Summary
This Form 8-K filing by Bank of America Corporation (BAC) on January 3, 2006, officially reports the completion of its merger with MBNA Corporation, a significant transaction valued at approximately $35 billion. The merger, effective January 1, 2006, saw MBNA merge into Bank of America, with Bank of America as the surviving entity. This strategic move is expected to bolster Bank of America's position in the credit card market and expand its customer base.
Key Highlights
- 1Completion of the merger between Bank of America and MBNA Corporation, effective January 1, 2006.
- 2MBNA Corporation merged with and into Bank of America Corporation, with Bank of America as the surviving corporation.
- 3The total purchase price for the merger is approximately $35 billion.
- 4Each share of MBNA common stock was converted into 0.5009 shares of Bank of America common stock and $4.125 in cash.
- 5The transaction involved the issuance of approximately 631 million shares of Bank of America common stock.
- 6Frank P. Bramble, Sr., formerly of MBNA, was appointed to Bank of America's board of directors and its Asset Quality Committee.
- 7Information regarding any related party transactions involving Frank P. Bramble, Sr. will be filed in an amendment to this report.