago. On the same day last week that the BankAmerica-NationsBank deal was announced, Banc One chairman John B. McCoy (who once mused that in the future the industry would have just five or six major banks) announced plans to merge his $116 billion bank with the much merged $115 billion First Chicago NBD Corp. All this came just a week after insurance and brokerage giant Travelers Group...
Still, the recent mergers of Citicorp with Travelers, NationsBank with BankAmerica, and Bank One with First Chicago show that the push for bigness remains intense. Just about everyone expects a handful of not-quite-ready-for-prime-time banks--Mellon Bank, Wells Fargo, Norwest, Fleet Financial and others--to be bought or to find partners themselves. Meanwhile, those same banks, and many middle-size ones too, sport prices inflated by speculation. Their high stock prices give them currency to shop for smaller prey of their own. Fertile deal territory, for sure...
...mergers of equals," which allow two banks of similar size to hook up without one paying a big premium for the other. Shareholders still get a (more modest) pop, but in both stocks, not just the target's. So you can do well owning the buying bank--say, a NationsBank, First Union or Chase Manhattan. In many cases, that will be the better long-term investment anyway. But I'd also consider simply plunking some money in a well-run regional bank-stock mutual fund like Fidelity's or John Hancock's. Both are up more than...