Newspaper article THE JOURNAL RECORD

Boatmen's Official Once Again Braces for Buyout

Newspaper article THE JOURNAL RECORD

Boatmen's Official Once Again Braces for Buyout

Article excerpt

The third time is the charm.

Well, that must be what Ken Townsend, president and chief operating officer of Boatmen's National Bank of Oklahoma, is hoping.

Townsend is expected to go through the third transition of his bank's name as a result of last week's announcement in which North Carolina's NationsBank has agreed to purchase Boatmen's in a deal valued at more than $9 billion. "This is my third name change since First National failed in 1986. It went from First National to First Interstate and then to Boatmen's (in 1991). And, now, it will be NationsBank." he said. "Now, this may be the last time in Oklahoma that you will see a name change ... as far as Boatmen's because of the size of overall organization going forward," Townsend said. The deal, expected to be completed in January 1997, would create the nation's fourth largest banking company with a combined $233 billion in assets. Boatmen's Bancshares, based in St. Louis, has been widely known to be a prime acquisition target, especially since its January 1996 purchase of Wichita-based Fourth Financial Corp. Friday's announcement comes days before Boatmen's is expected to complete the transition of that acquisition. The Bank IV-Boatmen's transition is expected to go ahead as planned. On Sept. 13, Bank IV signs will be replaced by new Boatmen's signs, he said. As of that date, customers from Boatmen's and Bank IV will be able to access both banking facilities. Boatmen's will then have 28 locations in the Oklahoma City area and 78 statewide. The bank has more than 280 ATM locations statewide, 83 in the Oklahoma City area. NationsBank has no operation or any other entity in Oklahoma as such, so as far as numbers and branch locations, we will not see any change, Townsend said. "It will really be business as usual the Boatmen's way until we will convert to NationsBank's system in 1997," Townsend said. "We, at some point, will incorporate their products and services and all those kinds of things into Boatmen's Oklahoma system. But that will be later `97." No management changes are expected so far, according to Townsend. "This is a huge acquisition for NationsBank. …

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