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Less than three years after it suffered one of the largest quarterly losses in U.S. banking history, European American Bancorp has been put up for sale.
Observers say European American's owners, an uneasy consortium of six European banks, have been looking to unload the $6.5 billion bank for months. But efforts have intensified in recent weeks, prompting speculation that a sale could occur soon.
Raymond J. Dempsey, president and chairman, admits the Manhattan-based regional bank is for sale but adds, "It could be anywhere from two weeks to 20 years. In here, there's the rumor of the day."
European American officials say they don't know much because the shots are being called by the six European owners -- Amsterdam-Rotterdam Bank N.V., Deutsche Bank AG, Generale Bank, Societe Generale, Midland Bank plc and Creditanstalt-Bankverein.
But banking industry sources say activity has picked up in the last few weeks.
For one thing, the six bank owners have reportedly been exploring a sale through their investment banker, James D. Wolfensohn Inc. "I had the impression that was moving rapidly," says Elliot Vestner, a former Irving Trust official now with Bank of Boston.
Furthermore, sources say Mr. Dempsey told an officers...