BANKING: Lavender & Old Legacies

The oldest name in American banking —five years older than the U.S.—will soon be changed. The Bank of New York, founded in 1784, announced last week that it will merge with the Fifth Avenue Bank of New York, a comparative newcomer only 73 years old. The new bank will be called the Bank of New York and Fifth Avenue. The deal, still to be approved by stockholders, caused a wild jump in the Fifth Avenue Bank's stock—and brought fat paper profits to its holders.

Though Bank of New York stock was selling at...

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