Briefcase

By Ap, Reuters | St Louis Post-Dispatch (MO), December 31, 1993 | Go to article overview

Briefcase


Ap, Reuters, St Louis Post-Dispatch (MO)


St. Louis

BANKING

Mark Twain To Buy Bank In KC Suburbs

Mark Twain Bank said Thursday it will buy United Kansas Bank Group, a small bank in Merriam, Kansas.

Mark Twain, based in Ladue, said it will pay for the bank in Mark Twain stock currently worth $12 million. The purchase will give Mark Twain two more branches in the Kansas suburbs of Kansas City and $84 million in assets.

Mark Twain would then have five offices and $200 million in assets in the Kansas City market. Wedge Bank Expands

Wedge Bank, named for the shape of its Alton headquarters building, said it will expand its building at 620 East Broadway in Alton and buy the former Olympic Federal building at 620 East Third Street now occupied by the Bank of Edwardsville.

Wedge Bank plans to renovate the two buildings at a cost of $3 million. The project will last through 1995.

*****

NATIONAL

FINANCIAL SERVICES

Primerica-Travelers Merger Gets Final OK

Shareholders of Primerica Corp. and The Travelers Corp. approved a merger Thursday that creates one of the nation's largest financial services companies.

New York-based Primerica will change its name to The Travelers Inc. today, when the transaction closes, company officials said.

Primerica struck a $4.2 billion deal in September to acquire the approximately 73 percent of Travelers common stock it did not already own.

The new company has four major businesses: insurance, a securities brokerage, consumer lending and asset management. The new Travelers has more than $100 billion in assets, nearly $10 billion in stockholders' equity and manages about $140 billion in assets. AP

*****

SCANDALS

Salomon Exec Fined In Treasury Scandal

The Securities and Exchange Commission said Thursday it fined Thomas Murphy, former managing director at Salomon Brothers Inc., $300,000 and permanently barred him from participating in Treasury auction bids. …

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