FleetBoston Approves Merger - Our Gain:
90.4% Annualized
03/20/2004
How FleetBoston has performed for us: +46.3% in 7.4 months
(+90.4% annualized). On Wednesday, FleetBoston's shareholders
approved the merger with Bank of America. On Friday, Bear
Stearns upgraded FleetBoston to "outperform." Following
is FleetBoston's press release concerning the merger approval.
BOSTON--(BUSINESS WIRE)--March 17, 2004--Shareholders
of FleetBoston Financial Corporation today approved the company's
proposed merger with Bank of America Corporation at a special
meeting held in Boston. Some 98 percent of votes cast, representing
roughly 70 percent of shares outstanding, were voted in favor
of the merger. A simple majority of the outstanding shares
was required for shareholder approval of the transaction.
Bank of America shareholders also approved the proposed merger
today. The merger is expected to be completed in early April.
"We're very pleased that our shareholders
recognize the value in this transaction and the promise of
a bright future as we join with Bank of America," said
Chad Gifford, chairman and chief executive officer of FleetBoston
Financial. After the merger closes, Gifford will be chairman
of the combined company.
The merger will create the country's largest
financial network with more than 16,500 ATMs and 5,700 banking
centers, award-winning online banking and bill pay services
as well as 24-hour telephone banking.
FleetBoston Financial (NYSE & BSE: FBF),
a diversified financial services company with assets of $200
billion, offers a comprehensive array of financial solutions
to over 18 million individual, corporate, and institutional
customers. Products and services are available through a variety
of channels including 1,460 stores and more than 3,400 ATMs
from Maine to Pennsylvania, HomeLink(SM) online banking, and
telephone banking. Fleet is the leading small business and
commercial banking provider in the Northeast and a premier
provider of financial services to selected industries nationwide.
Information about FleetBoston Financial is available online
at www.fleet.com.
Contact: FleetBoston Financial Corporation
Media Contact:
James E. Mahoney, 617-434-9552
or
Investor Contact:
John A. Kahwaty, 617-434-3650
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