Entries tagged "bank merger"

Analyst: BofA needs at least $80B

Shares of Bank of America Corp. are dropping like a stone Tuesday, after an analyst note speculated that the Charlotte, N.C.-based bank would need a minimum of $80 billion to get its capital position to the minimum levels required by regulators.    ...

National City takeover gets Fed OK

The Federal Reserve Board Monday approved PNC Financial Services Group Inc.'s $5.58 billion acquisition of National City Corp....

PNC must sell Nat City branches

PNC Financial Services Group Inc. must sell 61 branches of National City Corp. in western Pennsylvania as a condition for acquiring the Cleveland-based bank, The Associated Press reports. National City's nearly 30,000 employees, from top managers to bank tellers, were being informed during the afternoon that the Department of Justice would announce the order late Thursday. PNC chairman James Rohr said divestitures in western Pennsylvania would be necessary when the $5.6 billion deal was announced Oct. 24. - Bill McConnell ...

Sign of the Apocalypse: Evelyn Davis muted

Another sign the end times are near: According to Dealbreaker, Evelyn Davis, who regularly appears at shareholder meetings pushing her corporate governance mantra of accountability, was for perhaps the first time in 48 years successfully quieted by a CEO at Friday's Merrill Lynch & Co. shareholder meeting -- perhaps an even more fitting sign of the apocalypse than the christening of Ken Lewis as Banker of the Year. - Matthew Wurtzel ...

Shareholders approve Merrill buyout, but more layoffs loom

That's a wrap. Shareholders of Merrill Lynch & Co. officially approved the iconic Wall Street institution's $50 billion all-stock acquisition by Bank of America Corp. on Friday morning at a special stockholders meeting. The deal, made in the midst of the meltdown caused by the bankruptcy of Lehman Brothers Holdings Inc., will leave Merrill as wholly owned subsidiary of Bank of America. Once the regulatory hurdles have been cleared, the two banks will roll up their sleeves and fully take on the most difficult part of the deal: integrating two vastly different cultures, a task for BofA CEO Ken Lewis...

Did Capital One bully Citigroup out of Chevy Chase deal?

So Capital One Financial Corp. acquired Chevy Chase Bank FSB for nearly $520 million Thursday. Citigroup Inc. reportedly was one of several potential acquirers for the Maryland-based lender, but in the end was left out in the cold. The news that Citigroup was pushed aside isn't shocking considering its recent bailout, which has renewed pressures on Citigroup CEO Vikram Pandit (pictured) to slim down the firm rather than to expand it. ...

Capital One puts Chevy Chase, not Citizens, in its wallet

Earlier in the week, Dealscape speculated that should troubled U.K. bank the Royal Bank of Scotland Group plc sell its U.S. retail banking business, Citizens Financial Group, Capital One Financial Corp. would be a natural fit. McLean, Va.-based Capital One was flush with $3.5 billion from a U.S. Treasury capital injection via the Troubled Asset Relief Plan, and additional deposits could help the firm ride out the recession, which will undoubtedly batter its credit card business. A Citizens purchase also made sense geographically. The logic was half right. Capital One was on the prowl, and it just opted for...

BofA explains Thain's new role

Two weeks after Bank of America Corp. stunned Wall Street with the $50 billion takeover of Merrill Lynch & Co., the banks have clarified what role Merrill CEO John Thain will play after the merger is complete. ...

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