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BUSINESS
By David Conn and David Conn,Sun Staff Writer | September 21, 1994
First Fidelity Bancorp. promised yesterday to bring an intensive community focus to Maryland when it completes its expected purchase of Baltimore Bancorp later this year."
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NEWS
By MICHAEL OLESKER | July 24, 1997
Here we go again: The banks are swallowing one another whole, and there's big-chested talk about marvelous corporate profits. But, before you know it, the boys at the top will be acting like enemies of the people.The latest is this week's announcement of First Union Corp.'s plans to buy Signet Bank. First Union has headquarters in Charlotte, N.C. Signet has headquarters in Richmond, Va. Between them, they employ about 1,400 people in the Baltimore region, every one of whom saw the buyout deal two days ago and wondered, "Is this the end of my career?"
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BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,Sun Staff Writer | July 15, 1995
First Fidelity Bancorp., the New Jersey-based bank preparing to reach mammoth status through a $5.4 billion merger with First Union Corp., has hired a local banking executive to lead its commercial lending efforts in Maryland.J. Scott Wilfong, a senior official with First Maryland Bancorp, will become an executive vice president at First Fidelity July 24. In that role, he will direct the $35.3 billion banking company's efforts to improve its business lending base. First Fidelity currently commands less than 10 percent of the region's commercial lending.
BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,SUN STAFF | December 4, 1996
First Mariner Bancorp reached into its founder's past yesterday to find a new president and tapped former Bank of Baltimore executive Joseph L. Cicero to take the No. 2 job at the 18-month-old Baltimore community bank.At First Mariner, Cicero will be president and chief operating officer of the holding company and chief operating officer of First Mariner Bank, its main subsidiary. George Mantakos will remain president of the bank and a director of the holding company.Cicero became chief financial officer of Baltimore Bancorp, which owned the Bank of Baltimore, after Edwin F. Hale ousted the company's former management in a bitter proxy contest.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | October 27, 1995
The Federal Reserve Board gave First Union Corp. of Charlotte, N.C., and First Fidelity Bancorp. approval yesterday to merge, creating the nation's sixth-largest banking company.The company, which will operate under the First Union name, will have $126 billion in assets, run the nation's largest branchnetwork and cover 12 Eastern states and Washington, D.C.The Fed's decision follows an overwhelming vote by First Union and First Fidelity shareholders earlier this month to approve the merger.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | October 4, 1995
While some 200 demonstrators marched outside in protest, shareholders of First Union Corp. and First Fidelity Bancorp. voted overwhelmingly yesterday to merge, creating the sixth largest banking company in the country and the fourth biggest in Maryland.Eighty-nine percent of First Union shareholders approved the merger, while 99 percent of First Fidelity shareholders gave it their blessing.The merger, which is expected to close by January pending approval from the Federal Reserve Board, will create an East Coast giant operating under the First Union name with $126 billion in assets and nearly 2,000 branches in 12 states and Washington, D.C. Its holdings will stretch from Connecticut to Florida serving 11 million customers.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | April 12, 1996
Expenses from its merger with First Fidelity Bancorp in January caused First Union Corp.'s earnings to tumble 31 percent to $242.9 million in the first quarter, the company said yesterday.The giant Charlotte, N.C.-based banking company took a $181 million after-tax restructuring charge announced earlier in the year, which decreased earnings a share by 65 cents.Merrill H. Ross, an analyst with Wheat First Butcher Singer Inc., said First Union's earnings were in line with her estimates, and she was upbeat about its prospects.
BUSINESS
By David Conn and David Conn,Sun Staff Writer | November 21, 1994
Baltimore's leaders created the Savings Bank of Baltimore in 1818 to help the poor save money and build wealth. Today, shareholders of the company's descendant, Baltimore Bancorp, will vote on a more modern wealth-building device: a friendly takeover.If the merger with First Fidelity Bancorp. of Lawrenceville, N.J., is approved at today's special meeting, as expected, the 3,449 stockholders who own the company and its main subsidiary, the Bank of Baltimore, will cash in their shares for a total of $346 million.
NEWS
By David Conn and David Conn,Sun Staff Writer | March 21, 1994
Baltimore Bancorp, one of Maryland's few remaining locally based banking companies, announced today that it has agreed to be acquired by First Fidelity Bancorporation of Lawrenceville, N.J., for $346 million in cash, or $20.75 a share.The news caps weeks of takeover speculation about the fate of Baltimore Bancorp, parent of the Bank of Baltimore. The 42-branch company, which has $2.2 billion in assets, has gone through a three-year struggle to survive a bitter management fight and large real estate-related losses, before returning to profitability in 1992 and 1993.
BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,SUN STAFF | December 4, 1996
First Mariner Bancorp reached into its founder's past yesterday to find a new president and tapped former Bank of Baltimore executive Joseph L. Cicero to take the No. 2 job at the 18-month-old Baltimore community bank.At First Mariner, Cicero will be president and chief operating officer of the holding company and chief operating officer of First Mariner Bank, its main subsidiary. George Mantakos will remain president of the bank and a director of the holding company.Cicero became chief financial officer of Baltimore Bancorp, which owned the Bank of Baltimore, after Edwin F. Hale ousted the company's former management in a bitter proxy contest.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,SUN STAFF | November 10, 1996
As part of a three-year, $40 million alliance with a coalition of community-based housing advocates, First Union National Bank of Maryland awarded $100,000 in grants last week to help low- to moderate-income families become homeowners.The lender and its predecessor, First Fidelity Bank, have made $12 million in low-interest mortgages and home improvement loans to about 200 Baltimore-area borrowers through the partnership with the Maryland Alliance for Responsible Investment (MARI).First Union is honoring a pledge originally made by First Fidelity of $20 million for mortgages and home improvement loans and another $20 million for loans to nonprofit developers of affordable for-sale and rental housing, said William B. Freeman Jr., vice president and community reinvestment officer for First Union, which acquired First Fidelity in January.
BUSINESS
By The profiles on this page were written by Sun staff writer Bill Atkinson | August 4, 1996
No one can accuse J. William Knott of being an outsider.The 39-year-old area president of First Union National Bank of Maryland grew up in Baltimore and is a member of the sprawling Knott family.His grandfather, Henry A. Knott, was a local construction mogul, and his uncle, Henry J. Knott Sr., who died last year, a philanthropist and treasurer for former Gov. Marvin Mandel."Prestige doesn't mean anything," he said. "I took this job because I have a chance to positively impact, influence and make decisions in the town I grew up in."
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | July 12, 1996
First Union Corp. said yesterday that earnings jumped 21 percent in the second quarter as the company experienced a surge in income from products ranging from loans to mutual funds.The nation's sixth-largest banking company earned $436 million in the second quarter ended June 30, or $1.55 a share, compared with $359 million, or $1.30 a share, for the same quarter last year."All around it was a rock-solid quarter," said Anthony J. Polini, a banking analyst with New York-based Advest Group.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | April 12, 1996
Expenses from its merger with First Fidelity Bancorp in January caused First Union Corp.'s earnings to tumble 31 percent to $242.9 million in the first quarter, the company said yesterday.The giant Charlotte, N.C.-based banking company took a $181 million after-tax restructuring charge announced earlier in the year, which decreased earnings a share by 65 cents.Merrill H. Ross, an analyst with Wheat First Butcher Singer Inc., said First Union's earnings were in line with her estimates, and she was upbeat about its prospects.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | January 12, 1996
First Union Corp. and First Fidelity Bancorp. beat analysts' estimates yesterday as the newly merged companies reported record earnings of $1.48 billion for 1995, before merger-related restructuring charges.Earnings were fueled by double-digit loan growth, hefty increases from fee-based products such as credit cards and mutual funds, merchant banking, and loan syndication services.After merger-related restructuring charges of $73 million, or 26 cents a common share, the combined company earned $1.40 billion, or $5.04 a share for the year.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | October 27, 1995
The Federal Reserve Board gave First Union Corp. of Charlotte, N.C., and First Fidelity Bancorp. approval yesterday to merge, creating the nation's sixth-largest banking company.The company, which will operate under the First Union name, will have $126 billion in assets, run the nation's largest branchnetwork and cover 12 Eastern states and Washington, D.C.The Fed's decision follows an overwhelming vote by First Union and First Fidelity shareholders earlier this month to approve the merger.
BUSINESS
By David Conn and David Conn,Sun Staff Writer | October 20, 1994
First Fidelity Bancorp. of New Jersey has asked regulators for permission to move the main office of its primary bank from New Jersey to Maryland in a legal maneuver that would allow the company to own one bank with branches in three states.Under the plan, submitted as part of First Fidelity's proposed purchase of Baltimore Bancorp, customers of the Bank of Baltimore could do their banking in Philadelphia or Newark, N.J., as easily as in Towson or Dundalk.First Fidelity has its headquarters in Lawrenceville, N.J., but it moved the "main office" of its subsidiary, First Fidelity Bank, to Salem in southern New Jersey earlier this year.
BUSINESS
By David Conn and David Conn,Sun Staff Writer | November 30, 1994
One week after Baltimore Bancorp's shareholders voted to approve the company's $346 million sale to First Fidelity Bancorp., the checks can finally be mailed.New Jersey-based First Fidelity said yesterday that it officially completed the merger. That means Baltimore Bancorp shareholders will receive $20.75 in cash for each of their shares within the next few weeks.It also means that many of the 3,449 stockholders will have to deal with an unwanted bonus come April 15: a hefty capital gain to list on their income taxes.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | October 4, 1995
While some 200 demonstrators marched outside in protest, shareholders of First Union Corp. and First Fidelity Bancorp. voted overwhelmingly yesterday to merge, creating the sixth largest banking company in the country and the fourth biggest in Maryland.Eighty-nine percent of First Union shareholders approved the merger, while 99 percent of First Fidelity shareholders gave it their blessing.The merger, which is expected to close by January pending approval from the Federal Reserve Board, will create an East Coast giant operating under the First Union name with $126 billion in assets and nearly 2,000 branches in 12 states and Washington, D.C. Its holdings will stretch from Connecticut to Florida serving 11 million customers.
BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,First Fidelity BancorpSun Staff Writer | September 9, 1995
Executives of First Fidelity Bancorp. stand to make up to $55 million on stock options if stockholders approve the Newark, N.J., bank's agreement to be acquired by First Union Corp., according to a proxy statement mailed to First Fidelity holders this week.The money comes from $31.5 million in deferred compensation that 15 top executives have accrued since 1990, which can be paid only if the executives buy First Fidelity stock with the money, and an estimated $23.7 million the executives will make if they buy all the shares they are eligible to buy at below-market prices and sell them to First Union at the share swap terms the companies announced June 19.The options are in addition to First Fidelity shares that bank executives already own.The $55 million works out to about 1 percent of the price First Union will pay for First Fidelity, in a deal that will create a bank with about $125 billion in loans and other assets.
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