FDIC approves Centerbank-First Union merger.WATERBURY, Conn.--(BUSINESS WIRE)--Oct. 31, 1996-- The Federal Deposit Insurance Corp. (FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). ) has approved the merger of Centerbank, the banking subsidiary of Center Financial Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CFCX), and First Union Bank of Connecticut, a banking subsidiary of First Union Corp. (NYSE/FTU). Under the terms of the previously announced transaction, Center Financial Corp. shareholders will receive $25.44 in First Union common stock for each share of Center Financial common stock, based on the average price of First Union common stock during the ten-day trading period prior to the effective date of the transaction. The transaction is expected to be completed in mid-November, subject to Connecticut Banking Commissioner approval and other conditions of closing being met. Shortly thereafter, Center Financial shareholders will receive by mail detailed instructions on how to exchange their shares for First Union shares. Center Financial Corp. had assets of $4.0 billion at Sept. 30. First Union Corp., with assets of $133.9 billion at Sept. 30, provides financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. to 12 million customers in a market area that stretches from Hartford, Conn. to Key West, Fla. and includes 12 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . CONTACT: Patricia B. Sweet Senior Vice President Corporate Communications Corporate communications is the process of facilitating information and knowledge exchanges with internal and key external groups and individuals that have a direct relationship with an enterprise. Phone: 203/578-6296 Fax: 203/578-6279 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion