-
[Please note: This page is part of the Chicago CD Rates archive. Most of these deals on this page are not current and no longer available. Please check the date of the post before getting too excited and driving to a bank an hour away. If you have any doubts whether the deal is available, contact the bank or credit union. For a list of more current rates, visit our homepage.]
Bank of America Free to Buy LaSalle Bank
This would obviously would change the Chicago banking scene drastically. From Reuters:
“A court ruling on Friday should clear the way for Bank of America Corp. to buy LaSalle Bank for $21 billion, and give it a powerful presence in the affluent Chicago area even as it boosts its exposure to Michigan and its troubled economy.
“The ruling by the Dutch Supreme Court said ABN AMRO Holding NV does not need shareholder approval to sell LaSalle to Bank of America, the second largest U.S. bank….
“LaSalle has about 411 branches, 1,500 automated teller machines and 1.4 million customers. Its addition would give Charlotte, North Carolina-based Bank of America more than 6,100 branches and push it to the 10 percent federal cap on deposits nationwide. The bank would surpass JPMorgan Chase & Co. as Chicago’s largest, with about 16 percent of area deposits.
“‘Illinois is a very important market,’ said Marshall Front, chairman of Front Barnett Associates LLC in Chicago, which owns Bank of America shares. ‘Wells Fargo….and other big banks have been trying to break in, and not very successfully. LaSalle gives Bank of America the branches and a strong position in middle-market lending.’”
No Responses to “Bank of America Free to Buy LaSalle Bank”
No comments yet
