Date set for BofA-Merrill shareholder vote
The Business Review (Albany)
Shareholders of Bank of America Corp. and Merrill Lynch & Co. Inc. will vote Dec. 5 on BofA’s proposed acquisition of the New York-based company.
Charlotte, N.C.-based BofA agreed Sept. 15 to buy New York-based Merrill Lynch (NYSE: MER) for about $50 billion.
The deal is scheduled to close in the first quarter.
The purchase will make BofA (NYSE: BAC) the nation’s leading retail brokerage and wealth-management firm, with more than $2.5 trillion in client assets and more than 20,000 financial advisers.
The deal also promises to make BofA a much larger institution in investment banking, where the bank has largely been a fringe player.
In the Albany, N.Y., area, Merrill Lynch is the third largest brokerage firm, with about 60 brokers and 90 total employees in offices in Albany and Clifton Park. Bank of America has investment representatives in several of its area offices, but has not been a large player in the market.
Charlotte Business Journal
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