Is Fleet Financial the same as FleetBoston?
FleetBoston Financial was a Boston, Massachusetts -based bank created in 1999 by the merger of Fleet Financial Group and BankBoston. In 2004 it merged with Bank of America; all of its banks and branches were converted to Bank of America. Fleet's oldest predecessor was The Massachusetts Bank founded in 1784.
When did Bank of America and FleetBoston Financial merge?
Unsourced material may be challenged and removed. FleetBoston Financial was a Boston, Massachusetts -based bank created in 1999 by the merger of Fleet Financial Group and BankBoston. In 2004 it merged with Bank of America; all of its banks and branches were converted to Bank of America.
What is BankBoston Corporation?
Bank of Boston changed its name to BankBoston Corporation in 1997 and began beefing up its international and nonbank financial services operations. That year, the company began expanding its retail banking network in Argentina, opening 17 new branches.
What happened to Fleet Boston?
FleetBoston faced a class-action suit over a "bait and switch" scam where it promised a no-annual fee credit card, only to impose a fee months later. When Bank of America acquired Fleet in 2004, its overall Customer Satisfaction Index (as measured by the University of Michigan), was lowered from 74 to 72.
What happened Fleet Financial Group?
with FleetBoston Financial Corp. was on Thursday, making Charlotte, N.C.-based BofA the world's second largest bank. The merger forms a bank with $96.5 billion in equity and $166 billion in market capitalization, according to BofA.
Who bought out Shawmut bank?
the Fleet Financial GroupIn a deal that would create the largest bank in New England, the Fleet Financial Group of Providence, R.I., agreed yesterday to acquire the Shawmut National Corporation of Hartford and Boston for $3.7 billion in stock.
What was Fleet bank called before?
the Providence BankFleet's direct predecessor began in Providence, Rhode Island in 1791 as the Providence Bank, founded by Rhode Island businessman John Brown.
What became Fleet bank?
Bank of America wanted Fleet's New England and New York network and succeeded in purchasing FleetBoston for $47 billion in 2004. Bank of America became the country's second largest bank. All FleetBoston banks adopted the Bank of America name, corporate identity and logo.
Does Shawmut bank still exist?
In the middle of 1991, Shawmut and Bank of Boston Corp. began intense negotiations for a merger that would have created new England's largest financial institution. After Bank of Boston issued an ultimatum to accept or reject the plan in January 1992, Shawmut called it quits.
Who owns Fleet bank?
Bank of AmericaNEW YORK (CNN/Money) - Bank of America agreed to buy FleetBoston Financial for $47 billion in stock Monday, creating a bank with 33 million customers that will be home to nearly one dollar out of every 10 deposited in a U.S. bank. Bank of America agreed to buy FleetBoston Financial for $47 billion in stock.
Who bought Bank of Boston?
Fleet Financial GroupBank of Boston Corporation, former American bank holding company that was acquired by Fleet Financial Group in 1999. The bank, one of the oldest in the United States, was originally chartered in 1784 as the Massachusetts Bank.
Who acquired Fleet Real Estate Funding Corp?
Washington Mutual, Inc.BOSTON -- Fleet Mortgage Corp., a unit of FleetBoston Financial Corp. has been acquired by Washington Mutual, Inc. of Seattle. As a result, Washington Mutual becomes the nation's largest mortgage lender, Business Wire reported. This is based on pro-forma loan volume of $32.64 billion in the first quarter of this year.
Who took over Connecticut National bank?
Also on April 17, 2012, the Commissioner, pursuant to Section 36a-412(a)(1) and 36a-125 of the Connecticut General Statutes, approved the merger of The Connecticut Bank and Trust Company, with and into Berkshire Bank, a Massachusetts savings bank and a wholly-owned subsidiary of Berkshire Hills Bancorp, Inc.
Is Washington Mutual?
Despite its name, WaMu ceased being a mutual company in 1983 when it demutualized and became a public company on March 11. On June 30, 2008, WaMu had total assets of US$307 billion, with 2,239 retail branch offices operating in 15 states, with 4,932 ATMs, and 43,198 employees.
What banks did Fleet acquire?
In December 1997 Fleet acquired Columbia Management Company, a Portland, Oregon-based money management firm with about $21 billion of assets under management. In February 1998 two acquisitions were completed: a $1.6 billion deal for Florida-based Quick & Reilly Group, Inc., the number three discount brokerage in the country; and a $500 million deal for the consumer credit card operations of Advanta Corporation. Fleet also bought Merrill Lynch Specialists, Inc. in December 1998 and merged it into Fleet Specialists, Inc., and then two months later picked up Sanwa Bank, Ltd.'s Sanwa Business Credit unit, which was involved in leasing and asset-based lending. The Sanwa unit became part of the fast-growing commercial finance unit, Fleet Capital Corporation. After swallowing up this series of financial services firms, Fleet then rejoined the realm of retail banking consolidation with the announcement in March 1999 of its biggest acquisition ever, that of crosstown rival BankBoston Corporation (the name adopted by Bank of Boston in 1997).
When did Fleet Financial Group merge with Providence Bank?
This financial powerhouse is the result of the 1999 merger of two of the oldest banks in the United States, Fleet Financial Group, Inc., whose earliest predecessor was the 1791-founded Providence Bank, and BankBoston Corporation, which traced its roots to the 1784 founding of Massachusetts Bank.
What year did Fleet acquire Columbia Management Company?
1997: Fleet acquires Columbia Management Company, an asset management firm; Bank of Boston changes its name to BankBoston Corporation.
When did Fleet and Norstar merge?
The merger of Fleet and Norstar was announced January 1, 1988. Although Fleet acquired Norstar for $1.3 billion, Norstar's Kiernan was named chairman and CEO of the new company, which was called the Fleet/Norstar Financial Group.
How many banks were there in Boston in 1884?
By 1884, there were 59 banks in Boston besides Massachusetts National, and the competition was so fierce that it could not afford to maintain its cautious ways and expect to survive. Yet, the bank did just that. As a result, however, its annual profit declined from a record $250,038 in 1873 to $70,000 by the end of the century.
What is Fleet Financial Group?
Fleet Financial Group was formed over a period of more than 200 years through the amalgamation of dozens of smaller local banks and savings institutions. As a result, the company has an extremely complex but rich heritage. The earliest predecessor of the Fleet companies was Providence Bank, which was established in Rhode Island in 1791 by a shipping merchant and former Congressional representative named John Brown. He had tried to found a bank seven years before, in the waning years of the Revolutionary War, but failed to inspire the trust of investors. As it was, Providence Bank was only the fifth bank to be established in the newly created United States of America.
When did the Bank of Boston start factoring?
In the early 1960s, the Bank of Boston internationalized its factoring operations. In 1961 the bank's newly formed subsidiary, Boston Overseas Financial Corporation, joined with British merchant bankers M. Samuel & Company and Tozer, Kemsley & Millbourn to form International Factors, Limited. The next year, Boston Overseas Financial expanded its factoring business to the Netherlands, Switzerland, Australia, and South Africa. The Bank of Boston increased its international presence even further in 1964 when it opened a branch office in London.
When did Fleet Financial Group change its name?
Industrial began diversifying into non-bank financial services in the mid-1970s. To reflect this, it changed its name to Fleet Financial Group in 1982, with the banking subsidiary becoming Fleet National Bank.
When did Fleet acquire Westminster Bank?
In 1996 , Fleet acquired the US branch network (in New York and New Jersey) of the British National Westminster Bank .
When did Summit Bancorp acquire UJB?
In 2000, it acquired New Jersey-based Summit Bancorp (which was actually United Jersey Bank (aka UJB Financial), which had acquired Summit back in 1996). The same year, it sold 278 of its New England branches to Sovereign Bank as a part of the divestiture plan required by regulators to allow the 1999 acquisition of BankBoston.
When did Fleet merge with Norstar?
In 1988, Fleet merged with Albany, New York-based Norstar Bancorp to form Fleet/Norstar Financial Group. The bank continued to operate as Norstar in New York until 1992, when the company readopted the Fleet Financial Group name.
What was the first bank in the United States?
Fleet's oldest predecessor was The Massachusetts Bank founded in 1784. The Massachusetts Bank was the first federally chartered joint-stock owned bank in the United States and only the second bank to receive a charter in the United States. The bank's charter was signed by John Hancock and among its early account holders were such notable figures as Paul Revere, Samuel Adams, John Hancock and Henry Knox. The bank's founders were largely made up of merchants who wanted to use a U.S., rather than British bank to send money abroad. It was first headquartered at the old Manufactory House, near Boston Common. The bank was the only bank in the city of Boston until the Union Bank (later the Bank of New England) was founded in 1792. This bank became BankBoston which merged into Fleet in 1999.