Wikipedia

Star Banc Corporation

Star Banc Corporation was a Cincinnati, Ohio-based regional bank holding company that acquired Firstar in 1998 and took the Firstar name; the merged bank acquired U.S. Bancorp in 2001 and took the U.S. Bancorp name. The company can trace its origins back to 1863 when it was first founded as the First National Bank of Cincinnati.

Star Banc Corporation
Star Bank
FormerlyFirst National Cincinnati Corporation (1974–1988)
Company typepublic
NYSE: STB (1988–1998)
IndustryBanking
Founded1863; 161 years ago (1863) as the First National Bank of Cincinnati in Cincinnati, Ohio
DefunctNovember 20, 1998; 25 years ago (1998-11-20)
FateChanged name to Firstar after acquiring Firstar
SuccessorFirstar and later U.S. Bancorp
HeadquartersCincinnati, Ohio
Area served
Ohio, Indiana, Kentucky, and Tennessee
Key people
Jerry Grundhofer
Websitearchived official website

History edit

In Cincinnati, First National Bank of Cincinnati opened for business in 1863 under National Charter #24, the charter that U.S. Bancorp still operates under today.[1]

In January 1974, to allow the company to expand outside of Cincinnati and to allow it to acquire other banks, the First National Bank of Cincinnati reorganized as a holding company, First National Cincinnati Corporation.[2]

In July 1988, First National Cincinnati changed the names of all of its 17 subsidiary banks to Star Bank. In Columbus, Ohio State Bank was renamed Star Bank Central Ohio.[3] The First National Bank of Cincinnati was renamed Star Bank, N.A., Cincinnati.

To be more consistent with the names of its subsidiary banks, the holding company changed its name to Star Banc Corporation the following year in April 1989.[4]

Expansion in Ohio edit

First National Cincinnati Corporation made its first expansion move outside of Hamilton County by announcing in May 1975 the pending acquisition of the Yellow Springs, Ohio-based Miami Deposit Bank from Midwestern Fidelity Corporation for an undisclosed amount.[5] At the time of the announcement, First National Bank of Cincinnati had 24 offices. The acquisition was completed in October 1975 for $3.6 million.[6]

In May 1976, First National Cincinnati Corporation announced the pending acquisition of the Ironton-based First National Bank of Ironton and Troy-based First National Bank & Trust Co. for an undisclosed amount.[7] The acquisition was completed in August 1976.[8]

In July 1977, First National Cincinnati Corporation announced the pending acquisition of the Circleville-based Third National Bank of Circleville for an undisclosed amount.[9] The acquisition was completed in December 1977 for $2.9 million in cash.[10]

In December 1978, First National Cincinnati Corporation announced the pending acquisition of the Gallipolis-based Commercial & Savings Bank for an undisclosed amount.[11] The acquisition was completed in August 1979.[12]

In October 1979, First National Cincinnati Corporation announced the pending acquisition of the Portsmouth-based Portsmouth Banking Company for an undisclosed amount.[13] The acquisition was completed in August 1980.[14]

In April 1981, First National Cincinnati Corporation announced the pending acquisition of the Hamilton-based Second National Bank of Hamilton for an undisclosed amount.[15] The acquisition was completed in March 1982 for $22.2 million in cash and notes.[16]

In July 1982, First National Cincinnati Corporation announced the pending acquisition of the Hillsboro-based Farmers and Traders National Bank for an undisclosed amount.[17] The acquisition was completed in March 1983 for $6.8 million in cash and notes.[18][19]

In December 1982, First National Cincinnati Corporation announced the pending acquisition of the Fairborn-based Bank One of Fairborn from Banc One Corporation for an undisclosed amount.[20][21]

In March 1984, First National Cincinnati Corporation announced the pending acquisition of the Eaton-based Preble County National Bank for an undisclosed amount.[22] The acquisition was completed in February 1985.[23]

In December 1984, First National Cincinnati Corporation announced the pending acquisition of the Columbus-based Ohio State Bank from BancOhio Corporation for an undisclosed amount.[24] The acquisition was completed in July 1985.[25] BancOhio Corporation had to divest its offices in Columbus before it would be allowed to proceed with its merger with National City Corp.

In June 1985, First National Cincinnati Corporation announced the pending acquisition of 10 offices of the failed Home State Savings Bank offices in Cincinnati, Middletown and Dayton from Hunter Savings Association for an undisclosed amount.[26][27]

In August 1987, First National Cincinnati Corporation announced the pending acquisition of the Sidney-based First Sidney Banc Corporation with its First National Bank of Sidney subsidiary for an undisclosed amount.[28] The acquisition was completed in January 1988.[29][30]

In December 1987, First National Cincinnati Corporation announced the pending acquisition of the Miamisburg-based First National Bancorp with its First National Bank of Miamisburg subsidiary for an undisclosed amount.[31][32] The acquisition was completed in July 1988.[33]

In March 1992, Star Banc Corporation announced the pending acquisition of 28 branch offices in Greater Cleveland from Ameritrust Corporation for $22 million that Society Corporation was required to divest.[34] The acquisition was completed in June 1992.[35] Society Corporation was required by Federal regulators to divest those offices before it could complete its acquisition of Ameritrust.

In September 1994, Star Banc Corporation announced the acquisition of 47 branch offices and $1.12 billion in deposits of the failed TransOhio Federal Savings Bank from the Resolution Trust Corporation for $122.4 million.[36]

In November 1996, Star Banc Corporation announced the pending acquisition of seven AmeriFirst branch offices in Ohio from the Bowling Green-based Mid Am, Inc., for an undisclosed amount.[37] The acquisition was completed in February 1997.[38]

In February 1998, Star Banc Corporation announced the pending acquisition of 53 banking offices in Ohio for an undisclosed amount that Banc One Corporation was divesting as a cost-cutting measure prior to its merger with First Chicago NBD to form the new Bank One Corporation.[39] The acquisition was completed in June 1998 for only 49 offices since federal regulators had objected to the purchase of four of the proposed offices.[40]

Expansion in Kentucky edit

First National Cincinnati Corporation made its first expansion move outside the state of Ohio by announcing in November 1985 the pending acquisition of the Newport-based New Bancshares Inc. with its Newport National Bank subsidiary for an undisclosed amount.[41] The acquisition was completed in March 1986.[42]

In September 1987, First National Cincinnati Corporation announced the pending acquisition of the Covington-based Peoples Liberty Bancorporation for an undisclosed amount.[43][44] The acquisition was completed in February 1988.[45]

In November 1989, Star Banc Corporation announced the pending acquisition of the Verona-based Verona Bank for an undisclosed amount.[46][47] The acquisition was completed in May 1990.[48]

In January 1991, Star Banc Corporation announced the pending acquisition of the Covington-based Kentucky Bancorporation with its six bank and 17 offices for an undisclosed amount.[49] The acquisition was completed in September 1991.[50]

In September 1997, Star Banc Corporation announced the pending acquisition of the Louisville-based Great Financial Corporation for $655 million in stock.[51][52] At the time of the announcement, Great Financial had 45 branch offices in Kentucky and Indiana. The acquisition was completed in February 1998.[53]

In April 1998, Star Banc Corporation announced the pending acquisition of the Bowling Green-based Trans Financial Inc. for $696 million in stock.[54][55] At the time of the announcement, Trans Financial had 56 branch locations in Kentucky and Tennessee while Star Banc had 328 locations in Ohio, Kentucky and Indiana. The acquisition was completed in August 1998.[56] The result of this acquisition gave Star Banc's first entry into the state of Tennessee.

Expansion in Indiana edit

First National Cincinnati Corporation first entered the state of Indiana by announcing in January 1986 the pending acquisition of the Lawrenceville-based Peoples National Bancorp of America with its Peoples National Bank of Lawrenceburg subsidiary for an undisclosed amount.[57] The acquisition was completed in June 1986 for $6.5 million.[58]

In February 1986, First National Cincinnati Corporation announced the pending acquisition of the Richmond-based Second National Corporation with its Second National Bank of Richmond subsidiary for an undisclosed amount.[59][60] The acquisition was completed in June 1986 for $44.9 million in stock.[61]

In August 1987, First National Cincinnati Corporation announced the pending acquisition of the Aurora-based Aurora First National Bancorp with its First National Bank of Aurora subsidiary for an undisclosed amount.[62][63] The acquisition was completed in January 1988.[29][30]

Firstar edit

In July 1998, Star Banc Corporation announced the pending acquisition of the Milwaukee, Wisconsin-based Firstar Corporation for $7.3 billion in stock.[64][65][66] At the time of the announcement, Firstar had banking offices in Wisconsin, Illinois, Minnesota, Arizona, Iowa, Ohio, and Missouri while Star Banc had banking offices in Ohio, Indiana, Kentucky, and Tennessee. Under the merger agreement, former Firstar board members would have 14 out of 32 directors seats on the board of the new corporation and could help control the direction of the new combined company.[65] Star Banc was the nominal survivor, and the merged bank retained Star Banc's charter and stock price history. However, the merged bank would be based in Milwaukee under the Firstar name and inherited old Firstar's ticker symbol, FRS. It was also announced that Star Chairman and Chief Executive Jerry Grundhofer would become president and chief executive of the merged Firstar, while Firstar Chairman and Chief Executive Roger Fitzsimonds remained chairman of the merged company. The merger was completed in November 1998.[67] At the time of the merger, the new company had 720 full-service banking offices in Ohio, Wisconsin, Kentucky, Illinois, Indiana, Iowa, Minnesota, Tennessee and Arizona.[66]

Only two years later, Firstar acquired Minneapolis-based U.S. Bancorp—itself the product of a 1997 merger between First Bank System of Minneapolis and the original U.S. Bancorp of Portland, Oregon. The merged bank took the U.S. Bancorp name and moved to Minneapolis. However, U.S. Bancorp retains Star Banc's pre-1998 stock price history, and operates under Star Banc's charter. It also claims Star Banc's founding in 1863 as its founding date.

Sponsorships edit

Beginning in 1995, Star Banc Corporation started to sponsor the annual Star Bank LPGA Classic golf tournament that was held at the Country Club of the North in Beavercreek, Ohio.[68] Corporate sponsorship continued after Star Banc acquired Firstar and changed the name of the bank to Firstar in late 1998; the golf tournament continued under the new Firstar name in 1999.[69] Corporate sponsorship was dropped in 2001 after Firstar acquired U.S. Bancorp that same year.[70]

In April 1997, Star Bank became the official bank of the Cincinnati Reds.[71] The Reds replaced this sponsorship in August 2000 with a new business relationship with Provident Bank (through successive mergers, Provident became a part of National City and later PNC with each successor continuing the sponsorship).[72]

See also edit

References edit

  1. ^ "A Rich Heritage". US Bank Annual Report 2012. U.S. Bancorp. 2012.
  2. ^ "Stockholders Meeting Briefs". Wall Street Journal. November 21, 1973. p. 23. First National Bank of Cincinnati holders approved the previously proposed reorganization into a new holding company, First National Cincinnati Corp. The bank's stock will be exchanged for holding company stock on a share-far-share basis. Officials said the switch should be effective Jan. 2, subject to regulatory clearance. Alternate Link via ProQuest.
  3. ^ Lietzke, Ron (June 2, 1988). "Name, Marketing Changes In Store for Ohio State Bank". Columbus Dispatch. p. 2B. Ohio State Bank as of July 1 gets a new name - Star Bank - and will be more aggressive at marketing new services and developing branch offices in the Columbus area. The name change also was announced for other banks affiliated with First National Cincinnati Corp., Cincinnati. First National, a $5 billion bank holding company, has 17 banks with 152 offices in Ohio, Indiana and Kentucky. All will be identified as Star Banks.
  4. ^ "First National Cincinnati". Wall Street Journal (Eastern ed.). April 12, 1989. p. 1. First National Cincinnati Corp. said it changed its name to Star Banc Corp. to be consistent with that of the bank holding company's subsidiary banks, which all began operating as Star Bank July 1, 1988. Alternate Link via ProQuest.
  5. ^ "Midwestern Fidelity Set To Sell a Unit to First National Cincinnati". Wall Street Journal. May 29, 1975. p. 25. First National Cincinnati Corp. said it agreed in principle to acquire Miami Deposit Bank, Yellow Springs, Ohio, from Midwestern Fidelity Corp. The companies declined to state the terms of the proposed transaction... First National Cincinnati Corp. is a holding company established in January 1974 by First National Bank of Cincinnati. It owns the stock of that bank, which had $1.12 billion of assets as of March 31. The Miami Deposit acquisition would be the first move by the holding company to expand outside Hamilton County, where First National Bank of Cincinnati has its 24 offices. Alternate Link via ProQuest.
  6. ^ "First National Cincinnati Purchase". Wall Street Journal. October 2, 1975. p. 37. First National Cincinnati Corp. said it completed the previously proposed acquisition of Miami Deposit Bank, Yellow Springs, Ohio, for about $3.6 million. The bank holding company bought the Yellow Springs bank from Midwestern Fidelity Corp., Cincinnati, a holding company with interests in insurance and other financial services. Alternate Link via ProQuest.
  7. ^ "First National Cincinnati Agrees to Buy 2 Ohio Banks". Wall Street Journal. May 13, 1976. p. 29. First National Cincinnati Corp. said it agreed to purchase First National Bank of Ironton, Ohio, and First National Bank & Trust Co., Troy, Ohio. Terms weren't disclosed. Alternate Link via ProQuest.
  8. ^ "First National Cincinnati Corp". Wall Street Journal. August 18, 1976. p. 3. The Federal Reserve Bank here said it approved tbe previously reported plans of First National Cincinnati Corp. to acquire First National Bank & Trust Co., Troy, Ohio, and First National Bank of Ironton, Ohio. First National Cincinnati, a holding company whose chief subsidiary is First National Bank of Cincinnati, said it hopes to complete the acquisition of the two banks before year-end. Alternate Link via ProQuest.
  9. ^ "Banks Reach Agreement In Principle". Circleville Herald. July 14, 1977. p. 5 – via Newspapers.com. William N. Liggett, chairman and chief executive officer, First National Cincinnati Corporation, announced that agreement in principle has been reached for the acquisition of the $26 million asset The Third National Bank, Circleville... The $1,105 billion asset The First National Bank of Cincinnati is the holding company's bank. Other subsidiaries of the holding company are the $30 million asset The Miami Deposit Bank, Yellow Springs, Ohio, the $83 million asset The First National Bank & Trust Company, Troy, Ohio, and the $76 million asset The First National Bank of Ironton, Ironton.
  10. ^ "First National Finishes Deal In Circleville". Cincinnati Enquirer. December 2, 1977. p. 20 – via Newspapers.com. First National Cincinnati Corp. announced Thursday it has completed purchase of the Third National Bank of Circleville, Ohio. First National said it paid $2.9 million in cash for the Circleville bank, which has $28 million in assets. First National announced its intention to buy the Circleville bank earlier this year. William N. Liggett, First National chairman, said the resources of his bank holding company will aid the Circleville bank in coping with rapid technological changes and government regulation within the banking industry. First National Bank of Cincinnati, with $1.2 billion in assets, is the largest of the five banks affiliated with First National Cincinnati Corp.
  11. ^ "Cincinnati Bank Firm Agrees to Add Affiliate". Wall Street Journal. December 21, 1978. p. 34. First National Cincinnati Corp., a bank holding company, said it agreed in principle to acquire Commercial & Savings Bank, Gallipolis, Ohio. The price of the proposed cash transaction wasn't disclosed, nor were other details of the agreement. Commercial & Savings, with assets of $38 million, would become First National Cincinnati's sixth affiliate. Alternate Link via ProQuest.
  12. ^ "First National Cincinnati". Wall Street Journal. August 2, 1979. p. 5. First National Cincinnati Corp. said it completed its purchase of Commercial & Savings Bank. Gallipolis, Ohio, for $5.4 million cash. The bank, with $39 million in assets, becomes the holding company's sixth banking affiliate, bringing its total assets to 51.6 billion. Alternate Link via ProQuest.
  13. ^ "Bank in Cincinnati Says It Has Agreed to Buy Portsmouth Banking". Wall Street Journal. October 31, 1979. p. 4. First National Cincinnati Corp. said it agreed in principle to acquire Portsmouth Banking Co., Portsmouth, Ohio, for cash. Value of the transaction wasn't disclosed. Portsmouth Banking operates six offices in Scioto County in southwestern Ohio and has assets of about $70 million, First National Cincinnati said. Alternate Link via ProQuest.
  14. ^ "First National Adds 7th Affiliate". Cincinnati Enquirer. August 2, 1980. p. 16 – via Newspapers.com. Portsmouth Banking, with assets of about $70 million, operates six banking offices in Scioto County. The purchase was concluded following approval by Portsmouth's shareholders and regulatory authorities... William N. Liggett, chairman and chief executive officer of the Cincinnati-based bank holding company, said the $15-mllllon cash purchase of the Portsmouth Banking Co. will both expand First National's scope of financial services.
  15. ^ "First National Eyes Bank". Cincinnati Enquirer. April 1, 1981. p. 23 – via Newspapers.com. The Second National Bank of Hamilton, Ohio, would become a sister bank of First National Bank of Cincinnati in a proposed cash transaction, First National's parent company said Tuesday. First National Cincinnati Corp. said it has an agreement to purchase the Hamilton bank, which had assets of $110.1 million last Dec. 31. The purchase price was not disclosed.
  16. ^ "First National Cincinnati". Wall Street Journal. March 2, 1982. p. 43. First National Cincinnati Corp. completed the previously reported purchase of Second National Bank of Hamilton, Ohio. for $22.2 million in cash and notes. Alternate Link via ProQuest.
  17. ^ "First National Agrees To Buy Hillsboro Bank". Cincinnati Enquirer. July 15, 1982. p. 44 – via Newspapers.com. First National Cincinnati Corp. said Wednesday it has agreed to buy the Farmers and Traders National Bank, a two-office institution in Hillsboro with about $47 million in assets. First National Cincinnati is an eight-bank holding company whose largest bank is First National Bank of Cincinnati. First National declined to disclose terms of the transaction.
  18. ^ "9th Subsidiary Joins First National". Cincinnati Enquirer. March 2, 1983. p. 74 – via Newspapers.com. The Farmers & Traders National Bank of Hillsboro Tuesday officially became the ninth subsidiary bank of First National Cincinnati Corp. William N. Liggett, chairman and chief executive officer of the Cincinnati-based bank holding company, said the purchase involved cash and notes totaling $6.8 million. The Hillsboro bank, with assets of approximately $51 million, operates two banking offices in Highland County.
  19. ^ "Cincinnati Firm Buys Farmers & Traders Bank". Wall Street Journal. March 2, 1983. p. 23. Alternate Link via ProQuest.
  20. ^ "Plan by First National Cincinnati for Bank Set". Wall Street Journal. December 21, 1982. p. 19. First National Cincinnati Corp. said it agreed in principle to buy Banc One of Fairborn, Ohio, from Banc One Corp. of Columbus, Ohio. Terms weren't disclosed. The Fairborn bank has total assets of $60 million and operates three offices in Greene County, First National Cincinnati said. First National Cincinnati has $2.2 billion in assets. Alternate Link via ProQuest.
  21. ^ "1st National Buying Fairborn Bank". Cincinnati Enquirer. December 21, 1982. p. 23 – via Newspapers.com. First National Cincinnati Corp. said Monday it has an agreement In principle to buy Bank One of Fairborn, Fairborn, Ohio, from Banc One Corp. of Columbus. Specific terms were not disclosed. The Fairborn bank has three offices in Greene County and total assets of $60 million. First National Cincinnati has assets of $2.2 billion and eight banking subsidiaries which operate 63 offices in central and southern Ohio. First National Cincinnati said it expects to complete the transaction in the first quarter of 1983, assuming necessary regulatory approvals.
  22. ^ "First National Cincinnati Agrees to Acquire a Bank". Wall Street Journal (Eastern ed.). March 16, 1984. p. 1. First National Cincinnati Corp. said it agreed in principle to purchase Preble County National Bank. Terms weren't disclosed. The Eaton, Ohio, bank had 1983 year-end assets of $58 million. First National Cincinnati had year-end assets of $2.6 billion. Alternate Link via ProQuest.
  23. ^ "First National Acquisition". Cincinnati Enquirer. February 22, 1985. p. 25 – via Newspapers.com. First National Cincinnati Corp. has finalized the acquisition of the Preble County Bank, Eaton, Ohio.
  24. ^ "1st National Buys Ohio State Bank". Cincinnati Enquirer. December 25, 1984. p. 29 – via Newspapers.com. First National Cincinnati Corp. is setting up shop in Columbus with the purchase of the Ohio State Bank of Columbus. Ohio State Bank is being split off BancOhio Corp., which was recently purchased by National City Corp. of Cleveland. The acquisition will net First National 18 branches in Columbus. Terms were not disclosed. First National expects the acquisition to be complete by June 1, pending approval of state and federal banking authorities. "It gets us into the Columbus market. It's a part of the state we don't do business In," said First National president Mark Johnson. The acquisition will bring $230 million in assets to First National's $2.75 billion.
  25. ^ "First National Sets Record". Cincinnati Enquirer. July 10, 1985. p. 17 – via Newspapers.com. First National also completed acquisition of the Ohio State Bank of Columbus July 1.
  26. ^ "Charter Gets OK; More Home State Sold". Cincinnati Enquirer. June 8, 1985. p. 14 – via Newspapers.com. The state approved Hunter Savings and its owner, American Financial Corp., last week to take over Home State...Also Friday, First National Cincinnati Corp. said it is buying 10 Home State Savings Bank offices in Cincinnati, Middletown and Dayton from Hunter Savings Association for an undisclosed price.
  27. ^ "10 More Home State Branches to Be Sold". Akron Beacon Journal. June 8, 1985. p. A1. Hunter Savings Association in Cincinnati, the last-minute purchaser of the troubled Home State Savings Bank, announced Friday, it has sold 10 more branches of the failed Home State Savings Bank to First National Cincinnati Corp. for an undisclosed price. Five of the 10 Home State branches are in Cincinnati, four are in Dayton, and one is in Middletown... Hunter, a subsidiary of American Financial Corp., was selected by the state to purchase Home State, which closed its 33 branches March 9... Home State closed after a three-day, run by depositors nervous after the collapse of a Florida securities firm in which Home State had invested heavily. The closing of Home State prompted runs at some other Cincinnati area savings and loans, and Gov. Richard F. Celeste temporarily closed all the state's privately insured savings and loans March 15.
  28. ^ "First National Cincinnati Corp". Wall Street Journal (Eastern ed.). August 31, 1987. p. 1. First National Cincinnati Corp., a bank holding company, said it reached an agreement in principle to purchase First Sidney Banc Corp., Sidney, Ohio. Terms weren't disclosed. First Sidney is the parent of First National Bank, which operates nine offices in Shelby County, Ohio, and has total assets of $166 million. The agreement is subject to approval by the boards of both companies and regulatory authorities. Alternate Link via ProQuest.
  29. ^ a b "Acquisitions Complete". Indianapolis Star. January 30, 1988. p. 25 – via Newspapers.com. First National Cincinnati Corp. completed previously announced purchases of First National Bancorp, Aurora; and First Sidney Banc Corp., Sidney. Ohio. Aurora First National Bancorp is the parent of the First National Bank of Aurora, which operates three offices in Dearborn County. The company has total assets of $55 million. First Sidney Banc Corp. is the parent of First National Bank, Sidney, which operates nine offices in Shelby County, Ohio.
  30. ^ a b "First National Cincinnati Corp". Wall Street Journal (Eastern ed.). February 1, 1988. p. 1. First National Cincinnati Corp. said it completed the purchase of two bank holding companies. Terms weren't disclosed. The banks are First National Bancorp, Aurora, Ind., which has assets of $55 million, and First Sidney Banc Corp., Sidney, Ohio, with assets of $179 million. First National Cincinnati has total assets of about $4.8 billion. Alternate Link via ProQuest.
  31. ^ "Week in review". Cincinnati Enquirer. December 27, 1987. p. 12 – via Newspapers.com. First National Cincinnati Corp. announces its intent to buy First National Bancorp of Miamisburg.
  32. ^ "First National Cincinnati Corp". Wall Street Journal. December 23, 1987. p. 1. First National Cincinnati Corp. said it agreed in principle to acquire First National Bancorp, of Miamisburg, Ohio. Terms weren't disclosed. Alternate Link via ProQuest.
  33. ^ "First National Cincinnati Corp reports earnings for Qtr to June 30". New York Times. July 16, 1988. On July 1, the corporation completed the acquisition of First National Bancorp of Miamisburg, Ohio, parent of First National Bank, Miamisburg, with assets of $140 million. At the time of the closing, the bank was merged with Miamibank N.A., headquartered in Fairborn, Ohio. The merged banks now operate as Star Bank N.A., Dayton, with total assets of $325 million.
  34. ^ Rhodes, Gary (March 13, 1992). "Star Bank Buying Branches - Cincinnati Firm Gets 28 Cleveland Units". Cincinnati Post. p. 10C. Star Bank of Cincinnati said today it has reached an agreement to buy 28 branch offices in Greater Cleveland from the Ameritrust Co. The deal, which is contingent on the completion of the pending merger between Ameritrust and Society Corp., is valued at an estimated $22 million. It is expected to be completed in June. The agreement appears to coincide nicely with a U.S. Justice Department recommendation today that Society and Ameritrust shed more than $1 billion in assets and 28 branch offices in order to win regulatory approval for their merger. The proposed consent decree came as part of a civil antitrust suit filed in Cleveland that alleges the proposed merger between Ameritrust and Society would hurt bank competition in northeastern Ohio. The Federal Reserve Board of Governors approved the Ameritrust-Society merger last month. Under terms of the acquisition agreement announced today, Star Bank will purchase the deposits of 26 Ameritrust branch offices in Cuyahoga County and two offices in Lake County... Star Banc Corp. currently has 177 offices in Ohio, Kentucky and Indiana, with total assets of $6.6 billion.
  35. ^ "Star Banc Adds 28 Offices - Cleveland Growth Takes Effect Today". Cincinnati Post. June 20, 1992. p. 4A. The Cincinnati-based bank holding company picks up 28 new bank branches in Cleveland today after completing Friday the acquisition of operations Cleveland-based Society Corp. was forced to sell in order to buy its rival Ameritrust Corp. Star and Society announced completion of the deal, except for the acquisition of about $250 million in loans Star is still expected to buy from Society. The companies said Star paid a little more than $16 million for the 28 branches, $1 billion in deposits and about $105 million in branch-generated loans... As a result of the acquisition, Star - Cincinnati's second-largest bank holding company behind Fifth Third Bancorp - has 204 bank offices.
  36. ^ Hill, Miriam (September 17, 1994). "Star Bank Reaps TransOhio Harvest Last Failed S&L in Ohio is Sold". Cleveland Plain Dealer. p. 1C. Star Bank more than doubled its presence in Cleveland yesterday by buying 47 branches and $1.12 billion in deposits of the failed TransOhio Federal Savings Bank. TransOhio was the last failed savings and loan in Ohio and one of only six in the country still in government hands. With this sale, the federal government marks the closing of an era in which the words "savings and loan" became synonymous with "national crisis."... Star Bank paid $122.4 million for $1.12 billion in deposits at 47 branches, giving the bank 84 offices in Northeast Ohio, the third-largest network in the area.
  37. ^ Larkin, Patrick (November 23, 1996). "Star Bank expansion fills holes". Cincinnati Post. p. 5A. Star Bank, Friday, bought seven AmeriFirst branches, adding to its three-state banking system. Included are about $100 million in deposits and the branch real estate at the six Greater Cincinnati and one Kettering branch. AmeriFirst, a unit of Bowling Green, Ohio-based Mid Am, Inc., said it will keep most of the loans.
  38. ^ "Star expands bank branches". Cincinnati Post. February 15, 1997. p. 5A. Star Bank said it has closed on its acquisition of seven branches of AmeriFirst Bank in Greater Cincinnati and Kettering. Star said it will close two of the branches - in Westwood and Hyde Park - and consolidate the accounts with existing nearby Star branches.
  39. ^ Larkin, Patrick (February 18, 1998). "Star buying 53 Bank One branches". Cincinnati Post. p. 8C. Star Bank said Tuesday it will buy 53 branches from Bank One in Ohio, putting Cincinnati-based Star into several new markets and filling out others. The branches have deposits of $1.3 billion and $191 million in loans. They are in 26 Ohio counties spread throughout the state. Neither Banc One Corp. nor StarBanc Corp., the parent of Star, would disclose the purchase price... The 53 branches in the latest transaction are in: Lucasville, New Boston, Portsmouth (two locations), Waverly, Wheelersburg, Mt. Orab, Owensville, Sardinia, Cambridge (two locations), Logan, Somerset, Sugarcreek, Brilliant, Hopedale, Smithfield, Toronto, Yorkville, Ada, Convoy, Delphos, Spencerville, Van Wert, Botkins, Jackson Center, Minster, Russia, Kenton, Bellville, Lucas, Shelby, Fremont (three locations), Oak Harbor, Port Clinton, Sandusky (two locations), Tiffin, Galion, Marengo, Port Clinton, Ashtabula Harbor, Ashtabula Park, Doylestown, Forest Hills (near Cleveland), Geneva, Middlefield, North Kingsville, Lisbon (two locations) and Malvern.
  40. ^ Larkin, Patrick (June 20, 1998). "49 Bank Ones reopening as Star today". Cincinnati Post. p. 9B. Star Banc Corp. closed Friday on its purchase of 49 Bank One branches throughout Ohio. The branches, in 26 counties throughout the state, will reopen today as part of Star's system, the bank said. Three of the branches are in rural areas surrounding Greater Cincinnati: Mt. Orab, Sardinia and Owensville. No purchase price was announced. With the acquisition, Star now has 286 branches in Ohio and 383 in its three-state operating area. The branches bring with them about $1.1 billion in deposits and $115 million in loans, Star said. Originally, Star was to buy 53 rural branches from Bank One. However, regulators were concerned about the Cincinnati-based bank's market presence in some areas. Those branches - two in Portsmouth, one in Lucasville and one in Wheelersburg - were then sold by Bank One to Fifth Third Bancorp.
  41. ^ "Newport National Bought; Cincinnati Bank Crosses State Line". Cincinnati Enquirer. November 19, 1985. p. 45 – via Newspapers.com. First National Cincinnati Corp. will become the third Ohio bank holding corporation to jump into the Kentucky market, as the company said Monday it plans to buy Newport National Bank in Newport. Newport National, owned by New Bancshares Inc., has about $110 million in assets and four branches, according to First National spokeswoman Mary Lou Kohne. At the end of 1984, the bank had $96 million in assets, $86 million in deposits and $8 million In capital. Newport National has offices at 810 Monmouth St., Newport; 7630 Alexandria Pk., Alexandria; South Fort Thomas and Highland Aves., Fort Thomas, and 10th and Columbia Sts., Newport. Patrick J. Klocke, president of New Bancshares, said the acquisition will improve Newport National's lending practices. He said that in the past, if a loan was too large to take on, he would ask a Cincinnati bank to participate in the loan. The invited bank would usually take a rather antiseptic view of the loan, Klocke said, judging it strictly on its value. Now, First National Bank, as a partner in the business, will be "more willing to look at the total relationship with the borrower," Klocke said, resulting in a fairer judgment of the loan. If the acquisition is approved, it will tighten the race for banks in Campbell County. By Kentucky law, banks cannot branch across county lines. The only way to get into business in a county is by buying an existing bank.
  42. ^ "Bank in Newport, Ky., To Be Bought by First National Cincinnati". Wall Street Journal (Eastern ed.). November 19, 1985. p. 1. Although terms weren't disclosed, one New Bancshares officer said the purchase price of the one-bank holding company exceeds $10 million. New Bancshares has assets of $110 million, and its Newport National Bank has four offices. First National, a bank holding company, has assets of more than $3 billion and operates 11 subsidiaries in central and southwestern Ohio. The company recently bought 10 former branches of Home State Savings Bank of Cincinnati, which failed in March. Alternate Link via ProQuest.
  43. ^ "First National Cincinnati Corp". Wall Street Journal (Eastern ed.). September 4, 1987. p. 1. First National Cincinnati Corp. said it agreed in principle to acquire Peoples Liberty Bancorp. Terms weren't disclosed. First National, a bank holding company, has assets of $4.2 billion. Peoples Liberty, a Covington, Ky.-based bank holding company, has assets of $220 million. Alternate Link via ProQuest.
  44. ^ "Kentucky's small banks find niche". Cincinnati Enquirer. September 14, 1987. p. 47 – via Newspapers.com. By March 31, 1986, First National Cincinnati Corp. entered the Northern Kentucky market by acquiring Newport National Bank... On Sept. 3, First National Cincinnati Corp. signed a merger letter with Peoples Liberty Bancorp. Inc., with $220 million in total assets... Acquisitions of Northern Kentucky banks by Cincinnati- and Columbus-based bank holding companies. By Kentucky law, banks cannot branch across county lines, so to do business in all three Northern Kentucky counties, banks must be acquired in each. First National is the only Cincinnati bank which has not changed the names of its acquisitions to its own... First National Cincinnati Corp.: New Bancshares Inc. of Newport (Campbell County), parent of Newport National Bank, acquired March 31, 1986; Peoples Liberty Bancorp Inc. of Covington (Kenton County), parent of Peoples Liberty Bank, acquisition proposed Sept. 3, 1987.
  45. ^ "First National Cincinnati". Wall Street Journal. February 2, 1988. p. 2. First National Cincinnati Corp, said it completed the previously announced purchase of Peoples Liberty Bancorp, Terms weren't disclosed. Alternate Link via ProQuest.
  46. ^ "New Star". The Cincinnati Enquirer. November 21, 1989. p. 36 – via Newspapers.com. Star Banc Corp. said Monday it will acquire Verona Bank in Verona, Ky. Terms of the purchase were not disclosed. Verona Bank has assets of $37.4 million and, upon its acquisition, will be renamed Star Bank, Boone County.
  47. ^ "Star Banc Agrees to Buy Bank". Wall Street Journal. November 21, 1989. p. 1. Star Banc Corp. said it definitively agreed to acquire Verona Bank, a subsidiary of Fir-Ban Inc., a bank holding company. Terms weren't disclosed... Verona Bank would be the third northern Kentucky banking subsidiary of Star Banc. Star Banc has 15 banking subsidiaries operating under the name Star Bank, with 157 offices in Ohio, Kentucky and Indiana. Alternate Link via ProQuest.
  48. ^ Collins, Michael (May 19, 1990). "Star Merging Banks In Kenton And Boone". Kentucky Post. p. 6K. Cincinnati-based Star Banc Corp. has completed its acquisition of Verona Bank and plans to merge the Boone County institution with its affiliates in Kenton County. The consolidated bank will be known as Star Bank, Northern Kentucky. Star Banc began negotiations last year to buy the small, independent bank. The transaction was completed Tuesday, said John Finnan, president and chief executive officer of Star Bank Kenton County. The purchase of the main branch at 14973 Walton-Verona Road and a branch office on U.S. 42 in Florence gives Star Banc its first affiliates in Boone County. The merger of the banks in Boone and Kenton counties won't take place until July 16. That's when a state law that allows banks to consolidate their operations across county lines takes effect. However, Verona Bank officially changed its name to Star Bank, Northern Kentucky when the sale was completed.
  49. ^ Bolton, Douglas (January 9, 1991). "Star Banc Acquiring Kentucky Bancorp". Cincinnati Post. p. 6B. The last major Northern Kentucky independent bank - actively for sale for about a year - revealed Tuesday it will be acquired by Cincinnati-based Star Banc Corp. Kentucky Bancorporation Inc.'s 430 shareholders will receive cash and a new issue of Star Banc preferred stock under an agreement the two bank holding companies reached following about six weeks of negotiations... Kentucky Bancorporation, a six bank holding company with 17 offices, had net income of $1.99 million in the nine months ending in September, the latest period reported... The combination of the Covington, Ky.-bank and Star will result in the largest financial institution in Northern Kentucky's three counties, with more than $730 million in assets and 22 percent of all deposits.
  50. ^ Friedberg, Mary (September 7, 1991). "Business Update - Ky. National Customers See Changes". Kentucky Post. p. 2K. New signs, new checks and new offices are among changes that customers of Kentucky National Bank will see Sept. 23. That's when the merger of Star Banc Corp. and Kentucky Bancorporation will be completed. The acquisition itself was finalized in July... Star will close six offices and move customer accounts to nearby branches. All but one of the offices being moved are less than a mile apart... Star Bank, Northern Kentucky will change its name to Star Bank, N.A., Kentucky.
  51. ^ "Star Banc Agrees to Acquire Great Financial". New York Times. September 16, 1997.
  52. ^ "Star Banc to Acquire Great Financial Corp". Dayton Daily News. September 16, 1997. p. 5B. On Monday, Great Financial Corp. of Louisville announced it had signed a $655 million agreement to be acquired by Star Banc Corp. of Cincinnati. The merger of Great Financial's $3 billion in assets and 45 branches in Kentucky and Indiana and Star Banc's $10.8 billion in assets and 276 branches in Kentucky, Ohio and Indiana would create Kentucky's fourth largest bank.
  53. ^ "Star Banc closes on Ky. acquisition". Cincinnati Post. February 7, 1998. p. 11B. Star Banc Corp. closed Friday on its $641 million acquisition of Great Financial Corp. The 45 former Great Financial banking offices, primarily in Kentucky, will reopen today as Star Bank branches. Star will now have 325 branches in Ohio, Kentucky and Indiana and $14 billion in assets.
  54. ^ "Star Banc to acquire Trans Financial". Louisville Business First. April 10, 1998.
  55. ^ "Acquisition In Kentucky By Ohio Bank". New York Times. April 11, 1998. The Star Banc Corporation said today that it had agreed to acquire Trans Financial Inc. for $696 million in stock, allowing it to expand in Kentucky and Tennessee.
  56. ^ "Star Banc completes acquisition of Trans Financial". Louisville Business First. August 21, 1998.
  57. ^ "Indiana Bank Concern To Be Bought by First National Cincinnati". Wall Street Journal (Eastern ed.). January 8, 1986. p. 1. First National Cincinnati Corp. said it agreed in principle to buy Peoples National Bancorp of America, parent of Peoples National Bank of Lawrenceburg, Lawrenceburg, Ind. Terms weren't disclosed. Peoples National Bancorp, a bank holding company, operates four branches in Dearborn County and has assets of $55 million... The acquisition will be First National Cincinnati's first purchase of an Indiana bank, the bank holding company said. Alternate Link via ProQuest.
  58. ^ "Bank Purchase Complete". Cincinnati Enquirer. June 3, 1986. p. 28 – via Newspapers.com. First National Cincinnati Corp. has completed the purchase of its first Indiana subsidiary, Peoples National Bank of Lawrenceburg, for $6.5 million. Peoples National, with total assets of $55 million, has four offices in Dearborn County. First National's purchase of a second Indiana institution, Second National Corp., a Richmond, Ind.-based bank holding company, is still pending. First National Cincinnati now operates 12 banking subsidiaries including First National Bank of Cincinnati.
  59. ^ "First National Cincinnati to Acquire Second National Corp". Wall Street Journal (Eastern ed.). February 26, 1986. p. 1. First National Cincinnati Corp. agreed in principle to acquire Second National Corp., a Richmond, Ind.-based bank holding company, for stock... The purchase would be First National's third announced out-of-state acquisition and its second in Indiana. The bank holding company had $3.42 billion in assets at Dec. 31. Second National has $320 million in assets. Link via ProQuest.
  60. ^ "Cincinnati Bank Sets Agreement to Acquire Richmond, Ind., Firm". Wall Street Journal. June 11, 1986. p. 6. First National Cincinnati Corp. said it reached a definitive agreement to buy Second National Corp. in a stock transaction with an indicated value of $44.9 million. Under the agreement, holders of Second National, a Richmond, Ind.-based bank holding company, would exchange each of their shares for two shares of First National Cincinnati. Alternate Link via ProQuest.
  61. ^ "First National Cincinnati Corp". Wall Street Journal (Eastern ed.). October 1, 1986. p. 1. First National Cincinnati Corp. said it completed the previously reported acquisition of Second National Corp. in a stock transaction valued at about $44.9 million... Second National, a Richmond, Ind.-based bank holding company, has assets of about $345 million and is the parent of Second National Bank of Richmond. First National Cincinnati has assets of about $3.6 billion. Alternate Link via ProQuest.
  62. ^ "First National buying Indiana bank". Cincinnati Enquirer. August 7, 1987. p. 21 – via Newspapers.com. First National Cincinnati Corp. lined up its third Indiana bank holding company acquisition by signing on Thursday a letter of intent to acquire Aurora First National Bancorp, of Aurora, Ind., about 25 miles west of Cincinnati. If the proposed merger is approved by banking regulators, Aurora First National Bancorp will become an affiliate of First National Cincinnati Corp... Terms were not disclosed. First National Bank of Cincinnati, with $2.53 billion in total assets, is the lead bank of the chairman and chief executive officer of First National Cincinnati Corp. "We already own one bank over there, so this will just increase our market share." Aurora is just four miles south of Lawrenceburg, home of Peoples National Bank. Second National Corp., First National's other Indiana banking affiliate, is in Richmond, about 60 miles north of Aurora. "It will get us up to a size that gives us enough presence to do things for the betterment of the (Aurora) community," Waddell said. Aurora First National Bancorp, with $55 million in total assets, is the parent of First National Bank of Aurora. The bank has three offices... In a recent earnings report, First National Cincinnati Corp. said it has 13 banking subsidiaries with 129 offices in 19 counties of central and southern Ohio, Northern Kentucky, and eastern Indiana. In 1986, First National Cincinnati Corp. bought Peoples National Bancorp of America, parent of Peoples National Bank of Lawrenceburg, Ind., and Second National Corp., parent of Second National Bank, of Richmond, Ind., and Bentonville State Bank, in Fayette County. "It's an attractive acquisition because we think there is great potential for southeastern Indiana," said Oliver W. Waddell... First National Cincinnati Corp. is currently the second largest Cincinnati-based and locally owned bank holding company. However, it is expected to be the city's largest locally owned banking company after the merger of Central Bancorporation Inc., with $4.5 billion in total assets, and PNC Financial Corp., of Pittsburgh, with $28.2 billion in total assets, is completed. The merger is expected to be closed early next year.
  63. ^ "First National Cincinnati". Wall Street Journal. August 7, 1987. p. 25. First National Cincinnati Corp. said it agreed in principle to purchase Aurora First National Bancorp. of Aurora, Ind. Terms weren't disclosed. Aurora First National is the parent of the First National Bank of Aurora, which has three offices in Dearborn County, Indiana. The company has assets of $55 million. First National Cincinnati has 13 banking units in 19 counties of central and southern Ohio, northern Kentucky and eastern Indiana. Alternate Link via ProQuest.
  64. ^ Wahl, Melissa (July 2, 1998). "Star Banc, Firstar To Merge, Create Midwest Bank Powerhouse: $7.3 Billion Deal Could Prompt Further Unions". Chicago Tribune.
  65. ^ a b McKinney, Jeff (July 2, 1998). "Star Banc's acquisition to cost city another HQ". Cincinnati Enquirer. But Mr. Grundhofer said he plans few firings because there is no geographical overlap between the banks, meaning no merger-related branch closings are planned... The board of directors of the new company will include 18 members from Star and 14 from Firstar.
  66. ^ a b "Star Banc, Firstar merge in $7.2B deal". CNNMoney. July 1, 1998. Retrieved June 26, 2016.
  67. ^ McKinney, Jeff (November 20, 1998). "New era dawns for former Star Banc". Cincinnati Enquirer.
  68. ^ "Star Bank Classic low on stars". Cincinnati Enquirer. May 19, 1995. p. 28 – via Newspapers.com. Only two of the top 20 names on the LPGA Tour money-earnings list will be on hand when the second Star Bank LPGA Classic begins today at the Country Club of the North. In its first year last August, the tournament known as the Children's Medical Center LPGA Classic was won by Maggie Will.
  69. ^ "Trio atop Firstar LPGA leaderboard". Deseret News. August 21, 1999.
  70. ^ "Beavercreek loses LPGA bid". Dayton Business Journal. November 15, 2001.
  71. ^ Peale, Cliff (April 1, 1997). "Star Bank becomes official Reds bank". Cincinnati Post. p. 6B. Star Bank will replace Bank One this year as the official bank of the Cincinnati Reds, the company said Monday. Cincinnati-based Star will begin a full-fledged marketing campaign, complete with advertisements in programs and in the stadium itself, and commercials on television broadcasts of Reds' games, spokesman Steve Dale said. The Reds will transfer banking and financial services relationships to Star, said Chip Baker, director of marketing. He would not disclose the value of the multi-year contract.
  72. ^ "Family Affair: Provident Bank Lands Griffeys In Cincinnati". Sports Business Daily. August 7, 2000.

External links edit

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