American Savings of Florida, F.S.B. announces preliminary OCC approval of First Union application.MIAMI--(BUSINESS WIRE)--June 6, 1995--American Savings of Florida, F.S.B. (NASDAQ/NMS:ASFL ASFL Australian Secured Financial Limited (Queensland, Australia) ) announced today that it has been informed by First Union Corporation (NYSE NYSE See: New York Stock Exchange :FTU) that First Union has received preliminary approval from the Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. (OCC OCC See: Options Clearing Corporation OCC See Options Clearing Corporation (OCC). ) to merge American Savings into a subsidiary national bank of First Union. Consummation of the merger is subject to additional conditions, including, among other conditions, approval of the merger and the merger agreement by the stockholders of American Savings and the expiration of the fifteen-day period required for review of the transaction by the United States Department of Justice “Justice Department” redirects here. For other uses, see Department of Justice. The United States Department of Justice (DOJ) is a Cabinet department in the United States government designed to enforce the law and defend the interests of the United States . The stockholders' meeting at which approval of the merger and the merger agreement will be considered by American Savings' stockholders is scheduled to be held on Wednesday, June 14, 1995. American Savings, with approximately $3.5 billion in assets, operates a network of 29 retail offices in Dade, Broward and Palm Beach counties and has eight mortgage origination offices in Florida and two in Chicago. In December 1994, American Savings entered into a definitive agreement under which First Union will acquire American Savings, subject to regulatory and shareholder approvals and certain other conditions to closing. American Savings is a member of the Federal Home Loan Bank System Noun 1. Federal Home Loan Bank System - the central credit system for thrift institutions financial institution, financial organisation, financial organization - an institution (public or private) that collects funds (from the public or other institutions) and and its deposits are federally insured. CONTACT: American Savings of Florida, F.S.B., Miami Carlos Fernandez-Guzman, Senior Vice President 305/770-2430 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion