Texas Commerce Bancshares Inc said its shareholders approved the merger of the bank with Chemical New York Corp &lt;CHL> moving a step closer towards creating the nations fourth largest bank. The company said each holder will receive 31.19 dlrs a share in cash and securities somewhat less than the 35 dlrs to 36 dlrs a share estimated when the deal was announced on December 15 1986. The deal is now worth 1.16 billion dlrs. The merger is still subject to approval by Chemicals shareholders who will vote on the deal at the companys annual meeting on April 28. The company said 98.7 pct of the shareholders voting on the merger cast an affirmative vote. Chairman and chief executive officer Ben Love said all regulatory hurdles to the merger have been cleared including last weeks final approval of the transaction by the U.S. comptroller of the currency. Pending approval of Chemicals shareholders the merger should be closed by May one he added. The bank said the combined company will have assets of about 80 billion dlrs.
TEXAS COMMERCE <TCB> HOLDERS APPROVE MERGER