Fleet and BankBoston to Combine in $16 Billion Stock Transaction
The transaction creates the nation’s 8th largest bank with assets of approximately $180 billion. Under the terms of the agreement, BankBoston shareholders will receive 1.1844 shares of Fleet for each BankBoston share they own. Terrence Murray, currently chairman and chief executive officer of Fleet, will become Fleet Boston Corporation’s Chairman and Chief Executive Officer, and Chad Gifford, currently BankBoston’s Chairman and Chief Executive, will serve as President and Chief Operating Officer of the new entity. Robert J. Higgins, Fleet’s President and Chief Operating Officer, and Henrique C. Meirelles, BankBoston’s President and Chief Operating Officer, will manage the new corporation’s businesses.