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In its effort to make the deal appeal to investors, SunTrust argued that it would provide a smoother transition than First Union and offered a higher cash price for Wachovia stock than First Union. [20] Wachovia's board of directors rejected SunTrust's offer and supported the merger with First Union.
First Union Corporation was a bank holding company that provided commercial and retail banking services in eleven states in the eastern U.S.First Union also provided various other financial services, including mortgage banking, credit card, investment banking (First Union Securities), investment advisory, home equity lending, asset-based lending, leasing, insurance, international and ...
First Union Corporation: Signet Banking Corporation First Union Corporation: Wells Fargo: 1997 National City Corp. First of America Bank National City Corp. PNC Financial Services: 1997 Banc One Corp. First USA: Bank One Corp. JPMorgan Chase: 1997 First Nationwide Bank California Federal Bank: California Federal Bank
Here are some of the biggest bank mergers and acquisitions in American history. ... Purchase price. Sept. 30, 1998. Bank of America. ... Wachovia Corp. $15.1 billion. Aug. 28, 1995 ...
First Union bought the Newark, N.J., bank for $5.4 billion — the biggest U.S. bank acquisition at the time. In 1997, the dealmaker bragged about the technique he used to buy Signet Banking Corp ...
On August 3, 2001, legacy Wachovia Corporation shareholders approved a "merger of equals" deal with Evergreen Fund's umbrella company, First Union Corporation, to create the new Wachovia Corporation, of which Evergreen became a subsidiary. The new entity shed the name of First Union and assumed the Wachovia identity and stock ticker.
SouthTrust Corporation was a banking company headquartered in Birmingham, Alabama. In 2004, SouthTrust reached an agreement to merge with Wachovia in a stock-for-stock deal. At the time of the merger with Wachovia was completed, SouthTrust had $53 Billion in assets. SouthTrust was listed on the NASDAQ exchange under the ticker symbol SOTR.
The bank was renamed in the mid-1980s after a series of mergers. After being acquired by First Union Corporation, which later also acquired Wachovia National Bank to become Wachovia Corporation, CoreStates Financial Corporation became a part of Wells Fargo in 2008 when Wachovia (formerly known as First Union) was acquired by that company.