Related Research Articles
State Street Corporation is an American global financial services and bank holding company headquartered at One Congress Street in Boston with operations worldwide. It is the second-oldest continually operating United States bank; its predecessor, Union Bank, was founded in 1792. State Street is ranked 14th on the list of largest banks in the United States by assets. It is one of the largest asset management companies in the world with US$3.7 trillion under management and US$40.0 trillion under custody and administration in 2023. It is the largest custodian bank in the world, providing securities services and it is considered a systemically important bank by the Financial Stability Board. Along with BlackRock and Vanguard, State Street is considered to be one of the Big Three index fund managers that dominate corporate America.
Washington Mutual, Inc. was an American savings bank holding company based in Seattle. It was the parent company of Washington Mutual Bank, which was the largest savings and loan association in the United States until its collapse in 2008.
U.S. Bancorp is an American bank holding company based in Minneapolis, Minnesota, and incorporated in Delaware. It is the parent company of U.S. Bank National Association, and is the fifth largest banking institution in the United States. The company provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions. As of 2019, it had 3,106 branches and 4,842 automated teller machines, primarily in the Western and Midwestern United States. In 2023 it ranked 149th on the Fortune 500, and it is considered a systemically important bank by the Financial Stability Board. The company also owns Elavon, a processor of credit card transactions for merchants, and Elan Financial Services, a credit card issuer that issues credit card products on behalf of small credit unions and banks across the U.S.
Demutualization is the process by which a customer-owned mutual organization (mutual) or co-operative changes legal form to a joint stock company. It is sometimes called stocking or privatization. As part of the demutualization process, members of a mutual usually receive a "windfall" payout, in the form of shares in the successor company, a cash payment, or a mixture of both. Mutualization or mutualisation is the opposite process, wherein a shareholder-owned company is converted into a mutual organization, typically through takeover by an existing mutual organization. Furthermore, re-mutualization depicts the process of aligning or refreshing the interest and objectives of the members of the mutual society.
National City Corporation was a regional bank holding company based in Cleveland, Ohio, founded in 1845; it was once one of the ten largest banks in America in terms of deposits, mortgages and home equity lines of credit. Subsidiary National City Mortgage is credited for doing the first mortgage in America. The company operated through an extensive banking network primarily in Ohio, Illinois, Indiana, Kentucky, Michigan, Missouri, Pennsylvania, Florida, and Wisconsin, and also served customers in selected markets nationally. Its core businesses included commercial and retail banking, mortgage financing and servicing, consumer finance, and asset management. The bank reached out to customers primarily through mass advertising and offered comprehensive banking services online. In its last years, the company was commonly known in the media by the abbreviated NatCity, with its investment banking arm even bearing the official name NatCity Investments.
Truist Financial Corporation is an American bank holding company headquartered in Charlotte, North Carolina. The company was formed in December 2019 as the result of the merger of BB&T and SunTrust Banks. Its bank operates 2,781 branches in 15 states and Washington, D.C., offering consumer and commercial banking, securities brokerage, asset management, mortgage, and insurance products and services. It is on the list of largest banks in the United States by assets; as of August 2023, it is the 9th largest bank with $514 billion in assets.
A mutual savings bank is a financial institution chartered by a central or regional government, without capital stock, owned by its members who subscribe to a common fund. From this fund, claims, loans, etc., are paid. Profits after deductions are shared among the members. The institution is intended to provide a safe place for individual members to save and to invest those savings in mortgages, loans, stocks, bonds and other securities and to share in any profits or losses that result.
First Union Corporation was a bank holding company that provided commercial and retail banking services in eleven states in the eastern U.S. First Union also provided various other financial services, including mortgage banking, credit card, investment banking, investment advisory, home equity lending, asset-based lending, leasing, insurance, international and securities brokerage services and private equity through First Union Capital Partners, and through other subsidiaries.
Standard Federal Bank was a Troy, Michigan-based bank serving Michigan and Northern Indiana in the United States which was acquired by Bank of America on 5 May 2008.
Great Western Bank was a large retail bank that operated primarily in the Western United States. Great Western's headquarters were in Chatsworth, California. At one time, Great Western was one of the largest savings and loan in the United States, second only to Home Savings of America. The bank was acquired by Washington Mutual in 1997 for $6.8 billion.
H.F. Ahmanson & Co. was a California holding company named after Howard F. Ahmanson Sr. It was best known as the parent of Home Savings of America, once one of the largest savings and loan associations in the United States.
Cooperative banking is retail and commercial banking organized on a cooperative basis. Cooperative banking institutions take deposits and lend money in most parts of the world.
Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo and Company in 2008, Wachovia was the fourth-largest bank holding company in the United States, based on total assets. Wachovia provided a broad range of banking, asset management, wealth management, and corporate and investment banking products and services. At its height, it was one of the largest providers of financial services in the United States, operating financial centers in 21 states and Washington, D.C., with locations from Connecticut to Florida and west to California. Wachovia provided global services through more than 40 offices around the world.
United Community Banks, Inc. is an American bank. United is one of the largest full-service financial institutions in the Southeast, with $27.3 billion in assets, and 203 offices in Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee.
Eastern Bank is a bank based in Boston, Massachusetts. Before de-mutualizing in 2020, it was the oldest and largest mutual bank in the United States and the largest community bank in Massachusetts. With 95 branches, Eastern had a 3.2% market share in Massachusetts in 2016. It was founded in 1818 in Salem, and then moved to Lynn, Massachusetts. The company began an aggressive expansion campaign near the end of the 1990s and moved its headquarters to Boston's Financial District. In 2020, Eastern Bank announced plans to de-mutualize and become a publicly traded corporation.
Bank United Corporation, headquartered in Houston, Texas, was a broad-based financial services provider and the largest publicly traded depository institution headquartered in Texas before its merger with Washington Mutual in 2001. Bank United Corp. conducted its business through its wholly owned subsidiary, Bank United, a federally chartered savings bank. The company operated a 155-branch community banking network in Texas, including 77 in the Dallas/Fort Worth Metroplex, 66 in the greater Houston area, five in Midland, four in Austin, and three in San Antonio; operated 19 SBA lending offices in 14 states; was a national middle market commercial bank with 23 regional offices in 16 states; originated mortgage loans through 11 wholesale offices in 10 states; operated a national mortgage servicing business serving approximately 324,000 customers, and managed an investment portfolio. As of June 30, 2000, Bank United Corp. had assets of $18.2 billion, deposits of $8.8 billion, and stockholder's equity of $823 million.
HomeTrust Bancshares Inc. is an Asheville, North Carolina-based bank holding company with $4.3 billion in assets and 33 branches in North and South Carolina, Georgia and Tennessee. It is the parent of seven community banks—HomeTrust Bank, Tryon Federal Bank, Shelby Savings Bank, Home Savings Bank, Industrial Federal Bank, Cherryville Federal Bank and Rutherford County Bank.
United Bank was an American bank headquartered in Hartford, Connecticut, and had locations throughout Connecticut, Massachusetts and Rhode Island. The bank was acquired in 2019 by People's United Financial and branches were rebranded or closed.
INB Financial Corporation was an Indianapolis-based statewide bank holding company that was the largest Indiana-based financial institution at the time it was acquired by Michigan-based NBD Bancorp in 1992. Its primary subsidiary was the Indianapolis-based INB National Bank, formerly the Indiana National Bank, which can trace its origins to the founding of the Second State Bank of Indiana in 1834.
SouthState Bank, based in Winter Haven, Florida, is an American bank based in Florida and a subsidiary of SouthState Corporation, a bank holding company. As of December 31, 2018, the company had 168 branches in South Carolina, North Carolina, Georgia, Florida, Alabama and Virginia.
References
- ↑ Lisinski, Chris (August 20, 2018). "Salem Five closes on acquisition of Sage Bank". Lowell Sun. Retrieved November 7, 2020.
- 1 2 "FDIC Bank Info: Sage Bank". Federal Deposit Insurance Corporation.
- ↑ "Institution History for SAGE BANK (1006577)". Federal Financial Institutions Examination Council.
- 1 2 3 "LowellBank Announces Intention To Change Name To Sage Bank" (Press release). PRNewswire. May 16, 2013.
- ↑ "Decision of January 28, 2009 In the matter of Lowell Co-operative Bank, Lowell, Massachusetts application for approval of a supervisory conversion from a mutual co-operative bank to a stock co-operative bank". Massachusetts. January 28, 2009.
- ↑ "Lowell Co-op completes Omega merger". The Sun (Lowell) . January 31, 2011.
- ↑ Welker, Grant; Scott, Christopher (November 20, 2014). "Lowell's Sage Bank's leaders bolt". The Sun (Lowell) .
- ↑ Stendahl, Max (August 20, 2018). "Salem Five closes acquisition of Lowell's Sage Bank". www.bizjournals.com.