Members of the class of 1999 may remember BayBank, but after a 1996 merger, students came to know the green signs of BankBoston.
After clearing a few legal hoops this year, "Fleet Boston" will serve the next generation of Harvard undergraduates.
BankBoston, the nation's oldest commercial bank, announced this week that it will merge with another Boston-based company, Fleet Financial Group, to become Fleet Boston Corporation.
The new company will serve 20 million households and hold $180 billion in assets, making it the eighth largest bank in America, according to BankBoston officials.
Although Fleet's Chief Executive Officer (CEO) Terrence Murray '62 will initially chair the new Fleet Boston Corporation, BankBoston CEO Charles K. Gifford called the consolidation of the banks a "merger of equals."
"We did not sell the bank...In my view, we had a strategic combination," Gifford said in a press conference yesterday.
Gifford said the merger will be good for customers.
"We do have complimentary strengths," he said. "We can do it all, and that's what we intend to do."
As a result of the merger, some automatic teller machines (ATMs) and bank branches will be closed, but the companies are still deciding on which ones, Murray said.
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