BusinessDecember 18, 1995
BUSINESS MEMO: BANK TO BUY RIVAL
BOSTON -- The Bank of Boston Corp. is buying rival BayBanks Inc. in a merger that will create one of the 15 largest banks in the country. Under the $2 billion deal reached last week, the two Boston-based banks will form a new bank with combined assets of more than $56 billion and more than 400 branches...
BOSTON -- The Bank of Boston Corp. is buying rival BayBanks Inc. in a merger that will create one of the 15 largest banks in the country.
Under the $2 billion deal reached last week, the two Boston-based banks will form a new bank with combined assets of more than $56 billion and more than 400 branches.
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It will be known as BayBanks.
Bank of Boston, the nation's 19th largest bank, has strong commercial and international operations, 18,000 employees worldwide and about 280 U.S. branches. BayBanks, with a consumer focus, has about 6,500 employees and 232 branches, mostly in New England.
The merger will mean the loss of about 2,000 jobs and the closing of about 85 branches, said Charles K. Gifford, chairman and chief executive of Bank of Boston, adding that most of the employee losses could be handled through normal job turnover.
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