NEW YORK - U.S. Trust Corp. of New York announced that Sept. 2 will be the effective date for the sale of its securities processing business to Chase Manhattan Corp.
The closing date of transaction, as expected, will be Sept. 1, U.S. Trust said. That meant Aug. 18 was the first day of the 10-day trading period for calculating the amount of stock to be paid to U.S. Trust shareholders; the calculation is to be based on the daily average high and low prices of Chase common stock.
U.S. Trust and Chase previously announced the Sept. 1 closing date, subject to the receipt of certain regulatory approvals. The effective date of the related merger of U.S. Trust and Chase is expected to occur after the closing of other transactions, including the distribution to U.S. Trust's shareholders of shares of the restructured U.S. Trust Corp.
H. Marshall Schwarz, chairman and chief executive officer of U.S. Trust, said shares of the restructured U.S. Trust Corp.,, which will be formed in conjunction with the transaction, began trading this week on the Nasdaq market under the symbol USTDV on a "when issued" basis.