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Fleet, Bank of America finalize merger
Fleet, Bank of America finalize merger
Listen to this articleBank of America Corp. Thursday completed its merger with FleetBoston Financial Corp., combining to serve more than 35 million households and businesses across the country.
“This transaction closes an era but begins a new one,†Charles Gifford, chairman of Bank of America, said in a statement. “It allows the strength and heritage of the Fleet franchise to become part of a dynamic national financial services company while continuing its historic commitment to the Northeast.â€
Fleet shareholders received 0.5553 of a Bank of America common share for each Fleet share they own.
The merger creates the fourth most profitable company in the world, based on
2003 pro forma results, company officials said. It creates the world’s second-largest banking company.
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