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.

Financial management, Core States Financial Corp.

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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.

New Jersey, Massachusetts, Summit Bancorp, FleetBoston Financial Corp., FBF

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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.

Facilities & equipment, Delaware, MBNA Corp., KRB

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