THE BANK OF NEW YORK COMPANY AGREES TO ACQUIRE BRANCHES AND BUSINESS OF BARCLAYS BANK OF NEW YORK, N.A.
THE BANK OF NEW YORK COMPANY AGREES TO ACQUIRE BRANCHES AND BUSINESS OF BARCLAYS BANK OF NEW YORK, N.A. NEW YORK, May 20 /PRNewswire/ -- The Bank of New York (NYSE: BK) announced today that it has signed a letter of intent with Barclays Bank PLC to acquire substantially all of the banking activities of Barclays Bank of New York, N.A. Terms were not disclosed. The Bank of New York Company, Inc. also announced its intention to file later this week a Registration Statement with the Securities and Exchange Commission covering the offering of approximately 8 million shares of common stock. The Barclays transaction would add 63 branches to The Bank of New York's existing retail network, for a total of 286 branches in the New York metropolitan area. It will increase net assets by approximately $2.2 billion. "We are excited over the opportunity to strengthen our position as the leading retail bank in the greater New York suburban area," said J. Carter Bacot, chairman and chief executive officer of The Bank of New York Company, Inc. "Our new customers will benefit from our commitment to being the leading community bank in each of our local markets. They will gain the convenience of The Bank of New York's extensive branch network, coupled with our broad line of products and services for individuals and small to mid-sized businesses." The branches to be acquired are evenly distributed on Long Island and in the suburban counties north of New York City. They are located in Queens, Nassau, Suffolk, Westchester, Rockland, Orange, Dutchess and Ulster as well as in Manhattan. The 12 branches in Queens will greatly expand the Bank's presence in that market. The transaction is subject to the negotiation of a definitive agreement and approval by the board of governors of the Federal Reserve System and the New York State Banking Department. It is expected to close later in 1992. The Bank of New York Company, Inc. is the 17th largest commercial bank holding company in the United States, with total assets of $40.1 billion at March 31, 1992. The Bank of New York, its principal subsidiary, was founded in 1784 by Alexander Hamilton and is the nation's oldest bank operating under its original name. The Bank is an important lender to major U.S. and multinational corporations and to mid-sized companies nationally. In addition to its position as the leading retail bank in the greater New York suburban area, the bank is also the largest provider of securities processing services to the market and a respected trust and investment manager. -0- 5/20/92 /CONTACT: Michael M. Pascale of The Bank of New York, 212-495-1041, or Marion Cotrone of Barclays Bank of New York, 212-412-4018/ (BK) CO: The Bank of New York; Barclays Bank PLC ST: New York IN: FIN SU: TNM
SH -- NY022 -- 2206 05/20/92 09:20 EDT
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|Date:||May 20, 1992|
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