BoA/FleetBoston Merger Agreed

Bank of America Corporation and FleetBoston Financial Corporation have announced a definitive agreement to merge. The deal, to be accomplished through a stock-for-stock transaction, establishes a new Bank of America that will serve approximately 33 million consumer relationships, with market shares throughout the Northeast, Southeast, Midwest, Southwest and West regions of the United States. The company will provide products for 2.5 million business clients in the United States and 34 other countries, backed by the capital power of the second largest banking company in the world. The new Bank of America will have $68 billion in shareholders’ equity and the two companies have generated $10 billion in earnings in the first nine months of 2003.


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