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

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

Bank of America’s takeover of LaSalle will vault it ahead of JPMorgan Chase & Co. in Chicago, increase earnings and satisfy a goal of Chief Executive Officer Kenneth Lewis to gain market share in the third-largest U.S. city. While Bank of America has been opening branches there since 2003, Chicago remained one of the few major U.S. financial centers where it didn’t rank among the top five lenders by deposits.

You can never escape! Bank of America will find you no matter where you go. It will shut down your coffee shop and it will open a branch. Ha, ha, ha! If you try to use a local bank, it will buy your local bank. It will find you.—MEGHANN MARCO