Union Planters Hires CFO and Retail Exec
MEMPHIS - Union Planters Corp. on Monday named Bobby L. Doxey chief financial officer and Alan W. Kennebeck senior executive vice president for retail services.Mr. Doxey, a 15-year veteran of Bank One, will also be a senior executive vice president. He will be responsible for financial reporting, accounting, funds management, risk management, and human resources at $33 billion-asset Union Planters.
He succeeds Jack W. Parker, who is now executive vice president and treasurer.
- Louis Whiteman
Fleet Leads $750M Loan for Refiner Tosco
BOSTON - FleetBoston Financial, through its banking subsidiary BankBoston, has provided a $750 million revolving credit facility to Tosco Corp.Tosco, headquartered in Stamford, Conn., is one of the largest independent refiners and marketers of petroleum products and convenience-store merchandise in the United States.
Tosco said Monday that the funds, which replace an existing credit facility, will be used to support its general working capital requirements as well as the company's recently announced acquisition of 1,740 retail locations divested by Exxon and Mobil as a result of their merger.
PNC Bank was documentation agent for the transaction, and Royal Bank of Canada was syndication agent.
Pa. Company to Buy Asian-Focused N.J. Bank
BOYERTOWN, Pa. - To build its Asian-American banking unit, National Penn Bancshares agreed Monday to acquire Panasia Bank of Fort Lee, N.J., in a cash deal valued at $20 million.The deal would be the first out-of-state acquisition for National Penn, the $2.2 billion-asset parent company of Philadelphia's National Asian Bank.
Panasia, with $110 million in assets, operates three community branches in Fort Lee, Palisades Park, and Closter, N.J., and a loan office in the borough of Queens in New York City. The company serves a large segment of the Asian-American population in the New York metropolitan area.
- Taran Provost
H&R Block Combines 2 Home Loan Units
KANSAS CITY, Mo. - H&R Block Inc. said Monday that it has merged its two mortgage subsidiaries, Option One Mortgage Corp. and Assurance Mortgage Corp. of America.The merged operation, H&R Block Mortgage Corp., will be headquartered in Burlington, Mass., where Assurance Mortgage was based. H&R Block acquired Assurance, which had been one of the largest independent mortgage banks in New England, a year ago.
H&R Block bought Option One, based in Irvine, Calif., in 1997. Last year the two subsidiaries combined originated nearly $1 billion of home loans.
Regions of Ala. to Build 1,000-Worker Site
BIRMINGHAM, Ala. - Regions Financial Corp. said Monday that it plans to build a 300,000-square-foot operations building that will be the workplace for 1,000 employees.The $35 million building is to be constructed on a 44-acre campus in a Birmingham business park. When it is completed in the fourth quarter of 2001, employees will be moved from three smaller office buildings in town.
There is space on the campus for further expansion if needed, the company said.
In recent years Regions has used acquisitions to swell to $43 billion of assets, from $23 billion in 1995.
This is the second new bank building under construction in Birmingham. Amsouth Bancorp. said it is building a 400,000-square-foot operations center in the city.
- Louis Whiteman
