Sale To Bank of America
On April 23, 2007, ABN AMRO announced the sale of LaSalle Bank Corporation to Bank of America for USD 21 Billion, and a net sale of USD 16 Billion after the return of USD 5 billion in excess capital. The sale was legally challenged as ABN AMRO did not seek higher bids from other potential purchasers, but it was ultimately cleared by the Dutch Supreme Court. Bank of America officially took over the bank on 1 October 2007.
LaSalle Bank Midwest began doing business under the Bank of America brand on May 5, 2008. Bank of America executive Kieth Cockrell, who had begun his banking career in Michigan, was appointed president of Bank of America's Michigan operations whose legal name at the time was LaSalle Bank Midwest N.A. while doing business as Bank of America. The legal name changed on 17 October.
|
Read more about this topic: Standard Federal Bank
Famous quotes containing the words sale, bank and/or america:
“People buy their necessities in shops and have to pay dearly for them because they have to assist in paying for what is also on sale there but only rarely finds purchasers: the luxury and amusement goods. So it is that luxury continually imposes a tax on the simple people who have to do without it.”
—Friedrich Nietzsche (1844–1900)
“O Gold! I still prefer thee unto paper,
Which makes bank credit like a bark of vapour.”
—George Gordon Noel Byron (1788–1824)
“In America a woman loses her independence for ever in the bonds of matrimony. While there is less constraint on girls there than anywhere else, a wife submits to stricter obligations. For the former, her father’s house is a home of freedom and pleasure; for the latter, her husband’s is almost a cloister.”
—Alexis de Tocqueville (1805–1859)