Printer Friendly

NBD BANCORP, SUMMCORP ANNOUNCE MERGER

 NBD BANCORP, SUMMCORP ANNOUNCE MERGER
 DETROIT/FORT WAYNE, Ind., Dec. 20 /PRNewswire/ -- NBD Bancorp


(NYSE: NBD) and Summcorp (NASDAQ-NMS: SMCR) today announced a definitive agreement under which Summcorp would become affiliated with NBD.
 Headquartered in Detroit with assets of $29 billion, NBD Bancorp is the nation's 27th-largest bank holding company. NBD operates 415 domestic and seven foreign offices through its 24 subsidiary banks, including NBD Bank, N.A., the largest in Michigan; Midwest Commerce Banking Company in Elkhart, Ind.; 20 banks in Illinois; one in Ohio, and a savings bank in Florida. NBD also has pending a merger with Gainer Corporation, a $1.5 billion bank holding company headquartered in Merrillville, Ind.
 Summcorp is a five-bank holding company headquartered in Fort Wayne, with assets of $2.5 billion at Sept. 30, 1991. Deposits were $2.1 billion and shareholders' equity was $176 million. Summcorp's earnings for the full year 1990 were $19.1 million; for the first nine months of 1991 the company earned $17.1 million.
 Summcorp operates the Summit Banks, with 54 offices in Fort Wayne, South Bend, Indianapolis, Muncie, Marion and Frankfort, Ind.
 Charles T. Fisher III, chairman and president of NBD Bancorp said, "We believe the merger of NBD and Summcorp will benefit the customers, employees and shareholders of both organizations. It will greatly enhance NBD's presence in the important Indiana market."
 After the merger, and including the assets of Gainer Corporation, NBD would have $4.7 billion in Indiana, making it the state's fourth- largest banking organization.
 Richard T. Doermer, chairman and chief executive officer of Summcorp, said, "We are pleased to be able to offer our customers the strength and resources of one of the nation's largest and most secure banks. Our shareholders will gain the benefit of holding an investment in a large, New York Stock Exchange corporation, and our employees will enjoy substantially enhanced career opportunities in one of the nation's finest banking companies."
 The agreement, valued at approximately $323 million, provides that NBD would exchange 0.9 shares of its common stock for each share of Summcorp common stock. The transaction will be a pooling of interests on NBD's books.
 Summcorp has 8,807,000 shares outstanding. It has granted NBD an option to purchase 1,752,590 shares, or 19.9 percent, at a price of $27.50.
 NBD Bancorp is traded on the New York Stock Exchange under the ticker symbol "NBD." Summcorp is traded on the NASDAQ under the ticker symbol "SMCR." The merger is subject to the approval of Summcorp shareholders and bank regulatory authorities.
 -0- 12/20/91
 /NOTE: ILLINOIS EDITORS -- NBD Bancorp is the parent company of 20 Metropolitan Chicago Banks with total assets of $5 billion. OHIO EDITORS -- NBD Bancorp is the parent company of NBD Bank with 21 branches in Columbus and Dayton, Ohio. INDIANA EDITORS -- NBD Bancorp is the parent company of Midwest Commerce Banking Company of Elkhart, Ind. FLORIDA EDITORS -- NBD Bancorp is the parent company of NBD Trust Company of Florida in North Palm Beach, Sarasota and Naples, and NBD FSB in Venice.
 CONTACT: M. Renee Ahee of NBD Bancorp, 313-225-2596; or Richard Doermer or Marvin Basse of Summcorp, 219-427-8184 or 219-427-8160/
 (NBD SMCR) CO: NBD Bancorp; Summcorp ST: Michigan, Indiana IN: FIN SU: TNM


SM -- DE031 -- 4508 12/20/91 16:23 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 20, 1991
Words:554
Previous Article:MCI PROVIDES FREE LONG-DISTANCE CALLING FOR MILITARY PERSONNEL OVERSEAS
Next Article:HANSBERGER NAMED CHAIRMAN OF TEMPLETON FUNDS MANAGEMENT GROUP
Topics:


Related Articles
NBD BANCORP COMPLETES GAINER CORPORATION ACQUISITION
NBD BANCORP TO ACQUIRE INB FINANCIAL CORPORATION
SUMMCORP SHAREHOLDERS APPROVE NBD BANCORP MERGER
NBD COMPLETES SUMMCORP ACQUISITION
NBD SHAREHOLDERS APPROVE MERGER WITH INB
INB SHAREHOLDERS APPROVE MERGER WITH NBD
NBD BANCORP AND AMERIFED FINANCIAL ANNOUNCE MERGER AGREEMENT
NBD TO SELL OHIO OPERATIONS TO FIFTH THIRD BANCORP
FEDERAL RESERVE BOARD APPROVES FIRST CHICAGO AND NBD MERGER
FIRST CHICAGO AND NBD BANCORP MERGER COMPLETED

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