Printer Friendly
The Free Library
4,489,758 articles and books
Member login
User name  
Password 
 
Join us Forgot password?

Closing the deal.


There have been several big deals among BE 100s banks over the last few years. Here are some of the major transactions:

* October 2000: Boston Bank of Commerce (No. 15 on the 2000 BE BANKS list with $137.7 million in assets) and Los Angeles-based Founders National Bank (No. 19 on the 2000 BE BANKS list with $105.9 million in assets) sign a definitive agreement to merge and create the first national minority banking platform controlled and managed by African Americans. The combined entity has assets totaling more than $260 million.

* July 2002: Boston Bank of Commerce (No. 6 on the 2002 BE BANKS list with $261.7 million in assets) signs a definitive agreement to acquire Los Angeles-based Family Savings Bank (No. 9 on the 2002 BE BANKS list with $196.6 million in assets) in a cash transaction
Cash Transaction
A transaction that is settled with cash on the same day as the trade.

Notes:
Settling a trade using the cash transaction method differs from settling a contract on the settlement date, which in some cases involves agreeing on a price on the trade date but transferring payment on some date in the future (known as the settlement date).
 The combined company is later renamed OneUnited Bank.

* February 2003: Atlanta-based Citizens Trust Bank (No. 3 on the 2002 BE BANKS list with $292.4 million in assets) completes the acquisition of CFS Bancshares Inc. in Birmingham, Alabama, (No. 19 on the 2002 BE BANKS list with $107 million in assets) for $92 million in cash.
COPYRIGHT 2004 Earl G. Graves Publishing Co., Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2004, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Newspoints
Publication:Black Enterprise
Date:Mar 1, 2004
Words:197
Previous Article:Clock running down on nation's oldest black bank: Consolidated Bank & Trust Co. faces pressure to restore profitability and financial soundness.(B.E....
Next Article:World trade recovery: black CPA firm snares post-9/11 contract to help rebuild New York's Ground Zero area.(Newsmaker)



Related Articles
Financial News: a deal to bank on.(City National Bank acquires Carver Bancorp)(Newspoints)(Brief Article)
New leadership at Aetna: Ronald Williams is named president of insurance giant. (Newsmakers).(Brief Article)
BBoC and FSB to merge: more deals within banking community are possible. (B.E. 100s).(Boston Bank of Commerce; Family Savings Bank)
Eye opener. (Letters).
Power lunch. (Letters).
Corrections.(Correction Notice)
Corrections.
400 million reasons not to give up.(Letters)(Letter to the Editor)
Times to offer readers a view of stories by competing papers.(Media & Technology)
Corrections.(UP FRONT)(Correction Notice)

Terms of use | Copyright © 2008 Farlex, Inc. | Feedback | For webmasters | Submit articles