LaSalle Bank brand to disappear as BofA takes over
May 6, 2008 - 0:0
CHARLOTTE, N.C. (AP) -- Bank of America Corp. will officially mark its $21 billion purchase of Chicago's LaSalle Bank Corp. on Monday, taking down LaSalle's green and yellow colors for the blue and red of Bank of America.
""Those red signs will be very evident in Chicago,"" said Liam McGee, Bank of America's president of global consumer and small business banking, in an interview with The Associated Press. ""When they walk into a former LaSalle banking center, it will look and feel like a Bank of America banking center.""The nation's second largest bank by assets bought LaSalle Bank last year, picking up the unit of ABN Amro Holding Co. as Europe's biggest banks fought over the rest of the Dutch company.
The deal filled a key gap in the Charlotte-based bank's national coverage map, adding thousands of ATMs and hundreds of branch offices in Chicago and Michigan.
Cash withdrawals
While Bank of America and LaSalle customers have had access more than 18,500 ATMs to make cash withdrawals with no fees since October, McGee said customers as of Monday will have greater access to most of the bank's products and services in its banking centers.
A complete system conversion will occur later this year, he said. In the coming weeks, LaSalle's roughly 1.5 million customers will receive new Bank of America-branded debit and ATM cards, and will begin to see account statements displaying the Bank of America name.
To help ease the transition, existing customer account numbers and information will remain the same.
McGee said Bank of America still plans to lay off about 2,500 employees in Illinois over the next year. ""There were redundancies and overlap between the two companies,"" he said.
After the layoffs, Bank of America will have about 8,000 Illinois employees.