Printer Friendly

AMSOUTH ANNOUNCES FEDERAL APPROVALS FOR FIRST CHATTANOOGA ACQUISITION

 BIRMINGHAM, Ala., Dec. 21 /PRNewswire/ -- AmSouth Bancorporation (NYSE: ASO) has announced that it has received approvals from the Federal Reserve Bank of Atlanta, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, and the Tennessee Department of Financial Institutions to acquire First Chattanooga Financial Corporation (NASDAQ: FCHT), parent company of First Federal Bank, FSB.
 The required 30-day waiting period associated with receiving all federal regulatory approvals began Dec. 11, and AmSouth anticipates completing the First Chattanooga acquisition before the opening of business on Feb. 1, 1993.
 AmSouth also anticipates receiving approval of the Georgia Department of Banking and Finance for the charter of AmSouth Bank of Georgia in sufficient time to close the transaction on Feb. 1. The approval of the Georgia Department of Banking and Finance is necessary because First Federal currently operates a branch bank in Summerville, Ga.
 In conjunction with the acquisition, First Federal Bank will merge with AmSouth Bank of Tennessee and be converted into a full-service commercial bank. At the time of the merger, Chattanooga will become headquarters for AmSouth Bank of Tennessee.
 At Sept. 30, First Chattanooga, which operates 17 offices in Tennessee in addition to its Summerville office, reported total assets of $1.0 billion, shareholders' equity of $87.2 million and an equity to assets ratio of 8.65 percent.
 AmSouth Bancorporation reported Sept. 30, assets of $9.4 billion, shareholders' equity of $765.8 million, and an equity to assets ratio of 8.13 percent. In addition to three existing offices in Tennessee, AmSouth operates 153 banking offices throughout Alabama and 23 offices in northwest Florida. Other affiliates include AmSouth Mortgage Company, Inc., with 15 offices in eight southeastern states.
 -0- 12/21/92
 /CONTACT: Analysts: Harvey E. Campbell, 205-326-5316 or Media: Jim Underwood, 205-326-5184, both of AmSouth Bancorporation; or Bert Hicks of First Chattanooga, 615-752-1505/
 (ASO FCHT)


CO: AmSouth Bancorporation; First Chattanooga Financial Corporation ST: Alabama, Tennessee IN: FIN SU: TNM

BR -- AT004 -- 0077 12/21/92 11:12 PST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 21, 1992
Words:331
Previous Article:BECHTEL: CONSTRUCTION UNIONS AND BECHTEL INTRODUCE NEW WORKERS' COMPENSATION AGREEMENT FOR MASSACHUSETTS PROJECT
Next Article:SCIENTIFIC-ATLANTA AWARDED MAJOR SUBCONTRACT FOR AN/SQQ-89 ANTI-SUBMARINE WARFARE SYSTEM
Topics:


Related Articles
AMSOUTH BANCORPORATION SIGNS AGREEMENT TO ACQUIRE THE FIRST NATIONAL BANK OF CLEARWATER, FLA.
AMSOUTH ENTERS INTO LETTER OF INTENT TO ACQUIRE FIRST SUNBELT BANKSHARES
AMSOUTH BANCORPORATION SIGNS DEFINITIVE AGREEMENT TO ACQUIRE FIRST GULF BANK
AMSOUTH BANCORPORATION SIGNS DEFINITIVE AGREEMENT TO ACQUIRE ORANGE BANKING CORPORATION
AMSOUTH TO ACQUIRE MID-STATE FEDERAL SAVINGS BANK
AMSOUTH SIGNS DEFINITIVE AGREEMENT TO ACQUIRE FIRST SUNBELT BANKSHARES
AMSOUTH'S OFFER ACCEPTED BY FIRST NATIONAL BANK OF CLEARWATER
AMSOUTH BANCORPORATION, MID-STATE FEDERAL SAVINGS BANK GET APPROVAL FROM OFFICE OF THRIFT SUPERVISION
AMSOUTH AND COMMUNITY FEDERAL SAVINGS BANK SIGN DEFINITIVE AGREEMENT TO MERGE
AMSOUTH RECEIVES FDIC APPROVAL FOR ACQUISITION OF FORTUNE BANCORP

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters