AT&T's Transtech Dropping Shareholder Services Business
First Chicago Corp. and AT&T announced on Thursday an agreement that names First Chicago Trust Co. of New York as the new shareholder services agent for AT&T.
AT&T American Transtech, a subsidiary of American Telephone and Telegraph Co. that has provided the processing services for the company's stockholders since 1984, has chosen not to pursue contract renewals with its shareholder services customers.
First Chicago is expected to begin providing shareholder services to AT&T in June 1992, following governmental review. Details of the transaction were not disclosed.
A Plum for First Chicago
"We are especially pleased to have the opportunity to serve AT&T and its more than two-and-a-half million shareholders - the largest registered shareholder base in the U.S.," said First Chicago's chairman, Barry F. Sullivan.