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


American Apparel's Future
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus