BankAmerica Corp. Ponders Takeover of First Gibraltar
DALLAS (AP) _ BankAmerica Corp. is contemplating a takeover of First Gibraltar Bank, the largest savings and loan in Texas, according to a report published Monday.
First Gibraltar's owner, financier Robert O. Perelman, hopes to sell the thrift and shift its management team led by Texas banker Gerald J. Ford to Houston-based First City Bancorporation, The Dallas Morning News reported, citing anonymous sources. First City is the fourth-largest bank in Texas.
San Francisco-based BankAmerica is the nation's second largest bank company with $190 billion in assets.
BankAmerica moved into Texas a year ago with the purchase of a small suburban Houston bank. It grew by purchasing a few small banks until last month when it purchased the 111 branches of Sunbelt Savings, the last Texas thrift under the control of the federal Resolution Trust Corp.
That built BankAmerica's Texas unit, called Bank of America Texas, to $5 billion in assets. First Gibraltar has $11 billion in assets.
A BankAmerica-First Gibraltar combination would make Bank of America Texas the third largest bank in the state, behind NCNB Texas and Bank One Texas. …