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June 06, 2008
Bank of America Gets Federal Reserve's Approval to Buy Countrywide
Bank of America Corp.'s acquisition of Countrywide Financial Corp. has been given the green light by the Federal Reserve, and the deal is now expected to be finalized in the third quarter. Once the deal closes, Bank of America will control 10.9 percent of the nation's insured bank deposits, or $773.4 billion. The all-stock deal will cost the company approximately $4 billion.
Posted by S. Germain at June 6, 2008 08:12 AM