Word: nationsbank
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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...
America's banks promise to get a lot bigger. Citicorp and Traveler's, BancOne and First Chicago and Bank America and Nationsbank all announced their engagements over the past two weeks in deals totaling $174 billion--almost equaling the $200 billion in financial services mergers announced worldwide during...
...wanted low fees and personal service. Despite its bare-bones operation--it started without drive-up tellers or ATMs--Anderson Community Bank attained its five-year goal of $39 million in assets after just 18 months and today holds $67 million. That's chump change to the likes of NationsBank. But Anderson Community's owners are content. And so are customers like Woschitz...