Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Businessweek Archives

Banc One Is Stood In The Corner


In Business This Week

BANC ONE IS STOOD IN THE CORNER

Consider it a very light slap on the wrist. The Federal Reserve Board on Mar. 1 approved Banc One's $1.2 billion acquisition of Valley National Corp., giving Banc One the largest banking franchise in Arizona. The board put aside protests from activists and the city of Cleveland, who asked for commitments to greater community lending before the deal was granted. But the Fed also disclosed that Banc One's Cleveland affiliate had received a preliminary "needs to improve" rating of its community record from the Office of the Comptroller of the Currency. The rating will be considered if Banc One attempts future acquisitions.EDITED BY KEITH H. HAMMONDS


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus