Chase details community lending program

Article Abstract:

Chase Manhattan Corp., a banking institution, has issued more than $5 billion in loans to low-income, moderate-income individual clients as well as community investments in 1997, a marked improvement from loans and investments amounting to $4.82 billion made in 1996. The bank has expressed optimism that it can post another record year in loans and community investments in 1998, if the level of interest rates remain favorable. The loan program is part of a five-year pledge made by the company as a precondition for the approval of its merger with Chemical Banking Corp.

Comment:

Has issued more than $5 billion in loans & community investments in 1997, from $4.82 billion in 1996

Chase Manhattan Corp.

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BankAmerica vows record loans

Article Abstract:

BankAmerica Corp., together with NationsBank Corp., intends to give out $350 billion in loans to low-income as well as moderate-income individual clients and business enterprises within the next ten years. The loan program, which is contingent on the approval of the two firm's merger by October 1998, will be implemented in 22 states where the two banks maintain operations. BankAmerica Corp. intends to merge with NationsBank Corp. for $57.2 billion to form a new entity carrying the BankAmerica trade name.

Comment:

To give out $350 billion in loans to low-income, moderate-income individual clients & businesses in 10 years

California, BankAmerica Corp.

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Bank of New York pulls bid for Mellon

Article Abstract:

Pittsburgh, PA-based, Mellon Bank Corp.'s planned acquisition by Bank of New York Co. has been cancelled. The cancellation of the proposed purchase comes after Bank of New York set aside its unsolicited takeover offer for Mellon. The move was spurred by Mellon's refusal to meet with Bank of New York officials to discuss the possible acquisition. Bank of New York has offered to pay 1.4 shares of its own stock for each share of Mellon Bank stock, which was valued at $90 per share on April 22, 1998.

Comment:

Cancels its puchase offer for Mellon Bank Corp due to its refusal to discuss proposed deal

Asset sales & divestitures, Acquisitions & mergers, Pennsylvania, Mellon Bank Corp., The Bank of New York Company Inc.

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