Banks Take a Hit From Hurricanes Katrina, Rita

Article Abstract:

Hurricanes Katrina and Rita have caused extensive storm damage to the finances of the United States banking industry. Over 12 major banks in the areas hardest hit by the storms (Mississippi and Louisiana) have lost a total of $1.3 billion in defaulted loans. The hardest hit bank was Hibernia Corp. posting a loss of $58.1 million for the third quarter.

Financial management, Mississippi, Louisiana, Economic aspects, Finance, Company financing, Hurricane Katrina, 2005, Hurricane Rita, 2005

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Wachovia plays down a big European merger

Article Abstract:

Wachovia Corp. of the United States is considering purchasing foreign specialized financial services companies according to the Chairman and Chief Executive Officer G. Kennedy Thompson. Wachovia Corp. is the fifth largest banking interest in the United States.

Management dynamics, Management, Foreign investments, Company business management, Wachovia Corp., WB, Company overview

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Bank of America may clear hurdle

Article Abstract:

Bank of America Corp. and MBNA Corp. are likely to have their merger approved by United States federal regulators. The takeover of the credit-card giant would yield combined deposits just below the ten percent required by United States regulation.

Acquisitions & mergers, Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Antitrust Law, Interpretation and construction, Mergers, acquisitions and divestments, Company acquisition/merger, Antitrust issue, Bank of America Corp., BAC, MBNA Corp.

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