Three regional lenders issued near-identical notices on 2 October denying that they had announced the merger-study story that ran the day before. Procrea Holdings, Akita Bank and Bank of Iwate each said that an unnamed press report on starting to consider a management integration among the three was not published by them, and each said the matter goes to its board today.
What each bank said
Procrea Holdings said the report was not its announcement and that the matter will be put to its board of directors on 2 October. It will disclose the result promptly once a decision is made. Bank of Iwate's notice describes Procrea as the group whose bank is Aomori Michinoku Bank.
Akita Bank said it plans to ask its board for approval today, but that it has no decided fact at present. It will announce promptly if a disclosable fact arises after board approval.
Bank of Iwate said the matter is on the agenda for its board meeting today and that nothing has been decided at this point. It will notify the market promptly if the board passes a resolution and a disclosable fact arises.
What is still open
None of the three notices gives terms, a structure, a timetable or a name for any combined group. Procrea's notice, unlike those of Akita and Iwate, does not say whether anything has been decided. The notices do not confirm the report's contents, and they do not dispute them either: each says the report was not its own announcement.
The next fact is the outcome of the three board meetings on 2 October. Procrea has said it will disclose promptly once a decision is made. Akita and Iwate have said they will do so if a disclosable fact arises after their boards approve or resolve the matter.