MeraBank to Get $450 Million: Pinnacle West...
- Share via
MeraBank to Get $450 Million: Pinnacle West Capital Corp. of Phoenix agreed to inject $450 million into its troubled thrift subsidiary, MeraBank, just hours before tough, new federal capital standards for thrifts took affect. The agreement settled months of negotiations between Pinnacle West and the Office of Thrift Supervision over the federal agency’s demand that Pinnacle West inject $510 million into MeraBank. Pinnacle West has received a $1.87-billion takeover offer from Pacificorp., a utility company based in Portland, Ore. Pacificorp executives said they were optimistic that the settlement would clear the way for the proposed takeover deal.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
