Bank Of America Wins, Buys Chicago's LaSalle Bank

Bank of American managed to fight off a hostile take over by the Royal Bank of Scotland to acquire LaSalle Bank from its parent company ABN Amro. The Dutch Supreme court has cleared the way for Bank of America and conversion seems all but inevitable for all of you LaSalle Bank customers.

Upset? Tell it to Marshall Field’s. After the LaSalle Banks are converted to Bank of America, BoA will be the largest bank in Chicago and have a firm foothold in Michigan as well.

Bank of America’s Lewis Wins Again [Forbes]
(Photo:thomas_sly)

PREVIOUSLY:Bank of America Buys LaSalle Bank, Becomes Biggest Bank In Chicago

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Bank of America May Not Get LaSalle Bank After All

Bank Of America Threatens $220 Billion Lawsuit If It Doesn’t Get LaSalle Bank

Comments

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  1. gfunk842 says:

    It’s not “AMD Amro”, its “ABN Amro”

    Thanks

  2. camas22 says:

    what about the 10% cap?

  3. pyloff says:

    If you read the Forbes article they say they will lower their interest rates, causing depositors to change banks for a better rate.

  4. FatLynn says:

    @gfunk842: You mean they don’t make computer chips?

  5. enm4r says:

    @camas22: Probably kill off some old CDs from past acquisitions, things like that. I think the lobby will continue to extend the gap from 10%, but it shouldn’t be a problem to meet it if they have the time.

  6. ARP says:

    That’s too bad-even fewer choices for Chicago. Also, LaSalle was a supporter of a number of events in Chicago (besides from the marathon). I doubt Bank of American will have the same charitable/ promotional standards.

  7. Finder says:

    Great, maybe they can continue fill in even more vacant store fronts every time they’re available and drive rents even higher because we clearly don’t have enough bank locations and have too many local businesses.

  8. enm4r says:

    @ARP: They’ve already committed to fully fund and embrace all that LaSalle was a part of, CDC, Marathon, the theater, etc. I don’t know if you’ve been out for Bike The Drive, but it’s run very well, and all stops are pulled when putting it on.

  9. banned says:

    Don’t get better customer service, just buy more customers.

  10. As long as they don’t go and buy 5/3 Bank, I’ll be okay. My bank has already had 3 names: Merchants – Old Kent – 5/3. But I would refuse to be a BoA customer.

    I went to the Nascar race at Chicagoland Speedway (cue banjo music) and BoA had the monopoly on mobile ATMs at the track. It was sad seeing lines longer than those for the toilet at the ATMs of people needing cash to buy more $10 Bloody Marys.

  11. Finder says:

    Actually, it’d be great if they bought 5/3 bank because then a large number of the shittiest possible banks you can use will be all under one name and easier to avoid.

  12. any such name says:

    haha, Finder’s pissed about Filter.

    anyway, seriously, without saying “credit union”, there is no good national bank, is there? BoA sucks the most ass, and I’ve never really been happy with Chase – I just keep it because their are ATMs everywhere and I don’t make enough money to justify switching to anywhere else.

    boo banks.

  13. @finder: That’s a good point.

  14. Chicago7 says:

    The big question is, which building will they move into in Chicago? The LaSalle Bank Building on LaSalle Street or the Bank of America Building one block South of the LaSalle Bank Building?

  15. enm4r says:

    @Chicago7: Let’s not forget that the Bank of America building is actually the old Continental building!

  16. Greasy Thumb Guzik says:

    @enm4r:
    BofA already ruined the great second floor of the Continental Illinois Bank Building.
    It was the largest banking floor anywhere!
    It was flat out magnificent!
    Now they won’t even let anyone not with the bank up there.
    I think the bastards cut it up.

  17. enm4r says:

    @Greasy Thumb Guzik: It’s still amazing. I got to go up there a couple months ago. Amazing ceilings, the murals, the columns, etc. Also if you walk by you can try to catch a glimpse through the escalators.

    I’ve been tempted to just go up there and try to start taking pictures, but I think I would be quickly escorted out.

  18. Steveo says:

    Looks like I’m going to be changing banks. Any good recommendations? I was thinking about WaMu.

  19. B Tex says:

    I laugh at all the pissed BANK customers. Really, have you all not ever heard of CREDIT UNIONS? I laugh at all these fees you mention but then continue to support them buy keeping your business there.

    Seriously, Go check out several credit unions in your area or looke them up on line.

  20. FLConsumer says:

    @kozicki4: When/if I can find a credit union that gives me the service Wachovia’s Wealth Management division can, then I’ll consider switching to them as my full-service bank.

    I have a credit union acct at one of the local CU’s, solely as a place to keep some instant cash laying around and earning some interest. They’ve very friendly and efficient, but their policies don’t bode well for someone who has a decent amount of assets and moves money around somewhat frequently.

    Credit unions probably are a better deal and option for most people. BUT, once you get up to a certain level, the “old money” banks still know how to treat their best customers well.

  21. Finder says:

    @any such name: Heh, I figured someone would mention Filter, although I’ve personally never been in there, it’s just one more business shutting down and one more bank going into their old space. I’m just tired of seeing empty store fronts around the city for months on end and then finally seeing the bank that inevitably goes in. Now as far as coffee shops go, I’m happy as long as I can still find my Intelligentsia around town.

    I agree about the national banks, though. I large number of people seem to dig WAMU, but I have no experience with them. My bank is a credit union out of state I’ve used my entire life.

  22. crnk says:

    @kozicki4:

    Some states just don’t have credit unions with the same frequency that others do. In UT, we have them on every corner and that was my only bank (and might still be if chase hasn’t quite finished the whole nationwide intergration BS they gave me a few years ago).
    However, in TX, I didn’t see them much (if at all) and CT just generally doesn’t have CU’s….but I hear the banking here is a little more favorable than other states like UT.

  23. @Greasy Thumb Guzik: “I think the bastards cut it up.”

    No, it’s pretty much the same. (I worked on that balcony that overlooks the 2nd floor when I worked at BofA, it was a spectacular view for a cubicle!) The 2nd floor is primarily private banking (for the very wealthy) and trust banking now, so they’re trying to cultivate an air of exclusivity and don’t want tourists popping in.

    When I was there (which was a while ago, so this may well have changed) they did have occasional tours/visitors come through. The Chicago Architectural Foundation had an occasional tour, and architecture and art students were allowed in to do their thing. If you call over (and I might suggest saying you’re a “student of architecture” … in the very general sense!) you can probably get a visitor pass and spend a little while looking around … very discreetly, of course. Bring a sketchbook to complete the illusion! AND DON’T WEAR SHORTS. Wear slacks and a shirt or something.

    They also used to let people go to the 3rd-floor balcony and watch from there if they were well-dressed (we had SUPER-strict dress code on the third-floor because we were so visible from below — suit jackets required any time you left your cubicle; we even had a jacketed “general work” dude who made deliveries and did light maintenance/janitorial to try to keep delivery and janitorial staff invisible during banking hours). Many of the employees liked to stand at the 3rd-floor railing and watch the floor below when on a break, so if you were sufficiently well-dressed to blend in, the receptionist (back then) would let you sneak in.

    Now you have me all reminiscey, but it was always particularly pleasant on days when the Loop had rolling blackouts in the summer and the electric company would call and say, “You have to turn off your lights, your A/C, or your computers” and we always picked lights and it would be only lit by the light from the windows and so cool and pleasant and quiet. Those were my favorite days to watch the 2nd floor and nobody worked very hard once the lights went out so it was very social and lazy.

    I really did love working there, but I loathe them as a retail bank.

  24. B Tex says:

    @FLConsumer:

    Maybe I am lucky enough to have a really good credit union tht provides lots of services. Shop around just like you would a bank and you may find the one that provides what you need.