Fed approves Bank of America's $21B purchase of LaSalle Bank
Bank of America Corp. said on Friday it has received approval from the Federal Reserve to complete its $21 billion (euro15.15 billion) purchase of Chicago's LaSalle Bank Corp.
By Agencies |
CHARLOTTE: Bank of America Corp. said on Friday it has received approval from the Federal Reserve to complete
its $21 billion (euro15.15 billion) purchase of Chicago's LaSalle Bank Corp.
The decision is the final regulatory approval needed for the transaction, which is expected to close in early October, Bank of America said.
The purchase will create a leading banking franchise in Chicago and Michigan, two areas where LaSalle mainly operates, while filling a key gap for Bank of America nationally.
LaSalle has about 411 branches, 1,500 automated teller machines and 1.4 million customers. Adding LaSalle would give Bank of America more than 6,100 branches and close to 10 percent of deposits nationwide, the maximum allowed by federal law.
Bank of America shares rose 9 cents to $49.95 Friday.
its $21 billion (euro15.15 billion) purchase of Chicago's LaSalle Bank Corp.
The decision is the final regulatory approval needed for the transaction, which is expected to close in early October, Bank of America said.
The purchase will create a leading banking franchise in Chicago and Michigan, two areas where LaSalle mainly operates, while filling a key gap for Bank of America nationally.
LaSalle has about 411 branches, 1,500 automated teller machines and 1.4 million customers. Adding LaSalle would give Bank of America more than 6,100 branches and close to 10 percent of deposits nationwide, the maximum allowed by federal law.
Bank of America shares rose 9 cents to $49.95 Friday.
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