Mellon Financial Corp. shareholders have approved the $16.5 billion takeover by Bank of New York Co. The agreement, an all-stock deal, was announced last December. The combination will produce the largest asset managers and form a company that will be the world's largest securities servicing setup. After the agreement, Bank of New York's shareholders will get 0.9434 shares in the new company for each share of Bank of New York, and Mellon shareholders will receive one share in the new company for every Mellon share they own. The new company will become the world's topmost asset service provider, holding $16.6 trillion in assets. The company will rank among the top 10 global asset managers.
BOK will buy Colorado bank
BOK Financial Corp., the parent bank of the Bank of Oklahoma, will buy Colorado-based First United Bank. The deal, however, is subject to approval by regulatory agencies and United Bank's shareholders. Acquisitions continue for BOK, following its purchase of Colorado State Bank and Trust for $81.7 million few years back. Colorado State Bank and Trust plans to take advantage of the acquisition to boost other specialty areas such as wealth management and oil and gas lending. BOK's total assets are worth $18.1 billion, and the financial organization operates from more than 160 banking locations. The assets of the First United Bank are worth $173.3 million, while Colorado State Bank and Trust has assets of more than $1 billion.
BMO Capital Markets hires Maneaty
BMO Capital Markets has hired Constance M. Maneaty as a senior research analyst. Maneaty, a 20-year veteran of Wall Street, will manage the personal care & household products industry. She will team up with two other research associates to become part of BMO Capital Markets' U.S. Equity Research Consumer & Leisure Group. Maneaty became famous since she was recognized in Forbes.com's StarMine Analyst Awards, 2002, for her stock-picking and earnings estimates. Prior to BMO Capital Markets, she served Prudential Securities, and has also been an analyst at Bear Stearns. BMO Capital Markets is the investment and corporate banking unit of BMO Financial Group. The organization is a leading North American financial services provider with more than 2,000 employees operating from 14 North American and 26 global offices.
Wachovia to invest $250,000 to support Teach For America
The Wachovia Foundation will invest $250,000 to support the expansion of Teach For America across Los Angeles and the Bay Area. Teach For America is a nationwide group of recent college graduates committed to teaching in urban and rural public schools. In California this year, 550 of the nation's most capable future leaders will influence nearly 43,000 public school students in Los Angeles, Oakland, and other major cities. Wachovia Corporation is Teach For America's national corporate partner and is dedicated to spend $6 million over three years to support the organization's expansion. Wachovia is one of the nation's biggest financial services companies, providing diverse solutions in asset organizing, wealth management, retail banking, and brokerage.
