|
Midwest banks may merge
|
 |
June 30, 1998: 6:21 a.m. ET
Report says Star Banc and Firstar Corp. close to $5 billion deal
|
NEW YORK (CNNfn) - Star Banc Corp. and Firstar Corp. are reportedly close to a merger that could be valued as high as $5 billion.
Sources close to the matter told The Wall Street Journal the merger could be announced as early as Tuesday. The deal would create a company with 625 branches in seven Midwestern states and Arizona and would have assets of nearly $35 billion.
Star Banc is based in Cincinnati, Firstar is based in Milwaukee.
The Journal reported Star Chief Executive Jerry Grundhofer is expected to run day-to-day operations of the combined institutions.
Officials from both companies declined comment to the paper.
A merger would help both banks compete with such rivals as Banc One Corp., which is merging with First Chicago NBD Corp. in a $30 billion deal, and Norwest Corp., which is merging with Wells Fargo & Co., also a $30 billion transaction.
Shares of Star Banc (STB) closed at 64-3/8 in Monday trading, up 1-7/8. Firstar (FSR) shares gained 1/8 to close at 33-11/16. 
|
|
|
|
|
|
Star Banc
Firstar
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
