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Who took over Shawmut bank?
Fleet Financial Group
In a combination that would create the nation’s ninth-largest banking firm, Fleet Financial Group of Providence, R.I., said Tuesday that it has reached a definitive agreement to buy Boston-based Shawmut National Corp. for $3.7 billion, or $30 a share, in stock.
Does Shawmut bank still exist?
In the middle of 1991, Shawmut and Bank of Boston Corp. began intense negotiations for a merger that would have created new England’s largest financial institution. After Bank of Boston issued an ultimatum to accept or reject the plan in January 1992, Shawmut called it quits.
Who took over Fleet National bank?
The End of Fleet FleetBoston was not the only financial institution eager to become one of the industry’s top companies. Bank of America wanted Fleet’s New England and New York network and succeeded in purchasing FleetBoston for $47 billion in 2004.
When did Fleet bank Buy Bank of Boston?
FleetBoston Financial was a Boston, Massachusetts-based bank created in 1999 by the merger of Fleet Financial Group and BankBoston. In 2004 it merged with Bank of America; all of its banks and branches were converted to Bank of America….FleetBoston Financial.
| Type | Public |
|---|---|
| Revenue | US$12 billion |
| Number of employees | Approximately 50,000 |
What happened to Norstar?
After four years of sharing its name with Norstar, Fleet Financial Group is poised to solidify the dominant position it has held since the two banking companies merged four years ago. Fleet/Norstar Financial Group will ask shareholders on April 15 to approve changing the corporate name back to Fleet Financial Group.
What happened Fleet Mortgage?
BOSTON — Fleet Mortgage Corp., a unit of FleetBoston Financial Corp. has been acquired by Washington Mutual, Inc. of Seattle. As a result, Washington Mutual becomes the nation’s largest mortgage lender, Business Wire reported.
When did Bank of America Buy Fleet?
Oct. 27, 2003
Bank of America to acquire FleetBoston for $47B – Oct. 27, 2003.
Is Fleet National bank now Bank of America?
The $47 billion merger of Bank of America Corp. with FleetBoston Financial Corp. was on Thursday, making Charlotte, N.C.-based BofA the world’s second largest bank.
Did Bank of America Buy Fleet?
NEW YORK (CNN/Money) – Bank of America agreed to buy FleetBoston Financial for $47 billion in stock Monday, creating a bank with 33 million customers that will be home to nearly one dollar out of every 10 deposited in a U.S. bank. Bank of America agreed to buy FleetBoston Financial for $47 billion in stock.
What happened to First National Bank of Boston?
It was renamed the Bank of Boston, N.A., in 1982 and became BankBoston Corporation in 1997. After the company was acquired in 1999 by another leading New England banking firm, Fleet Financial Group, the newly formed company, FleetBoston Financial, was acquired by Bank of America in 2004.
Who bought out Fleet Mortgage?
Washington Mutual, Inc.
BOSTON — Fleet Mortgage Corp., a unit of FleetBoston Financial Corp. has been acquired by Washington Mutual, Inc. of Seattle. As a result, Washington Mutual becomes the nation’s largest mortgage lender, Business Wire reported. This is based on pro-forma loan volume of $32.64 billion in the first quarter of this year.
When did Bank of Boston go out of business?
BankBoston was a bank based in Boston, Massachusetts, which was created by the 1996 merger of Bank of Boston and BayBank. One of its predecessor banks started in 1784, but the merged BankBoston was short-lived, being acquired by Fleet Bank in 1999….BankBoston.
| Industry | Bank holding company |
|---|---|
| Products | Financial services |
Who is the parent company of Shawmut Bank?
In 1988 the bank’s parent, Shawmut Corporation, merged with Hartford National Corporation, owner of Connecticut National Bank and the Provident Institution for Savings, to form Shawmut National Corporation. The name and logo were retired in 1995 as a result of the merger of Shawmut National Corporation and Fleet Financial Group.
When did Hartford and Shawmut National Corporation merge?
The 1988 merger between the Connecticut-based, $14.1 billion Hartford National Corporation and the $10.4 billion, Massachusetts-based Shawmut Corporation positioned the present company as one of the 20 largest bank holding companies in the United States.
Who is the parent company of Fleet Bank?
A night deposit box for National Shawmut Bank displaying the company symbol Chief Obbatinewat, located at a current Bank of America location in Boston. Fleet was already one of the three largest banks in New England, together with Shawmut National Corporation and its largest affiliate Shawmut Bank, and Bank of Boston.
Where was the first Shawmut Bank in Massachusetts?
The Massachusetts branch of Shawmut’s history–from which the current company inherited its name–began with the founding of the Warren Bank in Boston in 1836, when operations began in a rented room on the second floor of an office building on State Street in Boston.