Shareholders of FleetBoston Financial Corporation approved the company’s proposed merger with Bank of America Corporation at a special meeting held in Boston yesterday.
Some 98 percent of votes cast – 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.
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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 in a press release. 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, according to the release.
FleetBoston Financial is a diversified financial services company with assets of $200 billion, including 1,460 stores and more than 3,400 ATMs from Maine to Pennsylvania, HomeLink(SM) online banking, and telephone banking.
