Business Services Industry
Fed Clears Bank of America-FleetBoston Deal.
Knight Ridder/Tribune Business News, March, 2004
By Kenneth R. Gosselin, The Hartford Courant, Conn. Knight Ridder/Tribune Business News
Mar. 9--Bank of America's purchase of FleetBoston Financial Corp. cleared its biggest regulatory hurdle Monday as the Federal Reserve voted unanimously to approve the $48 billion merger.
In its 58-page decision, the Fed praised both banks for their record of lending in low- and moderate-income neighborhoods, and saw no evidence that would change with the merger.
The Fed did not require the combined banks to make specific state-by-state community reinvestment goals that would cover small-business loans, affordable housing, low-cost mortgages, consumer loans and other investments.
In Connecticut, Attorney General Richard Blumenthal and state...
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