Bank of America to have total consolidated assets of $2.7 trillion

This week the Federal Reserve Board approved the notice of Bank of America Corporation, Charlotte, North Carolina, to acquire Merrill Lynch & Company, Inc., New York, New York, and thereby indirectly acquire Merrill Lynch Bank & Trust Co., FSB, New York, New York; Merrill Lynch Bank USA, Salt Lake City, Utah; and Merrill Lynch Yatirim Bank A.S., Istanbul, Turkey.

Bank of America, with total consolidated assets of $1.8 trillion, is the largest depository organization in the United States, as measured by deposits, and controls deposits of approximately $774.2 billion, which represent approximately 10.8 percent of the total amount of deposits of insured depository institutions in the United States.4 Bank of America controls six insured depository institutions5 that operate in thirty-one states and the District of Columbia.

Merrill has total consolidated assets of approximately $875 billion and controls deposits of approximately $77.8 billion, which represent approximately 1.1 percent of the total amount of deposits of insured depository institutions in the United States. ML Bank and ML USA operate in nine states.

On consummation of the proposal, Bank of America would remain the largest depository organization in the United States, with total consolidated assets of approximately $2.7 trillion. Bank of America would control deposits of approximately $852 billion, representing approximately 11.9 percent of the total amount of deposits of insured depository institutions in the United States.

For more details please see the file attached