BANKAMERICA CORP
8-K, 1995-01-18
NATIONAL COMMERCIAL BANKS
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<PAGE>
 
                      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


                                January 6, 1995
                     -------------------------------------
                       (Date of earliest event reported)



                            BankAmerica Corporation
                    --------------------------------------
            (Exact name of registrant as specified in its charter)



         Delaware                     1-7377                  94-1681731
- -----------------------------------------------------------------------------
(State or other jurisdiction        (Commission            (I.R.S. Employer
      of incorporation)             File Number)        Identification Number)


Bank of America Center
555 California Street
San Francisco, California                                    94104
- ----------------------------------------------------------------------------
(Address of principal executive offices)                   (Zip Code)



                                 415-622-3530
- ----------------------------------------------------------------------------- 
             (Registrant's telephone number, including area code)




<PAGE>
 
     Item 5.   Other Events.
               ------------ 

          Attached hereto as Exhibit 99 is a copy of a joint press release from
BankAmerica Corporation and Arbor National Holdings, Inc. dated January 16, 1995
titled "ARBOR National Holdings/BankAmerica Merger -- Regulatory Approvals
Received."


     Item 7.   Financial Statements, Pro Forma
               -------------------------------
               Financial Information and Exhibits.
               ---------------------------------- 

     (a) Financial Statements of Businesses Acquired
          Not applicable.

     (b) Pro Forma Financial Information
          Not applicable.

     (c) Exhibits


Exhibit Number          Description
- --------------          -----------

     99                 BankAmerica Corporation and Arbor National Holdings,
                        Inc. joint press release dated January 16, 1995 titled
                        "ARBOR National/BankAmerica Merger -- Regulatory
                        Approvals Received."



                                  SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                               BANKAMERICA CORPORATION
                                               -----------------------
                                                     (Registrant)



Date:  January 17, 1995
                                            By    /s/ James H. Williams
                                                ------------------------------ 
                                                      James H. Williams
                                                   Executive Vice President




                                       2
<PAGE>
 
                                 EXHIBIT INDEX



Exhibit Number          Description

     99                 BankAmerica Corporation and Arbor National Holdings,
                        Inc. joint press release dated January 16, 1995 titled
                        "ARBOR National/BankAmerica Merger -- Regulatory
                        Approvals Received."





<PAGE>
 
NEWS RELEASE                                                          EXHIBIT 99
 
ARBOR
- ---------------
Joseph Martello    (516) 832-5209
Joseph Heller      (516) 832-5303
 
BankAmerica
- --------------
Richard Beebe      (415) 953-2760
 


                  ARBOR NATIONAL HOLDINGS/BANKAMERICA MERGER

                         REGULATORY APPROVALS RECEIVED



       Uniondale, NY, January 16, 1995 - ARBOR National Holdings, Inc. (NASDAQ:
ARBH) and BankAmerica Corporation ("BAC") released today the "Average Closing
Price" for BAC Common Stock which will be used as part of the formula for
calculating the share exchange ratio in ARBOR's pending stock merger with a
subsidiary of BAC. The "Average Closing Price" of $40.40 was calculated under
the merger agreement on the basis of the average closing sales price per share
of BAC Common Stock on the New York Stock Exchange for a fixed period preceding
final federal bank regulatory approval of the proposed merger transaction, which
was obtained earlier this month. Under the BAC/ARBOR merger agreement, the
preliminary per share merger price of $16.35 per ARBOR share is subject to
various adjustments prior to closing. The final per share merger price resulting
from such adjustments will be divided by the "Average Closing Price" to
determine the actual exchange ratio applicable to ARBOR shares. 

       ARBOR has scheduled a special shareholders' meeting for January 24, 1995
at its corporate headquarters in Uniondale, New York to consider the merger
agreement. Subject to shareholder approval and the satisfaction of certain other
closing conditions, ARBOR and BAC currently anticipate that the merger will
close on January 31, 1995.




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