NationsBank was one of the largest banking corporations in the United States, based in Charlotte, North Carolina. The company named NationsBank was formed through the merger of several other banks in 1991, and prior to that had been through multiple iterations. Its oldest predecessor companies had been Commercial National Bank, formed in 1874, and American Trust Company founded in 1909. In 1998, NationsBank acquired BankAmerica, and modified that better-known name to become Bank of America.
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NationsBank.
| Industry | Banking |
|---|---|
| Defunct | 1998 |
| Fate | Merged with Bank America |
| Successor | Bank of America |
| Headquarters | Charlotte, North Carolina , United States |
What happened to NationsBank in Georgia?
At one stroke, it became a major player in Georgia and Virginia, where it had previously had a minimal presence. In July 1992, NationsBank agreed to invest $200 million in Maryland National Corporation for a 16 percent nonvoting stake and an option to buy the whole company, which it subsequently executed in February 1993.
What is the history of NationsBank?
The company named NationsBank was formed through the merger of several other banks in 1991, and prior to that had been through multiple iterations. Its oldest predecessor companies had been Commercial National Bank (CNB), formed in 1874, and American Trust Company founded in 1909.
When did NationsBank buy Bank South?
In September 1995, NationsBank announced the acquisition of Bank South Corp for $1.6 billion in stock. The deal significantly increased NationsBank's already large presence in Atlanta. In 1996, NationsBank acquired St. Louis –based Boatmen's Bancshares for $9.6 billion.
What happened to the National Bank of Texas?
NationsBank of Texas is not active anymore since 1998-05-06 due to Merger - Without Assistance. Bank of America was the successor institution. The headquarter was located at 901 Main Street, Dallas, TX 75202.
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When did NCNB become NationsBank?
In 1992 NCNB merged with Atlanta-based C&S and Sovran, the country's twelfth-largest bank, to become NationsBank, with nearly 2,000 offices and more than 59,000 employees.
Does Barnett Bank still exist?
Barnett Bank was an American bank based in Florida. Founded in 1877, it eventually became the largest commercial bank in Florida with over 600 offices and $41.2 billion in deposits....Barnett Bank.TypeBankingDefunct1997Fateacquired by NationsBankHeadquartersJacksonville, Florida , United StatesNumber of locations600+7 more rows
Who did NationsBank merge with?
BankAmerica Corp.NationsBank Corp. consummated its merger with BankAmerica Corp. on Wednesday, creating the largest bank in the United States. The new company, which will trade as BankAmerica on the New York Stock Exchange starting today, will be the country's first coast-to-coast bank, with branches from California to North Carolina.
What happened to C & S bank?
It opened as NationsBank Plaza in 1992, and then renamed to Bank of America Plaza in 1998 after the NationsBank/BankAmerica merger and NationsBank rebranded as Bank of America.
Who bought out Barnett Bank?
NationsBankNationsBank announced yesterday that it will buy Barnett Banks Inc., which dominates in Florida, in a stock deal worth $15.5 billion. It will be the most expensive U.S. bank takeover to date.
Who founded Barnett Bank?
William Boyd BarnettThe Barnett Bank story began fifty years earlier on May 7, 1877, when William Boyd Barnett opened the Bank of Jacksonville.
Is NationsBank now Bank of America?
Although NationsBank was the nominal survivor, the merged bank took the better-known Bank of America name, and operates under Bank of America's charter. However, to this day it is headquartered in Charlotte at what is now Bank of America Corporate Center, and retains NCNB/NationsBank's pre-1998 stock price history.
Is NationsBank the same as Bank of America?
The company is dumping the NationsBank name for Bank of America, with which it merged nearly a year ago. By Aug. 30, 205 branches and 516 ATMs in Maryland will have been shorn of the NationsBank name for Bank of America as part of a sweeping conversion in the mid-Atlantic region.
Did Bank of America buy out NationsBank?
CHARLOTTE, NC, September 30, 1998 - NationsBank Corporation and BankAmerica Corporation today formally completed their merger, creating the largest bank in the United States. The merged company holds a leading 8 percent of the nation's bank deposits.
Who bought Citizens and Southern bank?
NationsBank was officially formed on December 31, 1991, with a merger between the $69 billion asset North Carolina National Bank Corporation (NCNB) and the $49 billion asset C&S/Sovran Corporation. The merger created the fourth-largest banking company in the United States.
Who bought Southern National bank?
WINSTON-SALEM and WHITEVILLE, N.C. -- Southern National Corporation (NYSE:SNB) and United Carolina Bancshares Corporation (NASDAQ:UCAR) jointly announced today the signing of a merger agreement that will create the largest bank in the Carolinas and the 30th largest bank holding company in the nation.
What does Bank of America own?
Bank of America Corporation affiliates include all entities that utilize the Bank of America, Banc of America, Bank of America Private Bank, Balboa and Merrill Lynch brand names.
What bank did Banc One buy?
The other transaction will see Banc One Corp. swap $28 billion of its shares to acquire First Chicago NBD Corp., creating the fifth-largest U.S. bank and the largest in the Midwest, with assets of $230 billion.
Why are financial companies taking over?
financial companies have been takeover targets because they are inexpensive relative to many other kinds of American stocks. One reason is investor caution after the lending debacles of the 1970s and 1980s, which led to significant write-offs of foreign loans and to the failure of many savings-and-loan associations.
Who owns Robertston Stephens?
BankAmerica and NationsBank have already moved into the securities business. BankAmerica owns Robertston Stephens, a securities firm that is strong in technology and mutual funds, while NationsBank last year purchased Montgomery Securities, a San Francisco-based brokerage house.
Did NationsBank slow down?
They did manage to slow it down, but it seems an idea whose time has come. Certainly, investors liked the announcements Monday, and shares of all four banks rose in late trading. NationsBank, which is to exchange 1.1316 of its shares for each BankAmerica share, was up $3.75 at $80.1875, while BankAmerica gained $3.625 to $90.125. The bid does not include a premium over the market price of BankAmerica on Thursday, executives noted, describing the transaction as a merger of equals even though it is structured as a takeover.
Is Interstate banking allowed?
American banks, meanwhile, had been hamstrung by laws that discouraged branches in more than one state until the 1980s and the federal Glass-Steagall Act, which limits their activities in the securities business. Interstate banking is now allowed, and the Glass-Steagall restrictions have been eroded by regulators, although the overall shape of federal banking legislation remains unclear.
Is BankAmerica a part of NationsBank?
Despite the talk of nationwide banking, the combined institution will merge BankAmerica's Western presence with the Southern and Southeastern U.S. operations of NationsBank. The new BankAmerica will not have much of a presence in the Midwest, where Banc One and First Chicago are strong, and neither of the merged lenders will have a substantial retail presence in the Northeast.
What was the name of the bank in 15802?
Changed name to Bank of America, National Association (15802)
Where is Community Bank of the Islands located?
Acquired Community Bank of the Islands (27164) in SANIBEL, FL
Who supervises commercial banks?
Commercial bank, national (federal) charter and Fed member, supervised by the Office of the Comptroller of the Currency (OCC)
What was the name of the bank in 15802?
Changed name to Bank of America, National Association (15802)
Who supervises commercial banks?
Commercial bank, national (federal) charter and Fed member, supervised by the Office of the Comptroller of the Currency (OCC)
Confirming Your Shares
Call Bank of America's transfer agent, Computershare Trust Company, N.A. at 1-800-642-9855 to discuss your stock certificate.
Depositing Your Shares
Contact your brokerage firm and ask for instructions on how to endorse and mail the stock certificate. Be sure to get a street address if you want to use an overnight delivery service to mail your shares.
Who is the chairman of Nationsbank?
Under the management structure for Nationsbank, 11 C&S/Sovran board members will be added to the board of NCNB, once known as the North Carolina National Bank. Mr. Brown will be the chairman of Nationsbank while Mr. McColl will be president and chief executive.
What is the merger of NCNB and C&S?
The NCNB Corporation and the C&S/Sovran Corporation formally announced yesterday that they would combine in a $4.3 billion merger to create a new entity called Nationsbank . The merger will create the nation's third-largest bank, with assets of about $116 billion.
How many layoffs did McColl expect?
Mr. McColl took pains to stress that he expected few layoffs from the 60,000 work force of the two banks. He expected a reduction of about 9,000 workers over the next three years, but said most of this would come from attrition rather than layoffs.
Where is the NCNB headquarters?
The NCNB and C&S/Sovran arrangement comes after nearly four weeks of well-publicized merger talks and was approved over the weekend during meetings between the two boards in Atlanta and Charlotte, the headquarters of NCNB and the new headquarters for Nationsbank.
Who is the chairman of NCNB?
Speaking to analysts in New York and reporters in Atlanta through a satellite and telephone linkup, top officials of the combined entity, including Hugh L. McColl Jr., NCNB's chairman and chief executive, and Bennett A. Brown, C&S/Sovran's chairman, gave final details of the deal. A 9-State Market
Does the new bank compete with money center banks?
Mr. Brown said the new bank does not plan to compete with money center banks in any specific lines of business, although some of its operations, including its mortgage servicing business and trust holdings, will rank with the nation's largest banks.
Is Nationsbank a community bank?
Nationsbank, instead, will concentrate on its existing franchise area at the level of community banks, Mr. Brown said. "That's where the value and the strength of this organization is. And that's where we'll be expanding."
Who founded the Central Bank?
In 1922 Citizens and Southern absorbed Central Bank and Trust Corp., the bank founded by Coca-Cola co-founder Asa Griggs Candler.
What is the name of the building that C&S and NBSC merged into?
Many pictures of C&S's headquarters from 1929 until 1968. The building is now known as the Georgia State's Robinson College of Business. Bank of America which merged with the former C&S through a series of mergers continues to run the banking floor in the building.
Why did C&S merge with Sovran?
The hasty merger of C&S and Sovran Financial was intended to create a strong, dominant regional bank. However, two problems soon emerged that made C&S/Sovran a takeover target. First was infighting between executives of the two newly combined banks with an Atlanta faction (C&S) and a Virginia faction (Sovran). Second, Sovran had a portfolio of problem loans which weakened the newly merged banks.
What banks did C&S buy?
In South Carolina, parties associated with C&S of Georgia purchased all the stock of Charleston -based Atlantic Savings Bank and Atlantic National Bank. Atlantic Savings Bank, renamed in 1918, opened October 1, 1874, as the Germania Savings Bank. In May 1928, the names of the two Atlantic banks were changed to Citizens and Southern Bank ...
What was the Southeastern Regional Banking Compact?
From 1984–1986, the Southeastern Regional Banking Compact allowed Southern banks with primarily Southern deposits to acquire or be acquired by each other while keeping the feared New York, Chicago, and West Coast banks out. This led several of the stronger Southern banks to begin buying regional competitors in order to make them too rich to be taken over.
When was the Bank of South Carolina built?
Constructed in 1798 as the Bank of South Carolina it later became the home for the Charleston Library Society (1835), then belonged to the Charleston Chamber of Commerce (1914), and finally became a bank again when C&S purchased the two-story building in 1966.
Is C&S Sovran a distressed bank?
NCNB, which had been busy expanding by taking over distressed banks like Texas' First Republic Bank Corporation, quickly recognized that C&S/Sovran was also "distressed". The NCNB purchase of First Republic almost doubled NCNB's assets which helped it to acquire the weakened C&S/Sovran in 1991. C&S/Sovran had $49 billion in assets compared to NCNB's $69 billion in assets upon merger. The merged company took the name NationsBank, headquartered in NCNB's old hometown of Charlotte.
