The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Bank Of America Set To Buy Fleet Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, October 27, 2003

Bank Of America Set To Buy Fleet

by: Nicole Halsey

Bank Of America has agreed to acquire Fleet Boston for $47.85 billion in stock, the Wall Street Journal reports.

The new bank, to be called ‘Bank Of America’, will become the second largest consumer bank in the U.S. with $33 million customers and branches in almost every region of the country. Currently JP Morgan Chase & Co. is second, behind Citigroup.

The combined company will also have 9.8% of the banking deposits in the U.S. and have the first, second or third largest market share in 21 of the 29 states where it operates.

Kenneth D. Lewis, chairman and ceo of Bank of America, will be CEO of the new bank. Meanwhile, Charles K. Gifford, ceo of FleetBoston, will chair the merged company and work from FleetBoston’s offices in Boston.

The acquisition comes at an almost ironic time for BOA. As of late, the company has been dogged by the mutual fund market timing scandal enveloping much of Wall Street and one of its former managers, Theodore Siphol III sued the bank last week to cover his legal fees. Siphol plead guilty to securities fraud last month.  

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2021
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use