It seems that everything isn’t going so swimmingly during the transition from LaSalle Bank to Bank of America. One reader says that a check he deposited and has a receipt for has mysteriously disappeared…
Buying LaSalle will make BofA (NYSE:BAC) a dominant player in Chicago for the first time. At present, BofA has less than 2 percent of that market’s deposits, according to the Federal Deposit Insurance Corp.
Regarding this morning’s “Bank Of America Wins, Buys Chicago’s LaSalle Bank,” commenter “Stankwell,” whose first and only comment went up today, wrote:
LaSalle customers should be happy. Among other things, they’re gaining access to world-class online banking and a coast-to-coast branch and ATM network.
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.
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