Crocker and Midland completed their merger.
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The San Francisco and London banks filed legal documents sealing the combination, which was approved by shareholders of the two firms. They also announced terms of a new issue of Crocker adjustable-rate preferred stock that will be exchanged for the bank’s current common shares. The initial quarterly dividend, payable Aug. 15, will be at an annual rate of 11.5%. Subsequent dividends will be indexed to several U.S. Treasury securities.
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