Firstar Corp. signed a definitive agreement Friday to acquire Mercantile Bancorporation through an exchange of shares valued at approximately $10.6 billion. The combined company would become the 13th largest bank holding company in the USA, with assets of more than $75 billion, deposits of $59 billion, assets under management of $67 billion and a market capitalization of $32 billion. The combined company will also become the 25th largest issue of VISA and MasterCards, based on receivables, according to CardData ([www.carddata.com]). Firstar will also become the 10th largest ATM system with more than 2,000 ATMs.
FIRSTAR + MERCANTILE (4Q/98 stats)
RECV ACCTS ACTIVES CARDS
Firstar $1.3 billion 949k 798k 1.4m
Mercantile $633 million 476k 272k 490k
Combined $1.9 billion 1.5m 1.1m 2.0m
Source: CardData (www.carddata.com)