Abstracts » Business, regional

Sovereign Bank seals deal with FleetBoston

Article Abstract:

Sovereign Bank (Wyomissing, PA) will acquire 90 offices from FleetBoston Corp. in Connecticut and Rhose Island for $1.4 billion.

Facilities & equipment, Sovereign Bank F.S.B., Fleet Boston Corp.

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First Union has a rival in its bid for Wachovia

Article Abstract:

Atlanta, GA-based Sun Trust has made Wachovia a better offer than First Union Corp.

Consumer Lending, Personal credit institutions, Consumer Finance Institutions, Consumer finance companies, Wachovia Bank and Trust Co., Sun Trust Credit Corp.

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Summit Bank makes new bid for Pa. lending; The N.J. lender is buying Prime Bank

Article Abstract:

Summit Bank (Hackensack, NJ) has offered to buy rival Prime Bank (Fort Washington, PA) for $290 million in stock at Feb 18, 1999 prices. If approved by regulators and shareholders, the price will be a 47% premium to Prime Bank's Feb 17, 1999 closing price of $18/share. Summit currently has assets of over $30 billion, and hopes to acquire now only Prime Bank's $1 billion assets, but also its staff of veteran business bankers.

Commercial Banks, New Jersey, Abstract, Summit Bank (Hackensack, New Jersey), Prime Bank (Philadelphia, Pennsylvania)

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