Fed Waives Review of Bank of the West Acquisition of Commercial Federal Bank
October 17 2005 - 8:03PM
Business Wire
Bank of the West, a subsidiary of BancWest Corporation, announced
today that it has received notification from the Federal Reserve
that its acquisition of Commercial Federal Corporation and its
subsidiary, Commercial Federal Bank, an Omaha, Nebraska-based
federal savings bank, will not require review by the Fed. The FDIC,
the Office of Thrift Supervision and the California Department of
Financial Institutions have already given their approval of the
acquisition. Commercial Federal Corporation shareholders are
scheduled to vote on the combination November 1, 2005. Bank of the
West and Commercial Federal Bank announced their intention to merge
on June 13, 2005. The transaction is expected to close in December
2005. The resulting institution will operate 681 Bank of the West
banking locations in 19 Western and Midwestern states. San
Francisco-based Bank of the West expects to have assets after the
transaction of $54 billion. About Commercial Federal Corporation
Commercial Federal Corporation (NYSE:CFB) is the parent company of
Commercial Federal Bank (www.comfedbank.com), a $10.3-billion
federal savings bank founded in Omaha in 1887. It has 198 branches
in Nebraska, Iowa, Colorado, Kansas, Oklahoma, Missouri and
Arizona. Commercial Federal operations include consumer and
commercial banking services, including retail banking, commercial
and industrial lending, small business banking, construction
lending, cash management, and insurance and investment services.
About Bank of the West Bank of the West (www.bankofthewest.com),
which is based in San Francisco, has more than $42 billion in
assets. It has 477 banking locations in 16 Western and Midwestern
states: California, Oregon, Washington, Idaho, Nevada, Utah,
Arizona, New Mexico, Colorado, Wyoming, Nebraska, North and South
Dakota, Minnesota, Iowa and Wisconsin. Founded in San Jose,
California in 1874 as Farmers National Gold Bank, Bank of the West
is the fourth-largest commercial bank headquartered west of the
Mississippi. About BancWest BancWest Corporation
(www.bancwestcorp.com) is a bank holding company with assets of
$54.6 billion and headquarters offices in Honolulu, Hawaii, and San
Francisco, California. Besides Bank of the West, BancWest's other
principal subsidiary is First Hawaiian Bank (56 branches in Hawaii,
three in Guam and two in Saipan). BancWest is a wholly owned
subsidiary of BNP Paribas (www.bnpparibas.com), a European leader
in banking and financial services, with a significant and growing
presence in the United Sates and leading positions in Asia. The
most profitable bank in the Euro zone, it has a presence in over 85
countries with close to 100,000 employees.
Commercial Federal (NYSE:CFB)
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