Financial Services Industry
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US Banker, May, 2008
1. American Express bought the commercial-card and corporate-purchasing unit of GE Money’s Corporate Payment Services. The pricetag was $1.1 billion in cash.
2. First Citizens Bancorp, a $6.1 billion-asset bank in Columbia, SC, bought Merchants and Farmers Bank, based in Comer, GA, for $37 million. Merchants has assets of $145 million.
3. Mechanicsville, VA-based River City Bank was purchased for $20.2 million in cash and stock by Village Bank and Trust Financial Corp., which is based in Midlothian, VA.
4. Morton Savings Bank, which has one branch in Pennsylvania and $19.5 million in assets, will merge with Sharon Bancorp, a $162 million-asset bank based in Darby, PA.
5. First Financial Corp., based in Elizabethtown, KY, plans to move into...
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