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FleetBoston Merger Sends Stock Up 23% on Monday

10/29/2003 Recommended as part of our High-Dividend Blue Chip Portfolio on August 18 of this year, FleetBoston and Bank of America announced on Monday that they will merge. FleetBoston's stock surged 23%, assisting our recommended portfolio in outpacing the stock market this year. This year the portfolio is up 26.4% versus 12.3% for the S&P 500. Bank of America's press release concerning the merger follows.

Bank of America and FleetBoston Financial to Create Nation’s Premier Financial Services Company

10/27/2003 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 full press release can be found on FleetBoston's web site.

 




 

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