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What Happened To Fleet National Bank?
What Happened To Fleet National Bank?
Published: 2017/09/09
Channel: Funny Question
Gramm–Leach–Bliley Act
Gramm–Leach–Bliley Act
Published: 2014/08/17
Channel: Audiopedia
Lawsuit claims reparations from US firms for slavery
Lawsuit claims reparations from US firms for slavery
Published: 2015/07/23
Channel: AP Archive
A weaker-than-expected profit report from Bank of America is stirring concerns about the health of c
A weaker-than-expected profit report from Bank of America is stirring concerns about the health of c
Published: 2015/07/24
Channel: AP Archive
Lawsuit against companies that financed slave-trade fleets
Lawsuit against companies that financed slave-trade fleets
Published: 2015/07/21
Channel: AP Archive
You are Worth More Dead Then Alive at the many corporated companies we work for.
You are Worth More Dead Then Alive at the many corporated companies we work for.
Published: 2012/11/22
Channel: Covey1969
Murray
Murray's Performance "Better Than Before" @ The Bungalo
Published: 2010/11/05
Channel: Thainfamoussolja
Financials: Pros and Cons for the Upcoming NYCB-Astoria Financial Merger *** INDUSTRY FOCUS ***
Financials: Pros and Cons for the Upcoming NYCB-Astoria Financial Merger *** INDUSTRY FOCUS ***
Published: 2015/11/10
Channel: The Motley Fool
Shawmut Bank TV spot
Shawmut Bank TV spot
Published: 2015/02/26
Channel: Peter Hill
Fleet Bank "Where We Live" Commercial
Fleet Bank "Where We Live" Commercial
Published: 2009/09/14
Channel: Jeremy Schwartz
Tom Flick: Former NFL Quarterback, Business Leadership Keynote Speaker
Tom Flick: Former NFL Quarterback, Business Leadership Keynote Speaker
Published: 2011/06/21
Channel: EaglesTalent
NS:DC BOFA CEO FORECLOSURE
NS:DC BOFA CEO FORECLOSURE
Published: 2016/07/21
Channel: CNN
The Ramifications of a 1700-mile Commute
The Ramifications of a 1700-mile Commute
Published: 2015/11/11
Channel: The Motley Fool
Bank of America buys rival FleetBoston for 47 billion
Bank of America buys rival FleetBoston for 47 billion
Published: 2015/07/21
Channel: AP Archive
Fleet Bank "Vision" Commercial
Fleet Bank "Vision" Commercial
Published: 2009/09/14
Channel: Jeremy Schwartz
Street Fleet, Bank Rollarz & First Union
Street Fleet, Bank Rollarz & First Union
Published: 2008/04/26
Channel: Thainfamoussolja
Fleet Bank Commercial
Fleet Bank Commercial
Published: 2007/09/14
Channel: michellers1982
Fleet Bank and the Drag Queen
Fleet Bank and the Drag Queen
Published: 2006/11/13
Channel: cher1001
Fleet Bank Commercial NY
Fleet Bank Commercial NY
Published: 2009/01/16
Channel: DOTSCI
Fleet Bank Commercial Boston
Fleet Bank Commercial Boston
Published: 2009/01/16
Channel: DOTSCI
Fleet Bank...
Fleet Bank...
Published: 2017/08/01
Channel: M.T. ANDERSON
News Update: Bank of America
News Update: Bank of America's Moynihan Taps Former Colleagues To Fill Higher Roles
Published: 2010/09/21
Channel: TradeTheTrend
The Social Life of DNA: Race, Reparations, and Reconciliation After the Genome
The Social Life of DNA: Race, Reparations, and Reconciliation After the Genome
Published: 2016/02/09
Channel: US National Archives
FLEET BANK  LITTLE LEAGUE  30 SD
FLEET BANK LITTLE LEAGUE 30 SD
Published: 2015/08/20
Channel: Donald Stogo
AP Top Stories
AP Top Stories
Published: 2008/10/13
Channel: Associated Press
ABN Amro allowed to sell LaSalle bank to Bank of America
ABN Amro allowed to sell LaSalle bank to Bank of America
Published: 2015/07/21
Channel: AP Archive
Fleet Bank "Looking Forward" Commercial
Fleet Bank "Looking Forward" Commercial
Published: 2009/09/14
Channel: Jeremy Schwartz
Fleet Bank ad 1991 RI
Fleet Bank ad 1991 RI
Published: 2015/09/13
Channel: jacky9br
Fleet Bank ad 1994
Fleet Bank ad 1994
Published: 2015/09/13
Channel: jacky9br
BofA Shareholder
BofA Shareholder's Breakup Proposal Fails
Published: 2015/05/06
Channel: Charlotte Observer
Fleet Bank Radio Ad for Boston Red Sox featuring Mike Maddaloni from the 1990
Fleet Bank Radio Ad for Boston Red Sox featuring Mike Maddaloni from the 1990's
Published: 2013/09/20
Channel: thehotiron
Philadelphia University
Philadelphia University's 2015 Graduate Commencement Alumni Welcome: Virginia Palmieri '95
Published: 2015/06/04
Channel: PhiladelphiaU
In 2004 Trump Urged Washington To Stop Bank Mergers
In 2004 Trump Urged Washington To Stop Bank Mergers
Published: 2017/07/27
Channel: Wochit Politics
San Diego Investment Conference on the Big Biz Show
San Diego Investment Conference on the Big Biz Show
Published: 2011/08/31
Channel: Patrick Howell
Suretrade | Television Commercial | 1997
Suretrade | Television Commercial | 1997
Published: 2016/12/23
Channel: Analog Indulgence
Caminhos para a Abundância
Caminhos para a Abundância
Published: 2016/09/19
Channel: Felipe de Souza
Rep. Jason Chaffetz Questions Bank of America Board Member Chad Gifford on Government Pressure
Rep. Jason Chaffetz Questions Bank of America Board Member Chad Gifford on Government Pressure
Published: 2009/11/18
Channel: oversightandreform
Curso de Bolsa, Grafico Indice Dow Jones - Parte 33, Velas Japonesas
Curso de Bolsa, Grafico Indice Dow Jones - Parte 33, Velas Japonesas
Published: 2013/07/16
Channel: vantanaeducation
BofA shareholders vote with management at annual meeting
BofA shareholders vote with management at annual meeting
Published: 2014/05/07
Channel: flashmagazinevideos
Jim Gaffigan Fleet Homelink Commercial
Jim Gaffigan Fleet Homelink Commercial
Published: 2008/06/07
Channel: ShadyLogic
Fleet National Bank ad 1986 RI happy birthday Rhode Island
Fleet National Bank ad 1986 RI happy birthday Rhode Island
Published: 2015/09/13
Channel: jacky9br
TD Garden
TD Garden
Published: 2014/11/21
Channel: Audiopedia
#ProtestBOA (Bank of America): Feeling the love in Austin (Congress Ave).
#ProtestBOA (Bank of America): Feeling the love in Austin (Congress Ave).
Published: 2015/11/20
Channel: John Pisciotta
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WIKIPEDIA ARTICLE

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FleetBoston Financial
Public
Industry Finance and Insurance
Fate acquired by Bank of America
Successor Bank of America
Founded 1791
Defunct 2004
Headquarters Boston, Massachusetts
Products Financial Services
Revenue US$12 billion
Number of employees
Almost 50,000
Website www.bankofamerica.com

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.

History[edit]

Providence Bank around the time of its founding in 1791. The building still stands on South Main Street.

Fleet was founded in Providence, Rhode Island in 1791 as the Providence Bank. It joined the national banking system in 1865 as Providence National Bank. in 1951, it bought Union Trust Company to form Providence Union Bank and Trust Company. Three years later, it bought Industrial Trust Company to form Industrial National Bank. In 1968, it became the leading subsidiary of Industrial National Corporation.

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. It then began an aggressive buying spree of banks outside Rhode Island, most notably the Bank of New England in 1991. 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.

A night deposit box for National Shawmut Bank displaying the company symbol Chief Obbatinewat, located at a current Bank of America location in Boston.

Fleet was already one of the three largest banks in New England, together with Shawmut National Corp. and its largest affiliate Shawmut Bank, and Bank of Boston, yet state and federal regulators allowed Fleet to merge with Shawmut in 1995, creating a major regional bank that held 30% of all deposits in New England. Fleet was now the largest bank in New England and the ninth largest in the United States.[1] Although Fleet was the surviving company, the merged bank was based at Shawmut's old headquarters in Boston.

As a result of the merger with Shawmut, Fleet acquired the naming rights to the newly built Shawmut Center, a sports arena that was to replace the old Boston Garden. The arena therefore opened as the FleetCenter in 1995. After FleetBoston's sale to Bank of America in 2004, the bank chose to give up its naming rights and an announcement was made on March 3, 2005 that the arena would be renamed TD Banknorth Garden (now simply the TD Garden). It is home to the Boston Celtics of the National Basketball Association and the Boston Bruins of the National Hockey League.

In 1996, Fleet acquired the US branch network (in New York and New Jersey) of the British National Westminster Bank.

In 1998, Fleet acquired Quick & Reilly discount brokerage and their deep-discount, online subsidiary Suretrade.[2]

Fleet's biggest merger came in 1999, when it acquired BankBoston (which was itself the fruit of a 1996 merger between Bank of Boston and BayBank). The new FleetBoston was the culmination of a series of Boston-area bank mergers that combined several smaller banks into a single large institution. FleetBoston was the seventh-largest bank in the United States, as measured by assets (US$197 billion in 2003). It had almost 50,000 employees, over 20 million customers worldwide and revenues of $12 billion per year. The banking subsidiary operated under the Fleet name, using BankBoston's stylized eagle logo. As a condition for merger, regulators required Fleet to divest 306 New England branches, including 28 to community banks.[3][4]

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.[5][6]

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.[7] When Bank of America acquired Fleet in 2004, its overall Customer Satisfaction Index (as measured by the University of Michigan), was dragged down from 74 to 72. Bank of America devoted considerable resources to improving its New England branches' reputation for customer service, establishing customer call centers and hiring more tellers per branch.[8]

See also[edit]

References[edit]

  1. ^ Kenrick Ou, "Fleet Bank to acquire Shawmut", The Yale Herald, 24 February 1995. Accessed 12 January 2008.
  2. ^ Niamh Ring, "Quick & Reilly shareholders agree to Fleet's terms", American Banker, January 26, 1998. Accessed 19 September 2009.
  3. ^ "JUSTICE DEPARTMENT REQUIRES FLEET FINANCIAL AND BANKBOSTON TO DIVEST 306 BRANCHES IN FOUR NEW ENGLAND STATES" (Press release). Washington, D.C.: Department of Justice. 1999-09-02. Retrieved 2017-01-03. 
  4. ^ "Order Approving the Merger of Bank Holding Companies" (PDF) (Press release). Federal Reserve. 1999-09-07. Retrieved 2017-01-03. 
  5. ^ "Sovereign Bank Seals Deal With Fleetboston". The Philadelphia Inquirer.  [
  6. ^ "Sovereign Bank New England Announces Acquisition of Fleet/BankBoston Branches" (Press release). Philadelphia and Boston. PR Newswire. 1999-09-07. Retrieved 2017-01-03. 
  7. ^ Shannon P. Duffy, "3rd Circuit Deals Blow to Banks Over Credit Card Fee Changes", The Legal Intelligencer, February 8, 2003. Accessed 12 January 2008.
  8. ^ Edward Mason, "Survey: Fleet's low-care reputation drags B of A scores", Boston Business Journal, 25 February 1995. Accessed 12 January 2008.

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