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BOA gets a green light for bank buy

Associated Press
Published September 15, 2007


CHARLOTTE, N.C. - Bank of America Corp. said Friday it has received approval from the Federal Reserve to complete its $21-billion purchase of Chicago's LaSalle Bank Corp.

The decision is the final regulatory approval needed for the transaction, which is expected to close in early October, Bank of America said.

The purchase will create a leading banking franchise in Chicago and Michigan, two areas where LaSalle mainly operates.

LaSalle has about 411 branches, 1,500 automated teller machines and 1.4 million customers.

Adding LaSalle would give Bank of America more than 6,100 branches and close to 10 percent of deposits nationwide.