I tried posting this a minute ago but don’t know what happened. I keep seeing rumors that Bank of America is in the process of acquiring USAA federal savings bank. I am not sure how true those rumors are but I wanted to throw that out there to see if anyone frequents this page has any insight on that
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Lol false
It is interesting that they now have Charlotte office where BoA is HQed and have hired many from BoA. So I wouldn’t doubt it if it happens plus they sold off wealth management division a few years back
BAC wouldn’t touch this place for the goose that laid the golden egg.too many issues that they have a.ready worked through.
Oh no. No no no no no. Please say it ain't true.
At least ten banks are currently larger than this threshold. The top five – Bank of America, Citigroup, JP Morgan Chase, Goldman Sachs and Morgan Stanley – would have to be broken into 3-4 pieces each.
The national deposit cap has several flaws. One problem is that it permits a bank to exceed the cap if it acquires a financial institution that is either in danger of going under or is organized as something other than a commercial bank, such as a savings and loan. These loopholes allowed both Bank of America and Wells Fargo, with the approval of the Federal Reserve, to expand beyond the cap when they acquired failing institutions in 2008 and 2009. (Bank of America absorbed Countrywide and Merrill Ly--h, and Wells Fargo acquired Wachovia.)
interesting, BOA bought State Farms bank last summer.....wonder what they are doing buying up all the insurance banks.
Bank of America holds 11% of the total market share of deposits. One bank cannot buy another if it would bring the combined shared above 10% of total share. Those are facts.
Now let’s see the emg come up with something to play CYA until they publicly flush the bank employees down the toilet.