<PAGE> 1
- -------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported) February 2, 1996
(January 31, 1996)
BOATMEN'S BANCSHARES, INC.
------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Missouri 1-3750 43-0672260
- ---------------------------- ---------------- -------------------
(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
One Boatmen's Plaza, 800 Market Street, St. Louis, Missouri 63101
- -----------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 314-466-6000
--------------
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<PAGE> 2
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
- --------------------------------------------
On January 31, 1996, Boatmen's Bancshares Inc. (the "Registrant")
acquired Fourth Financial Corporation, a Kansas corporation ("Fourth
Financial"), by means of the merger (the "Merger") of Fourth Financial with
and into a wholly-owned subsidiary of the Registrant. Under terms of the
Merger, (i) each issued and outstanding share of common stock, par value $5
per share, of Fourth Financial was converted into one share of common stock,
par value $1 per share, of the Registrant (approximately 28.5 million shares
in the aggregate), and (ii) each issued and outstanding Depositary Share of
Fourth Financial, representing 1/16 interest in a share of Class A 7%
Cumulative Convertible Preferred Stock of Fourth Financial, was converted
into one Depositary Share of the Registrant, representing a 1/16 interest in
a share of 7% Cumulative Convertible Preferred Stock, Series A, of the
Registrant (approximately 3.96 million Depositary Shares in the aggregate).
No shares of Fourth Financial common stock were owned by the Corporation
prior to the Merger. The Merger was accounted for as a "pooling of
interests" for accounting and financial reporting purposes.
Fourth Financial is a multi-bank holding company headquartered in
Wichita, Kansas. At December 31, 1995, Fourth Financial had consolidated
assets of approximately $7.4 billion and shareholders' equity of
approximately $678 million and operated 87 retail banking offices in Kansas,
and 56 in Oklahoma, making it the largest banking company in Kansas and third
largest in Oklahoma.
Prior to the Merger, there were no material relationships between
Fourth Financial and its shareholders, and the Registrant, or any of its
affiliates, directors or officers of the Registrant or any associates of such
directors or officers.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
- -----------------------------------------
(a) Financial Statements of Business Acquired
-----------------------------------------
Audited financial statements of Fourth Financial required by Item 7 of
Form 8-K will be filed not later than 60 days after the filing of this Report
on Form 8-K.
(b) Pro Forma Financial Information
-------------------------------
The following unaudited pro forma financial statements are submitted
herewith:
1. Pro Forma Combined Balance Sheet as of December 31, 1995.
2. Pro Forma Combined Statements of Income for the years ended
December 31, 1995, 1994, and 1993, and notes thereto.
3. Pro Forma Consolidated Quarterly Earnings Trend for the year ended
December 31, 1995.
4. Pro Forma Consolidated Quarterly Balance Sheets for each 1995
quarter ended period.
(c) Exhibits
--------
The following exhibits are incorporated herein by reference:
Exhibit 2 (a) Agreement and Plan of Merger, dated August 25,
1995, by and among Fourth Financial Corporation, Boatmen's Bancshares, Inc.
and Acquisition Sub, Inc., is incorporated herein by reference from the
Registration Statement on Form S-4 of Boatmen's Bancshares, Inc. (No.
33-64087).
<PAGE> 3
Exhibit 2 (b) Stock Option Agreement, dated August 26, 1995,
between Boatmen's Bancshares, Inc. and Fourth Financial Corporation, is
incorporated herein by reference from the Registration Statement on Form S-4
of Boatmen's Bancshares, Inc. (No. 33-64087).
The following exhibit is included with this Report:
Exhibit 99 (a) Press Release dated January 31, 1996
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this Report to be signed on its
behalf by the undersigned hereunto duly authorized.
BOATMEN'S BANCSHARES, INC.
--------------------------
(Registrant)
By /s/ JAMES W. KIENKER
---------------------------
James W. Kienker
Executive Vice President and
Chief Financial Officer
Dated: February 2, 1996
<PAGE> 4
PRO FORMA FINANCIAL DATA
BOATMEN'S BANCSHARES, INC. AND FOURTH FINANCIAL CORPORATION
The pro forma combined balance sheet assumes that the Merger was
consummated on December 31, 1995, and the pro forma combined statements of
income assume that the Merger was consummated on January 1 of each period
presented. The unaudited pro forma combined balance sheet as of December 31,
1995, and the pro forma combined statements of income for each of the years
in the three-year period ended December 31, 1995, give effect to the Merger
based on the historical consolidated financial statements of the Registrant
and Fourth Financial and their subsidiaries, and do not give effect to any
restatements that may be necessary to conform accounting policies. Such
adjustments, if any, are not expected to have a material impact on the
Registrant's restated historical consolidated financial statements. Other
supplementary financial information provided herein includes consolidated
balance sheets and income statements for each quarter ended period of 1995
as if the Registrant and Fourth Financial had always been combined.
<PAGE> 5
<TABLE>
PRO FORMA COMBINED BALANCE SHEET
December 31, 1995
(In Thousands)
<CAPTION>
Boatmen's Fourth Financial Boatmen's
Bancshares, Inc. Corporation Adjustments Pro Forma
---------------- ---------------- ----------- ------------
<S> <C> <C> <C> <C>
ASSETS:
Cash and due from banks $2,175,804 $436,104 $2,611,908
Short-term investments 82,240 926 83,166
Securities:
Held to maturity 914,747 8,383 923,130
Available for sale 8,063,815 2,283,357 10,347,172
Trading 57,442 920 58,362
Federal funds sold and securities
purchased under resale agreements 1,099,696 125,975 1,225,671
Loans, net of unearned income 19,763,244 4,294,128 24,057,372
Less reserve for loan losses 382,984 69,576 452,560
------------- ----------- -------------
Loans, net 19,380,260 4,224,552 23,604,812
------------- ----------- -------------
Property and equipment 637,945 162,557 800,502
Other assets 1,291,881 199,751 1,491,632
------------- ----------- -------------
Total assets $33,703,830 $7,442,525 $41,146,355
============= =========== =============
LIABILITIES AND EQUITY:
Liabilities:
Demand deposits $5,862,531 $1,033,024 $6,895,555
Retail savings deposits and interest-
bearing transaction accounts 11,027,383 2,483,337 13,510,720
Time deposits 9,042,216 2,529,733 11,571,949
------------- ----------- -------------
Total deposits 25,932,130 6,046,094 31,978,224
------------- ----------- -------------
Federal funds purchased and securities
sold repurchase agreements 2,361,204 541,768 2,902,972
Short-term borrowings 1,359,993 21,500 1,381,493
Capital lease obligations 38,910 166 39,076
Long-term debt 615,129 93,498 708,627
Other liabilities 467,444 61,004 528,448
------------- ----------- -------------
Total liabilities 30,774,810 6,764,030 37,538,840
------------- ----------- -------------
Redeemable preferred stock 961 961
------------- ----------- -------------
Stockholders' Equity:
Preferred stock 99,324 99,324
Common stock 129,924 140,721 (112,577)<F1> 158,068
Surplus 984,557 115,704 112,577 <F1> 1,212,838
Retained earnings 1,827,023 316,921 2,143,944
Treasury stock (18,096) (18,096)
Unrealized net appreciation (depreciation),
available for sale securities 4,651 5,825 10,476
------------- ----------- ------------- -------------
Total stockholders' equity 2,928,059 678,495 0 3,606,554
------------- ----------- ------------- -------------
Total liabilities and stockholders'
equity $33,703,830 $7,442,525 $41,146,355
============= =========== =============
Common stockholders' equity per share $22.62 $20.58 $22.26
============= =========== =============
Period end shares outstanding 129,446,988 28,144,251 157,591,239
============= =========== =============
<FN>
<F1> Based on the exchange ratio of 1.0 share of Boatmen's Common for each share of Fourth common stock.
</TABLE>
<PAGE> 6
<TABLE>
PRO FORMA COMBINED STATEMENT OF INCOME
Year ended December 31, 1995
(In Thousands, except per share data)
<CAPTION>
Boatmen's Fourth Financial Boatmen's
Bancshares, Inc. Corporation Pro Forma
--------------------- --------------------- ----------------
<S> <C> <C> <C>
Interest income:
Interest and fees on loans $1,711,549 $395,223 $2,106,772
Interest on short-term investments 4,527 87 4,614
Interest on federal funds sold and
securities purchased under resale
agreements 33,673 6,354 40,027
Interest on securities:
Taxable 511,958 139,259 651,217
Tax-exempt 56,108 11,525 67,633
--------------------- --------------------- ----------------
Total interest on securities 568,066 150,784 718,850
Interest on trading securities 1,956 93 2,049
--------------------- --------------------- ----------------
Total interest income 2,319,771 552,541 2,872,312
-------------------- --------------------- ----------------
Interest expense:
Interest on deposits 797,256 228,202 1,025,458
Interest on Federal funds purchased and
other short-term borrowings 257,239 30,851 288,090
Interest on capital lease obligations 3,875 21 3,896
Interest on long-term debt 47,338 16,535 63,873
--------------------- --------------------- ----------------
Total interest expense 1,105,708 275,609 1,381,317
--------------------- --------------------- ----------------
Net interest income 1,214,063 276,932 1,490,995
Provision for loan losses 46,688 6,309 52,997
--------------------- --------------------- ----------------
Net interest income after
provision for loan losses 1,167,375 270,623 1,437,998
--------------------- --------------------- ----------------
Noninterest income:
Trust fees 177,185 23,057 200,242
Service charges 190,823 40,761 231,584
Mortgage banking revenues 78,638 2,745 81,383
Credit card 49,753 13,779 63,532
Investment banking revenues 35,281 6,171 41,452
Securities gains (losses), net 14,719 (21,759) (7,040)
Other 129,979 20,034 150,013
--------------------- --------------------- ----------------
Total noninterest income 676,378 84,788 761,166
--------------------- --------------------- ----------------
Noninterest expense:
Staff 597,212 128,618 725,830
Net occupancy 80,170 18,592 98,762
Equipment 95,657 22,260 117,917
FDIC insurance 31,197 8,091 39,288
Intangible amortization 33,576 10,737 44,313
Advertising 34,032 8,711 42,743
Other 327,157 54,755 381,912
--------------------- --------------------- ----------------
Total noninterest expense 1,199,001 251,764 1,450,765
--------------------- --------------------- ----------------
Income before income tax expense 644,752 103,647 748,399
Income tax expense 225,917 37,947 263,864
--------------------- --------------------- ----------------
Net income $418,835 $65,700 $484,535
===================== ===================== ================
Net income available to
common shareholders $418,760 $58,632 $477,392
===================== ===================== ================
Net income per share $3.25 $2.12 $3.05
===================== ===================== ================
Average shares (YTD) 129,034 27,630 156,664
===================== ===================== ================
Returns:
Return on assets 1.28% 0.87% 1.20%
Return on total equity 15.15% 10.23% 14.23%
Return on common equity 15.15% 10.81% 14.44%
</TABLE>
<PAGE> 7
<TABLE>
PRO FORMA COMBINED STATEMENT OF INCOME
Year ended December 31, 1994
(In Thousands, except per share data)
<CAPTION>
Boatmen's Fourth Financial Boatmen's
Bancshares, Inc. Corporation Pro Forma
--------------------- --------------------- ----------------
<S> <C> <C> <C>
Interest income:
Interest and fees on loans $1,439,508 $309,224 $1,748,732
Interest on short-term investments 3,472 97 3,569
Interest on federal funds sold and
securities purchased under resale
agreements 17,136 911 18,047
Interest on securities:
Taxable 498,727 162,216 660,943
Tax-exempt 60,488 16,712 77,200
--------------------- --------------------- ----------------
Total interest on securities 559,215 178,928 738,143
Interest on trading securities 2,525 104 2,629
--------------------- --------------------- ----------------
Total interest income 2,021,856 489,264 2,511,120
--------------------- --------------------- ----------------
Interest expense:
Interest on deposits 609,616 159,379 768,995
Interest on Federal funds purchased and
other short-term borrowings 173,244 29,262 202,506
Interest on capital lease obligations 3,983 33 4,016
Interest on long-term debt 46,725 19,935 66,660
--------------------- --------------------- ----------------
Total interest expense 833,568 208,609 1,042,177
--------------------- --------------------- ----------------
Net interest income 1,188,288 280,655 1,468,943
Provision for loan losses 25,340 836 26,176
--------------------- --------------------- ----------------
Net interest income after
provision for loan losses 1,162,948 279,819 1,442,767
--------------------- --------------------- ----------------
Noninterest income:
Trust fees 164,936 21,145 186,081
Service charges 186,786 38,693 225,479
Mortgage banking revenues 60,695 2,654 63,349
Credit card 44,628 10,871 55,499
Investment banking revenues 37,768 4,550 42,318
Securities gains, net 6,200 3,632 9,832
Other 114,131 16,969 131,100
--------------------- --------------------- ----------------
Total noninterest income 615,144 98,514 713,658
--------------------- --------------------- ----------------
Noninterest expense:
Staff 590,698 127,894 718,592
Net occupancy 82,985 17,924 100,909
Equipment 93,372 22,815 116,187
FDIC insurance 52,947 12,776 65,723
Intangible amortization 35,152 10,154 45,306
Advertising 33,491 9,514 43,005
Other 268,093 53,266 321,359
--------------------- --------------------- ----------------
Total noninterest expense 1,156,738 254,343 1,411,081
--------------------- --------------------- ----------------
Income before income tax expense 621,354 123,990 745,344
Income tax expense 213,552 40,866 254,418
--------------------- --------------------- ----------------
Net income $407,802 $83,124 $490,926
===================== ===================== ================
Net income available to
common shareholders $407,722 $76,124 $483,846
===================== ===================== ================
Net income per share $3.17 $2.80 $3.10
===================== ===================== ================
Average shares (YTD) 128,652 27,230 155,882
===================== ===================== ================
Returns:
Return on assets 1.29% 1.12% 1.26%
Return on total equity 16.14% 13.79% 15.69%
Return on common equity 16.14% 15.13% 15.97%
</TABLE>
<PAGE> 8
<TABLE>
PRO FORMA COMBINED STATEMENT OF INCOME
Year ended December 31, 1993
(In Thousands, except per share data)
<CAPTION>
Boatmen's Fourth Financial Boatmen's
Bancshares, Inc. Corporation Pro Forma
--------------------- --------------------- ----------------
<S> <C> <C> <C>
Interest income:
Interest and fees on loans $1,282,802 $266,984 $1,549,786
Interest on short-term investments 2,101 233 2,334
Interest on federal funds sold and
securities purchased under resale
agreements 18,799 1,948 20,747
Interest on securities:
Taxable 491,599 160,631 652,230
Tax-exempt 62,310 19,534 81,844
--------------------- --------------------- ----------------
Total interest on securities 553,909 180,165 734,074
Interest on trading securities 2,570 135 2,705
--------------------- --------------------- ----------------
Total interest income 1,860,181 449,465 2,309,646
--------------------- --------------------- ----------------
Interest expense:
Interest on deposits 607,349 159,802 767,151
Interest on Federal funds purchased and
other short-term borrowings 82,351 12,735 95,086
Interest on capital lease obligations 4,082 23 4,105
Interest on long-term debt 40,767 8,844 49,611
--------------------- --------------------- ----------------
Total interest expense 734,549 181,404 915,953
--------------------- --------------------- ----------------
Net interest income 1,125,632 268,061 1,393,693
Provision for loan losses 63,885 7,037 70,922
--------------------- --------------------- ----------------
Net interest income after
provision for loan losses 1,061,747 261,024 1,322,771
--------------------- --------------------- ----------------
Noninterest income:
Trust fees 159,365 18,690 178,055
Service charges 176,850 33,983 210,833
Mortgage banking operations 68,623 2,399 71,022
Credit card 33,433 7,657 41,090
Investment banking revenues 41,934 6,139 48,073
Securities gains, net 8,348 1,555 9,903
Other 104,979 16,612 121,591
--------------------- --------------------- ----------------
Total noninterest income 593,532 87,035 680,567
--------------------- --------------------- ----------------
Noninterest expense:
Staff 568,490 118,828 687,318
Net occupancy 88,198 16,940 105,138
Equipment 89,643 23,804 113,447
FDIC insurance 52,007 13,295 65,302
Intangible amortization 36,265 12,549 48,814
Advertising 31,736 8,598 40,334
Other 276,658 63,538 340,196
--------------------- --------------------- ----------------
Total noninterest expense 1,142,997 257,552 1,400,549
--------------------- --------------------- ----------------
Income before income tax expense 512,282 90,507 602,789
Income tax expense 161,917 12,398 174,315
--------------------- --------------------- ----------------
Net income $350,365 $78,109 $428,474
===================== ===================== ================
Net income available to
common shareholders $350,280 $71,109 $421,389
===================== ===================== ================
Net income per share $2.75 $2.67 $2.74
===================== ===================== ================
Average shares (YTD) 127,304 26,640 153,944
===================== ===================== ================
Returns:
Return on assets 1.20% 1.16% 1.19%
Return on total equity 15.25% 13.71% 14.94%
Return on common equity 15.25% 15.21% 15.24%
<FN>
<F1> Net income includes $10,582 for the year ended December 31, 1993, for the cumulative
effect of SFAS No. 109 adoption by Fourth Financial.
</TABLE>
<PAGE> 9
<TABLE>
PRO FORMA CONSOLIDATED QUARTERLY EARNINGS TREND <F1>
(In Thousands, except per share data)
<CAPTION>
1995
--------------------------------------------------------------------------
First Quarter Second Quarter Third Quarter Fourth Quarter Full Year
--------------- -------------- ------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Interest income:
Interest and fees on loans $498,555 $530,147 $540,089 $537,981 $2,106,772
Interest on short-term investments 918 1,010 1,146 1,540 4,614
Interest on federal funds sold and securities
purchased under resale agreements 8,801 9,440 10,025 11,761 40,027
Interest on securities:
Taxable 168,901 165,478 159,204 157,634 651,217
Tax-exempt 17,466 17,082 16,618 16,467 67,633
--------------- -------------- ------------- -------------- --------------
Total interest on securities 186,367 182,560 175,822 174,101 718,850
Interest on trading securities 435 361 546 707 2,049
--------------- -------------- ------------- -------------- --------------
Total interest income 695,076 723,518 727,628 726,090 2,872,312
--------------- -------------- ------------- -------------- --------------
Interest expense:
Interest on deposits 238,125 259,633 262,651 265,049 1,025,458
Interest on Federal funds purchased and
other short-term borrowings 74,544 76,998 74,099 62,449 288,090
Interest on capital lease obligations 977 976 972 971 3,896
Interest on long-term debt 18,433 16,448 14,906 14,086 63,873
--------------- -------------- ------------- -------------- --------------
Total interest expense 332,079 354,055 352,628 342,555 1,381,317
--------------- -------------- ------------- -------------- --------------
Net interest income 362,997 369,463 375,000 383,535 1,490,995
Provision for loan losses 10,743 10,171 12,391 19,692 52,997
--------------- -------------- ------------- -------------- --------------
Net interest income after
provision for loan losses 352,254 359,292 362,609 363,843 1,437,998
--------------- -------------- ------------- -------------- --------------
Noninterest income:
Trust fees 45,670 51,902 50,444 52,226 200,242
Service charges 55,234 57,827 58,802 59,721 231,584
Mortgage banking revenues 23,549 16,967 20,422 20,445 81,383
Credit card 15,164 14,864 16,763 16,741 63,532
Investment banking revenues 10,057 10,294 10,422 10,679 41,452
Securities gains (losses), net (22,017) 3,005 938 11,034 (7,040)
Other 37,485 36,421 37,765 38,342 150,013
--------------- -------------- ------------- -------------- --------------
Total noninterest income 165,142 191,280 195,556 209,188 761,166
--------------- -------------- ------------- -------------- --------------
Noninterest expense:
Staff 179,088 177,766 182,575 186,401 725,830
Net occupancy 25,124 23,661 25,613 24,364 98,762
Equipment 28,994 28,782 28,596 31,545 117,917
FDIC insurance 16,594 16,594 1,155 4,945 39,288
Intangible amortization 10,897 11,024 11,125 11,267 44,313
Advertising 9,909 11,469 9,689 11,676 42,743
Other 104,180 87,033 92,735 97,964 381,912
--------------- -------------- ------------- -------------- --------------
Total noninterest expense 374,786 356,329 351,488 368,162 1,450,765
--------------- -------------- ------------- -------------- --------------
Income before income tax expense 142,610 194,243 206,677 204,869 748,399
Income tax expense 52,347 66,439 72,995 72,083 263,864
--------------- -------------- ------------- -------------- --------------
Net income $90,263 $127,804 $133,682 $132,786 $484,535
=============== ============== ============= ============== ==============
Net income available to
common shareholders $88,494 $126,042 $131,924 $130,932 $477,392
=============== ============== ============= ============== ==============
Net income per share $0.57 $0.80 $0.84 $0.84 $3.05
=============== ============== ============= ============== ==============
Average shares (YTD) 156,232 156,541 156,578 156,564 156,564
=============== ============== ============= ============== ==============
Returns:
Return on assets 0.90% 1.27% 1.32% 1.32% 1.20%
Return on total equity 11.12% 15.13% 15.48% 14.99% 14.23%
Return on common equity 11.25% 15.38% 15.73% 15.21% 14.44%
<FN>
<F1> Includes Boatmen's Bancshares, Inc. and Fourth Financial Corporation on a combined basis.
</TABLE>
<PAGE> 10
<TABLE>
PRO FORMA CONSOLIDATED BALANCE SHEET TREND <F1>
(In Thousands)
<CAPTION>
3/31/95 6/30/95 9/30/95 12/31/95
---------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
ASSETS:
Cash and due from banks $2,239,319 $2,310,520 $2,205,926 $2,611,908
Short-term investments 44,830 52,750 61,249 83,166
Securities:
Held to maturity 7,195,695 7,010,999 6,802,763 923,130
Available for sale 4,752,262 4,492,629 4,456,289 10,347,172
Trading 19,795 28,255 29,272 58,362
Federal funds sold and securities
purchased under resale agreements 419,839 784,254 690,132 1,225,671
Loans, net of unearned income 23,554,838 24,307,529 24,184,508 24,057,372
Less reserve for loan losses 454,731 457,221 461,352 452,560
---------------- --------------- --------------- ---------------
Loans, net 23,100,107 23,850,308 23,723,156 23,604,812
---------------- --------------- --------------- ---------------
Property and equipment 802,124 801,399 802,170 800,502
Other assets 1,513,706 1,581,420 1,512,482 1,491,632
---------------- --------------- --------------- ---------------
Total assets $40,087,677 $40,912,534 $40,283,439 $41,146,355
================ =============== =============== ===============
LIABILITIES AND EQUITY:
Liabilities:
Demand deposits $5,891,811 $6,233,310 $6,439,391 $6,895,555
Retail savings deposits and interest-
bearing transaction accounts 12,306,852 12,456,252 12,558,121 13,510,720
Time deposits 11,645,044 11,768,983 11,542,671 11,571,949
---------------- --------------- --------------- ---------------
Total deposits 29,843,707 30,458,545 30,540,183 31,978,224
---------------- --------------- --------------- ---------------
Federal funds purchased and securities
sold repurchase agreements 3,216,314 2,708,270 3,022,423 2,902,972
Short-term borrowings 2,244,209 2,855,536 1,993,157 1,381,493
Capital lease obligations 40,075 39,699 39,373 39,076
Long-term debt 917,775 790,562 692,705 708,627
Other liabilities 506,020 626,749 523,717 528,448
---------------- --------------- --------------- ---------------
Total liabilities 36,768,100 37,479,361 36,811,558 37,538,840
---------------- --------------- --------------- ---------------
Redeemable preferred stock 1,142 1,132 1,007 961
---------------- --------------- --------------- ---------------
Stockholders' Equity:
Preferred stock 99,969 99,469 99,362 99,324
Common stock 156,559 158,442 157,562 158,068
Surplus 1,181,482 1,203,437 1,205,870 1,212,838
Retained earnings 1,923,809 1,997,785 2,073,895 2,143,944
Treasury stock (2,151) (23,194) (59,205) (18,096)
Unrealized net appreciation (depreciation),
available for sale securities (41,233) (3,898) (6,610) 10,476
---------------- --------------- --------------- ---------------
Total stockholders' equity 3,318,435 3,432,041 3,470,874 3,606,554
---------------- --------------- --------------- ---------------
Total liabilities and stockholders'
equity $40,087,677 $40,912,534 $40,283,439 $41,146,355
================ =============== =============== ===============
Common stockholders' equity per share $20.57 $21.26 $21.62 $22.26
================ =============== =============== ===============
Period end shares outstanding 156,481,540 156,726,993 155,912,820 157,591,239
================ =============== =============== ===============
<FN>
<F1> Includes Boatmen's Bancshares, Inc. and Fourth Financial Corporation on a combined basis.
</TABLE>
<PAGE> 1
BOATMEN'S
BANCSHARES, INC.
Boatmen's Bancshares, Inc.
One Boatmen's Plaza
800 Market Street
St. Louis, Missouri 63101
news
For further information, contact:
Kevin R. Stitt, 314/466-7662
FOR IMMEDIATE RELEASE
- ---------------------
BOATMEN'S BANCSHARES COMPLETES ACQUISITION
------------------------------------------
OF FOURTH FINANCIAL CORPORATION
-------------------------------
ST. LOUIS, January 31, 1996 -- Boatmen's Bancshares, Inc. (NASDAQ:BOAT)
reported today that it completed the previously announced acquisition of
Fourth Financial Corporation, headquartered in Wichita, Kansas, with assets
of $7.4 billion. Boatmen's exchanged approximately 28 million shares of
common stock for all the outstanding common shares of Fourth Financial in
a tax-free exchange to be accounted for as a pooling of interests.
In conjunction with the acquisition, Darrell G. Knudson and Russell W.
Meyer, Jr. were elected to Boatmen's board of directors, increasing the
size of the board to 19 members. Knudson, executive vice president of
Boatmen's, is the former chairman and chief executive officer of Fourth
Financial. Meyer is chairman and chief executive officer of the Cessna
Aircraft Company, headquartered in Wichita. Both had been directors of
Fourth Financial.
- more -
<PAGE> 2
Add One
Boatmen's Bancshares, now with assets of approximately $41 billion,
is one of the 30 largest U.S. bank holding companies, operating more than
650 locations in nine states. Boatmen's is the largest bank holding company
in Missouri, Kansas, Oklahoma, Arkansas and New Mexico, and also ranks
among the nation's largest providers of trust services.
# # #
