Citicorp merger with Travelers clears holders

Article Abstract:

Travelers Group Inc. and Citicorp have approved their proposed $80 billion merger, with the only major obstacle now being approval from the Federal Reserve Board. After the deal is closed, the countdown starts. Under current regulation, a bank-holding company is not permitted to underwrite insurance. However, Citigroup has a two-year window, plust thre one-year extensions before it must comply. The companies are hoping that the banking-reform laws will pass during that period to allow them to handle both activities.

Comment:

Travelers Group Inc. and Citicorp have approved their proposed $80 billion merger; Fed Reserve Bank still to give approval

Insurance, Insurance Carriers and Related Activities, Citicorp, Travelers Inc.

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Norwest, Wells Fargo agree to a merger: New banking giant created by $31.4 billion accord; culture clash is concern

Article Abstract:

The nation's seventh largest bank will be called Wells Fargo after the merger is completed between Norwest, Mpls., and Wells Fargo, San Francisco. No one expected these two to get together because they seem to have very different cultures. The deal involves $31.4 billion in stock. Richard Kovacevich will become CEO based in the new bank's San Francisco headquarters. Paul Hazen will be Chairman.

Comment:

Joins with Norwest in $31.4 billion stock swap and will keep HQ in San Francisco

Wells Fargo Bank N.A., Norwest Bank Minnesota N.A.

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PNC Bank to acquire brokerage firm, Hilliard-Lyons, in a $275 million pact

Article Abstract:

PNC Bank Corp. has reached an agreement to purchase Hilliard-Lyons Inc. for cash and common shares worth $275 million. PNC is the latest regional bank to merge with a brokerage company. PNC will be gaining control of over $22.5 billion in assets with its acquisition of Hilliard-Lyons. PNC will also be acquiring 84 branches located in 12 states in the southern and midwestern US.

Comment:

PNC Bank Corp. reaches agreement to purchase Hilliard-Lyons Inc. for cash and common shares worth $275 million

Asset sales & divestitures, Securities Brokerage, Stockbrokers, PNC Financial Services Group Inc., Hilliard-Lyons Inc.

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