Word: republicbank
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Dates: during 1990-1999
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NCNB, which acquired First RepublicBank of Texas in 1988, has long coveted C&S/Sovran. The proposed merger came only three days after Winston-Salem's Wachovia Corp. agreed to buy troubled South Carolina National for $800 million. The deals probably foreshadow a new wave of acquisitions, even among such big banks as Chemical, Chase Manhattan, Wells Fargo and Security Pacific. Says analyst James McDermott: "The industry is poised for a massive round of consolidations...
...accounting firm barely has time to celebrate. The SEC is investigating whether 36 Young partners improperly borrowed money from Republicbank of Dallas. Some of them had audited the bank (and certified it healthy) a year before it also crumbled...