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BUSINESS
By Dow Jones News Service | November 12, 1992
LONDON -- Allied Irish Banks PLC said yesterday that its pretax profit rose 8.9 percent in the six months that ended Sept. 30. The company said it was helped by a jump in profits at its U.S. subsidiary, First Maryland Corp. in Baltimore, and its charge for bad loans was reduced by 10 percent. Allied Irish said net income rose 7.7 percent for the period, to 556.1 million punts, or about $334 million.
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NEWS
By Jay Hancock | October 13, 2010
Just when you thought the nameplate on your bank and football stadium would stop changing, the Maryland bank with the second-largest number of deposits became the subject of merger speculation, big stock swings and international headlines. M&T Bank Corp. was in combination talks until recently with Banco Santander SA, a global giant based in Spain, according to news reports. Last week, instead of getting a merger, M&T stock owners watched the bank's biggest shareholder dump its entire stake, a turnabout that caused M&T shares to fall below $77 after trading above $90 last month.
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BUSINESS
May 14, 1992
Allied Irish Banks PLC, the Dublin-based parent of First Maryland Bancorp, reported yesterday a 12.2 percent increase in profits, to $169.8 million, or 26.1 cents a share, for the fiscal year that ended March 31, 1992, from $151.3 million, or 23.7 cents a share, a year ago.First Maryland, which owns the First National Bank of Maryland, also said yesterday that its upcoming sale of $100 million in 10-year subordinated notes was priced to yield 8.44 percent, or 1.10 percentage points more than the 10-year Treasury note.
BUSINESS
By Laura Smitherman and Laura Smitherman,Sun reporter | November 23, 2006
M&T Bank Corp. chief executive Robert E. Sadler Jr. announced yesterday that he will retire from his post at the end of the year, ushering in a re-ordering of executives at the Buffalo, N.Y.-based bank, which ranks as the third-largest in Maryland by market share. Sadler, who characterized his decision as "very personal" in a statement, will remain as a vice chairman at the bank. Chairman Robert G. Wilmers, who stepped down as chief executive officer to make way for Sadler less than 18 months ago, will return to that position.
NEWS
By Andrew Ratner and Bill Atkinson and Andrew Ratner and Bill Atkinson,SUN STAFF | March 14, 2002
DUBLIN, Ireland - In a major housecleaning after an embarrassing currency trading scandal, two top officers of Allfirst Financial Inc. and several other employees will be replaced, its parent company, Allied Irish Banks, said this morning. Allfirst Chairman Frank P. Bramble and Treasurer David M. Cronin are the biggest casualties of the monthlong investigation into the rogue trading by John M. Rusnak that cost the Baltimore-based bank and Allied Irish $691.2 million. The bank said the Baltimore trader acted alone without outside collusion.
BUSINESS
December 7, 1993
1st Md. stock given 7.875% yieldA $150 million issue of First Maryland Bancorp noncumulative perpetual preferred stock was priced with a 7.875 percent dividend yield, according to MCM CorporateWatch.The noncallable preferred is rated Baa1 by Moody's Investors Service Inc. and BBB-plus by Standard & Poor's Corp. First Maryland, which owns the First National Bank of Maryland, is a unit of Allied Irish Banks PLC.
BUSINESS
By William Patalon III and William Patalon III,SUN STAFF | February 16, 2002
Michael Buckley, chief executive of Allied Irish Banks PLC, was in Baltimore yesterday for his first meeting with Eugene A. Ludwig, the former U.S. comptroller of the currency who is investigating the $750 million trading loss at AIB's U.S. subsidiary, Allfirst Financial Inc., a bank spokesman said. Buckley, who spent most of yesterday meeting with Allfirst staff, also wanted a personal update on the internal investigation, said Philip H. Hosmer, Allfirst's vice president of corporate communications.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | October 29, 1998
Jeremiah E. Casey, who spearheaded Allied Irish Banks PLC's expansion into the U.S. market with the acquisition of First Maryland Bancorp, said yesterday that he will give up his job as chief executive of Allied Irish's USA division on Saturday.Casey will remain chairman of First Maryland and a member of AIB's executive committee until he retires, sometime in 1999."After 40 years plus, I will look after Jerry Casey a bit more rather than a corporate organization," he said. "It is something that you earn after 41 years" of service.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | June 19, 1997
First Maryland Bancorp has named Susan C. Keating president and chief executive officer of Dauphin Deposit Bank and Trust Co.Keating, who has been in banking for 23 years, replaces Christopher R. Jennings, chairman of the Harrisburg, Pa.-based banking company, who announced his retirement this week.Keating's appointment will take effect July 8, the day First Maryland's parent, Allied Irish Banks, is expected to close its acquisition of Dauphin. Dauphin will become a subsidiary of Baltimore-based First Maryland when the deal is completed.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | January 22, 1997
First Maryland Bancorp said yesterday that it has reached a definitive agreement to acquire Pennsylvania's fourth largest commercial banking company for $1.36 billion.Harrisburg-based Dauphin Deposit Corp., the parent of several banks in south central Pennsylvania will boost First Maryland's assets by 55 percent, to $16.8 billion. The deal will add $6 billion in assets, 98 branches, 92 ATMs and 2,700 employees to First Maryland's holdings there.First Maryland has had a foothold in that region since 1992, when it bought York Bank and Trust Co. The York bank has assets of $1.08 billion and 35 branches.
BUSINESS
By BLOOMBERG NEWS | February 3, 2006
NEW YORK -- A federal judge has denied a motion to dismiss a suit by Allied Irish Banks PLC accusing Citigroup Inc. and Bank of America Corp., the two largest U.S. banks, of helping rogue currency trader John Rusnak hide $691 million in losses. Rusnak pleaded guilty in 2002 to defrauding Allied Irish's Baltimore-based Allfirst Financial Inc. unit and was sentenced to prison. Units of Bank of America and Citigroup joined Rusnak's scheme in 2000 by opening accounts for him, and brokers there helped conceal his losses, Allied Irish said in its lawsuit.
BUSINESS
By Laura Smitherman and Laura Smitherman,SUN STAFF | March 11, 2005
Eugene J. Sheehy, who was sent to Baltimore three years ago by Allied Irish Banks PLC to help its Allfirst Financial Inc. subsidiary recover from a huge currency trading scandal, is being called home to Dublin to lead the parent bank. Next month, Sheehy, 50, will take over Ireland's largest company from Chief Executive Officer Michael D. Buckley, who is retiring. Sheehy is chairman and chief executive officer of the Mid-Atlantic division of M&T Bank Corp. of Buffalo, N.Y., which bought a majority stake in Allfirst from Allied Irish for $3.1 billion in September 2002, six months after Sheehy arrived.
BUSINESS
By Paul Adams and Paul Adams,SUN STAFF | April 4, 2004
Determined to bail out Baltimore's nearly insolvent schools without state aid, Mayor Martin O'Malley picked up the phone early last month and called Eugene Sheehy, a top executive for the city's banker, M&T Bank Corp. Virtually unknown to Marylanders before its $3.1 billion purchase of Allfirst Financial a year ago, the Buffalo, N.Y.-based bank answered the mayor's 11th-hour plea for assistance. Working on a Sunday, bank officials and the city's finance director put together the financial details of the mayor's go-it-alone plan to save city schools without help from state government.
BUSINESS
By William Patalon III and William Patalon III,SUN STAFF | March 12, 2003
M&T Bank Corp. said yesterday that it has lined up all the regulatory approvals needed for it to consummate its purchase of Allfirst Financial Inc., the Baltimore-based subsidiary of Allied Irish Banks PLC that last year was hit by a $691.2 million currency-trading scandal. "These are the approvals that allow us to move forward with the completion of the legal transaction [allowing the start of] the process of integrating the two organizations into one," said C. Michael Zabel, vice president of corporate communications for M&T. M&T, based in Buffalo, N.Y., said it received Federal Reserve Board approval yesterday.
BUSINESS
By Gus G. Sentementes and Gus G. Sentementes,SUN STAFF | October 10, 2002
M&T Bank Corp., which agreed last month to buy Baltimore's Allfirst Financial Inc. for $3.1 billion, said yesterday that its earnings rose 26 percent in the third quarter but fell short of expectations because of loan write-offs and charges from its mortgage-servicing business. The Buffalo, N.Y.-based company wrote-off $36 million in bad loans in the quarter, including $17 million for two leases to an unidentified airline company that filed for bankruptcy. M&T took a $16 million charge because of lower residential mortgage servicing fees.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | September 28, 2002
M&T Bank Corp., which agreed this week to buy scandal-tarred Allfirst Financial Inc., will face many challenges in stitching together the two companies, but the biggest could be reviving employee morale at the Baltimore bank, industry experts said yesterday. Over the past seven months, Allfirst employees have watched as the bank was embarrassed in one of the industry's biggest scandals. They have also seen a number of senior executives leave and have lived with rumors that Allfirst was for sale.
BUSINESS
By David Conn and David Conn,Staff Writer | July 23, 1992
First Maryland Bancorp, parent of First National Bank of Maryland, said yesterday that its second-quarter earnings were up more than 20 percent from earnings in the 1991 second quarter and in the first quarter of this year.The company said it earned $24.3 million in the quarter that ended June 30, a 21.5 percent increase over the $20 million earned in the same period a year ago. First Maryland is owned by Allied Irish Banks PLC of Dublin, Ireland, and does not report per-share figures.Allied Irish posted a 12 percent increase in earnings in fiscal 1992, which ended March 31, to $170 million, or 26 cents a share.
BUSINESS
By David Conn and David Conn,Sun Staff Writer | April 21, 1995
The Baltimore-area economy provided continued support to banks around the region in the first quarter, with Maryland's second-largest banking company and two community banks showing stronger operations.First Maryland Bancorp, parent of the First National Bank of Maryland, said net income for the period that ended March 31 rose 9.5 percent, to $28.5 million, from $26.1 million a year ago. The company, a subsidiary of Allied Irish Banks PLC, does not report per-share data.Loans during the period were up 8.1 percent, to $5.5 billion, although assets fell to $9.3 billion, down 8.1 percent from a year ago."
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | April 17, 2002
In an effort to rebuild its damaged image, Allfirst Financial Inc. has launched a new television advertising campaign in the wake of the currency trading scandal that cost the company $691.2 million. The two, 30-second spots, produced by GKV Communications Inc. of Baltimore, began airing this week and will run for a month. The commercials are designed to show that Allfirst is made up of dedicated people who have worked at the bank "before, during and after the crisis," said Neel Johnson, executive vice president of marketing at Allfirst.
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