ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Wednesday, January 3, 1996 TAG: 9601030063
SECTION: BUSINESS PAGE: B-8 EDITION: METRO
SOURCE: MAG POFF STAFF WRITER
First Union Corp. said Tuesday that it has completed its previously announced merger with First Fidelity Bancorp of Newark, N.J., and Philadelphia. The deal, valued at $5.89 billion, creates the sixth-largest U.S. banking company, with assets of about $126 billion.
The expanded organization means the former Southeastern First Union now stretches 1,400 miles from Connecticut to Florida. It serves 12 states plus Washington, D.C.
The company said there is no immediate impact expected at Roanoke, headquarters for First Union National Bank of Virginia and a center for some systemwide operations.
The merger also means Charlotte, N.C.-based First Union now operates 2,000 branches and 2,000 automated teller machines that serve more than 11 million customers. Its ATM network is the nation's third-largest.
The bank's region includes 35 percent of the U.S. population and four of the five highest personal income areas in the nation. Its new Northeast markets contain the greatest concentration of middle-market companies in America.
By next summer, the bank said, all of the computer operating systems in the old First Fidelity area will be converted to the First Union system. When that happens, customers will be able to do their banking at any branch. First Union signs will go up in the Northeast then.
The merger plan was first announced in June.
Separately, Crestar Financial Corp. of Richmond said Tuesday that it completed its acquisition of Loyola Capital Corp., the Baltimore-based holding company of Loyola Federal Savings Bank. The acquisition adds approximately $1.5 billion in deposits and $2.5 billion in assets, primarily loans, and more than 135,000 new customer households to Crestar's 30-branch region.
LENGTH: Short : 40 linesby CNB