Mergers backfire on big banks
Article Abstract:
Charlotte, NC-based First Union Corp. $20 billion acquisition of Philadelphia, Penn.-based Core States Financial Corp. three years ago has created financial problems for the banking giant. First Union, which is led by chairman Edward Crutchfield, has lost market share since the merger as local banks have expanded their operations.
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 2001
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Summit is offered $7 billion by Fleet
Article Abstract:
FleetBoston Financial Corp., the biggest bank in New England, outlined its plan to pay $7 billion to take over Summit Bancorp, the largest bank in New Jersey. Fleet intends to cut roughly one-third of Summit's $850 million operating budget, eliminating 2,500 or more jobs in the process.
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 2000
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MBNA expands its card business
Article Abstract:
MBNA Corp. (Wilmington, DE) will purchase First Union Corp.'s credit card accounts for some $1 billion, to boost and expand its credit card business.
Publication Name: Philadelphia Inquirer (PA)
Subject: Business, regional
ISSN: 0885-6613
Year: 2000
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