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. |
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