Union and Planters was now the largest bank in Memphis and one of the ten largest banks in the South, holding deposits of nearly twenty million dollars and having assets of nearly thirty million dollars. Like his predecessor Farrington, Hill prospered during the Civil War and emerged from it quite wealthy.
History[ edit ] Union and Planters Bank was founded by William Farrington, a Memphis businessman who had prospered during the American Civil War and emerged the wealthy head of an insurance company. Union Planters and Regions were given an equal number of seats on the board of directors.
Hill and Polk became business partners in a number of outside ventures financed by Union and Planters and seemed an unstoppable team.
Brown, the bank began to slip during the s. With a decrease in correspondent banking, Union Planters overbuilt its branch system to make up the difference. The end of the nineteenth century saw the popularity of trust companies surge at the expense of banks. To save Union Planters from impending disaster, William M.
In September,Rawlins suffered a heart attack while on his treadmill jogging and died.
Alexander, who remained president from to Within months of taking over, he initiated an effort to cut costs and improve profitability during a period of falling interest rates.
Furthermore, Matthews all but eliminated commercial lending, preferring instead to focus on investment banking and fee-based products and services. Frank Hayden took over as bank president after Union and Planters acquired Guaranty Bank and Trust Companythe company he formerly headed.
Samuel Read began as a clerk in a West Tennessee country store before moving to Memphis in to work in the cotton supply business. In he and his associate, former U. The assets of both, however, were seized during the war and the two banks had ceased to exist.
On September 1,Union and Planters officially opened for business.
In order to use the photocopier, for example, bank lawyers had to produce a permission slip signed by Brown himself. At the same time, he took steps to revitalize the bank, closing unproductive branches and cutting staff while raising salaries to redress the long-term problem of low pay.
When he failed to appear as scheduled, authorities went to his residence. The bank closed or sold less productive branches, outsourced some back-office functions, and eliminated jobs.
It opened several new branches, and Union Planters had eight total locations at the end of the s. With little formal education, Hill had established himself in the business world as owner of a combination grocery store and saloon in Sacramento, California which he had founded amidst the gold rush.
Moorea lawyer who joined Union Planters in His reputation as an extremely conservative banker was well earned. Louisand Miami.Officials with Memphis, Tenn.-based Union Planters Bank and Birmingham, Ala.-based Regions Financial Corp.
announced a merger agreement this morning that would create the country's 12th largest. Merger of Union Planters Corporation and Regions Financial Corporation On Friday, January 23, Union Planters Corporation and Regions Financial Corporation announced they would merge.
This will create the twelfth largest holding company in. Union Planters Bank was a United States financial institution and multi-state bank holding corporation headquartered in Memphis, Tennessee prior to being acquired by Regions Financial ultimedescente.com over $34 billion in assets, Union Planters Bank was the largest bank in Tennessee and among the 30 largest bank holding companies in the United.
Merger - Regions and Union Planters Essays: OverMerger - Regions and Union Planters Essays, Merger - Regions and Union Planters Term Papers, Merger - Regions and Union Planters Research Paper, Book Reports.
ESSAYS, term and research papers available for UNLIMITED access. - Merger of Union Planters Corporation and Regions Financial Corporation On Friday, January 23, Union Planters Corporation and Regions Financial Corporation announced they would merge. This will create the twelfth largest holding company in.
NEW YORK (ultimedescente.com) -- Regions Financial has agreed to buy Union Planters in a $6 billion stock swap that would create the nation's 12th largest bank by assets.Download