I was just about to post this as well. http://money.cnn.com/2003/10/27/news/companies/ba_fleet/index.htm I don't know how this will affect CC holders, but BofA is one of my 2 favorites. This is probably good news for Fleet CC holders.
And I am wondering how many major banks in the near future will be out there ??? Just few, but big ones or what ???!!!
WHAT TIME FRAME??? I am paying off FLEET and putting it in the SOCK DRAWER because of the -$100 CLD BUT IF THEY ARE GOING TO CHANGE TO A BofA CARD...I CAN'T LOSE THEM!!! When I get permission to make wife's (individual-me "AU") and mine (individual) into one "JOINT" account...IT WILL BE HIGHER THAN MBNA AMERICA...THEN ADD FLEET...$54,000+ (ONE CARD)
The agreement has been approved by both boards of directors and is subject to normal regulatory and shareholder approvals. Closing is expected in the first half of 2004. OK I FOUND IT...FIRST 1/2 2004
Back door into BOA? What if I am on the blacklist at BoA for a new acct (included BoA in BK in 1996)? If I go out and get a Fleet card now, would it be a back door into BoA when conversion occurs?
As long as it is not like NEXT CARD...you should be OK... They just closed many of our NEXT CARD accounts...BUT THEY WENT BK...but who knows... TRY FOR FLEET RIGHT NOW On the plus side they do ask less questions on their applications than some cards and use H/H INCOME
That's great news. I love BOFA. Never had a problem with their card. I have a personal and business card with Fleet. I can rest easier knowing that customer service just took a giant leap forward. I wonder if all cards, including the Fleet Business Card, will be converted to BOFA accounts. CardKid
i am banned from Bofa due to C/o , what will happen to my fleet. maybe thats why my limit was reduced lol.
They "MAY" close it when BofA gets it...or they "MAY" just NOT renew it...just pay it off at the terms you have...NO NEW CARD WOULD BE ISSUED AND YOUR OLD FLEET CARD WOULD NOT WORK... ...BUT WHO REALLY KNOWS
News > Companies BofA to purchase Fleet for $47B No. 2 Bank of America to acquire Boston-based bank for $47B in stock, a 43% premium for Fleet. October 27, 2003: 10:28 AM EST NEW YORK (CNN/Money) - Bank of America, the second-largest U.S. bank, agreed to buy FleetBoston Financial for $47 billion in stock, creating an institution with 33 million customers and home to almost one dollar out of every 10 deposited in a U.S. bank. Fleet shareholders will receive 0.5553 share of Bank of America (BAC: Research, Estimates) for each of their Fleet shares under terms of the all-stock deal. That comes to about $45.46 a share for Boston-based Fleet, or about a 43 percent premium, based on Friday's closing prices. The transaction would be the largest takeover since the $59 billion deal between drug makers Pfizer and Pharmacia in July 2002, according to Dealogic. YOUR E-MAIL ALERTS Bank of America Corporation Fleetboston Financial Corporation Banking Mergers and Acquisitions or Create your own Manage alerts | What is this? The banks announced that Fleet (FBF: Research, Estimates) CEO Chad Gifford will be chairman of the combined company, while Bank of America's Kenneth D. Lewis will retain his position as CEO. The combined headquarters will remain in Bank of America's current home city, Charlotte, N.C. . In a press conference following the merger announcement, Bank of America said it expects $1.1 billion of after-tax expense savings from the Fleet purchase, but said it expects 2004 per-share profit to fall below analysts' estimates. Bank of America's Chief Financial Officer James Hance also said the company expects to take a $800 million restructuring charge for the merger, and realize after-tax synergies of about $195 million per year. Hance said Bank of America expects to earn $7.10 per share in 2004. Analysts polled by Reuters Research, a unit of Reuters Group PLC, on average forecast $7.24. Click here for a look at financial stocks The expense savings, amounting to 6 percent of Fleet's and Bank of America's combined expense base, will likely be fully realized by 2005, Hance said. The current Bank of America was formed by a $60 billion 1998 merger with NationsBank. It already has leading deposits in California and Washington state, as well as Florida and Maryland, and No. 2 position in seven other states, including Texas, Arizona, North Carolina, and South Carolina. Bank of America was already second only to Citigroup in terms of assets, and this combination is likely to vault it into the lead in terms of bank deposits. It will have the largest retail banking network in the nation, with 5,700 branches across 29 states. The deal gives the bank a foothold it has never had in the No. 1 market, New York, as well as market leadership in Massachusetts, Rhode Island, Connecticut and New Jersey. The deal makes the combined bank first, second or third in market share in 21 of the 29 states in its retail footprint. It also will have significant market shares in 21 of the nation's 30 largest metropolitan areas, and be first, second or third in 23 of the 30 fastest-growing metropolitan areas FleetBoston, the No. 7 U.S. bank in terms of both assets and deposits, recently has sought to reposition itself as a consumer bank that takes on less lending risk after being burned by losses in Latin America and by loans to such companies as the collapsed Enron Corp. -- Reuters contributed to this story. --*Disclaimer Article from CNNFN.com Ron.
Sam, Are you sure that you are banned from BoA? I haven't been able to get anyone to confirm the existnece of a BoA blackist. I have an acct that was included in BK13 with them in 1996. It has been deleted from my reports as has the BK itself. (7 years was up). I am afraid to waste an inquiry with them if there is a blacklist and thought of applying to Fleet as a back door and then would have BoA card after conversion. Do you know for certain of no time limit BoA blacklist?
Archive Topics: Bank of America and FleetBoston Financial to Create Nation's Premier Financial Services Company October 27, 2003 Investors May Contact At Bank of America Kevin Stitt, 704.386.5667 Lee McEntire, 704.388.6780 At FleetBoston Financial John Kahwaty 617.434.3650 Reporters May Contact At Bank of America Eloise Hale, 704.387.0013 At FleetBoston Financial James Mahoney 617.434.9552 Bank of America Corporation and FleetBoston Financial Corporation today announced a definitive agreement to merge, creating the nation's premier financial services company. The company will bring unmatched convenience, innovation and resources to customers and clients throughout the nation and around the world. The merger, to be accomplished through a stock-for-stock transaction, establishes a new Bank of America that will serve approximately 33 million consumer relationships, with leading market shares throughout the Northeast, Southeast, Midwest, Southwest and West regions of the United States. The company will provide market-leading 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. Charles K. Gifford, currently chairman and chief executive officer of FleetBoston, will be chairman of the board of directors of the merged company from Boston. Kenneth D. Lewis, currently chairman and chief executive officer of Bank of America, will be chief executive officer and will maintain his principal office in the combined company's headquarters in Charlotte. "This merger is about delivering the combined capabilities of two powerful organizations to our customers, shareholders and communities," Lewis said. "Customers will benefit from the most extensive retail franchise in the nation, a shared commitment to service excellence, and a full range of traditional and innovative financial products and services. Shareholders will benefit from the best retail and wealth markets in America, unmatched diversity of revenues and resources, and the most talented management team in the industry. Our communities will benefit from our shared tradition of public-private partnership, community development and philanthropic investment. "The opportunity to merge with Fleet is unique," Lewis continued. "From the Bank of America perspective, we will have the leading market position in Massachusetts, Rhode Island, Connecticut and New Jersey as well as a powerful retail platform in New York City, upstate New York, New Hampshire and Maine. From a broader perspective, we are building a company that will deliver more financial service capabilities to more Americans than ever before in our nation's history. "We are proud to join forces in these new markets and will continue to be a large employer and committed corporate citizen in New England, as we have in the other regions of the country where we do business," Lewis continued. "In that regard, wealth management, leasing, Latin America, asset-based lending, small business and premier banking will be based in Boston. "I am especially looking forward to working with Chad Gifford, for whom I have had a high regard over the years. Chad's strategic thinking based on his years of success and experience will be invaluable for me as we partner on customer, employee, values, philanthropic and strategic issues." "This combination will bring added convenience and resources to Fleet customers throughout the Northeast," Gifford said. "We decided that Bank of America provided the perfect complement to our franchise for our customers. We are also impressed that they shared Fleet's commitment to philanthropy and community development. Together, our companies should be the unchallenged leaders in these endeavors within our industry." Gifford continued, "While Fleet has established leading market shares in New England and the Northeast, Bank of America has similar positions in the South, West and Midwest. Together, these two companies will clearly be the number one financial services provider for consumers and businesses of all sizes with market-leading product and geographic capabilities." Strong market positions in all customer segments The new Bank of America will be America's best banking franchise with unrivaled retail distribution in the most attractive markets. The company will have 9.8 percent of the banking deposits in the United States and have the first, second or third largest market shares in 21 of the 29 states in its retail footprint, including significant market shares in 21 of the nation's 30 largest metropolitan areas. Bank of America will be first, second or third in market share in 23 of the 30 fastest growing metropolitan areas. It will feature the most extensive and convenient delivery network through almost 5,700 retail banking offices, more than 16,500 ATMs, award-winning online and electronic bill pay services and 24-hour telephone banking. In addition to being America's largest consumer bank, the new Bank of America will be the number one lender to small banking businesses in the United States. It will serve 30 percent of the businesses operating in its 29-state franchise. And it will have the largest share of middle market and large corporate relationships, including more than 95 percent of the Fortune 500. The company will be number one in providing domestic and global cash management services, with 16,000 business and institutional clients. It also has a growing investment bank that has been steadily gaining market share. In wealth management, Bank of America will operate the largest private bank in the United States and the third largest bank-owned brokerage. With $470 billion in assets under management, the wealth management business will be the ninth largest in the country. While the wealth management business will be based in Boston, key leadership will be in both Boston and New York. The company also will continue to implement quality and productivity programs using Six Sigma tools and processes. Both Bank of America and FleetBoston Financial have used Six Sigma successfully in recent years to streamline processes, improve quality, efficiency and accuracy, and to free up capital for strategic investment. The leadership team of the newly combined company is committed to continuing the Six Sigma program in all areas of the business. Superior capital strength The company will feature superior capital strength and earnings diversity. Today, it would be the fourth most profitable company in the world. About 56 percent of earnings will come from consumer and small business banking, about 25 percent from corporate banking, 11 percent from commercial banking and 8 percent from wealth management. The most talented leadership team in the industry A Risk and Capital Committee chaired by Lewis will be established to guide the company's strategic direction. Its members, all of whom report to the CEO, will include: * Amy Woods Brinkley, chief risk executive * Edward J. Brown III, president of Global Corporate and Investment Banking * Barbara J. Desoer, president of Consumer Products * James H. Hance Jr., vice chairman and chief financial officer * Liam E. McGee, president of Consumer Banking * Brian T. Moynihan, president of Wealth Management * Eugene M. McQuade, president of the corporation, whose responsibilities will also include Technology & Operations, Global Treasury Services, Principal Investing, Latin America, management services and international retail banking * H. Jay Sarles, vice chairman and special adviser to the CEO * R. Eugene Taylor, president of Commercial Banking * Bradford H. Warner, president of Small Business and Premier Banking The board of directors will have 19 members, including12 from Bank of America and 7 from FleetBoston Financial. It will meet three times a year in Boston and five times in Charlotte. Financial terms and other information Under terms of the agreement, FleetBoston Financial stockholders will receive .5553 shares of Bank of America common stock for each of their shares. The exchange ratio was derived from the share price of Bank of America at the close of business on October 22, 2003, to establish the transaction's value at almost $47 billion, or $45 per FleetBoston Financial share. The agreement has been approved by both boards of directors and is subject to normal regulatory and shareholder approvals. Closing is expected in the first half of 2004. Bank of America was advised in the transaction by Banc of America Securities and Goldman Sachs. FleetBoston Financial was advised by Morgan Stanley.
yup on all applications DENIED BASED ON PRIOR ACCOUNT HISTORY no credit report was pulled. guarantee ya there is a blacklist. tried a few times lol $800 (after fee's etc) charge off no less.
Sam, How long ago was the CO and when did you apply? Did they give you the opportunity to pay the old acct to get new one or did you ask?
nah they said no way.. The sol is only like 7.5 yrs so im not gonna go harass them too much, dont need any re-aging to screw up my plans lol
Niceguy, I had a charge-off BofA Visa account back in 90 and a couple of years I applied for BofA Platinum Mastercard. They approved me. Ron.
Ron, Was it a preapproval? Had it been 10 years from the charge off date? Maybe 10 years is the magic number. I am at 8 years. Perhaps I will wait to see if they send me a pre-approval. I have had chk, sav, and LOC with them for the past 3 years.
Re: Re: Bank of America & Fleet mer Niceguy, It wasn't pre-approval and I apply it on the web. After a few weeks, I received a letter from them to ask me to call them and they asked me that have i ever been fraud victim. I told them that I have not been a fraud victim. After a week, I received a card from the mail and I have been approved for $5000 Platiuum MC. After a yr, I also applied for Platium Visa and they approved me for $6300 at 9.9% fixed . I also have checking, savings and LOC with them and they sent me 4% BT checks until paid off plus no check fees and limit increase every two to three months. Ron.
