Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, October 27, 1995 TAG: 9510270070
SECTION: BUSINESS PAGE: B8 EDITION: METRO
SOURCE: MAG POFF STAFF WRITER
DATELINE: LENGTH: Medium
The approval by the primary regulator of national banks was the final federal approval required for the merger between Charlotte, N.C.-based First Union and First Fidelity of Newark, N.J., and Philadelphia. The plan was approved by shareholders of both companies early this month.
The acquisition now is subject to action by banking agencies in several states, said First Union spokesman David Scanzoni.
The Federal Reserve approval came over protests by several community groups that said First Union's lending policies discriminate against minorities.
Scanzoni said it is too early to tell whether the merger will lead to increased employment at several bank departments in the Roanoke Valley, such as printing, mortgage servicing and credit card customer servicing, which now handle customers throughout First Union's system covering eight states and Washington, D.C.
Target date for completing the merger is Jan. 1. Plans for the deal were announced June 19.
The combined company will operate under the First Union name and have estimated assets of $126 billion.
First Union would operate the nation's largest network of bank branches - nearly 2,000 - serving 11 million customers in 12 eastern states from Florida to Connecticut, as well as Washington, D.C.
The company would serve a region that includes 35 percent of the U.S. population and four of the nation's five highest personal-income areas.
The existing region served by First Fidelity contains the highest concentration of midsized companies in America.
by CNB