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Last updated 5:43AM ET
March 9, 2021
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BANK OF AMERICA BUYS LASALLE BANK
(2007-09-14)
(wgvu) - CHARLOTTE, N.C. (AP) - Bank of America says it has Federal
Reserve approval to complete its 21 billion dollar purchase of
Chicago's LaSalle Bank.
Bank of America says the decision is the final regulatory
approval needed for the transaction, which is expected to close
early next month.
The purchase will create a leading banking franchise in Chicago
and Michigan 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 6,000
branches and close to 10 percent of deposits nationwide, the
maximum allowed by federal law.
Bank of America shares rose 17 cents to $50.03 in afternoon
trading today.
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