BOSTON - 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, 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.
