MarketWatch (01/11/08); Goldstein, Steve
Charlotte, N.C.-based Bank of America reports that it has reached an agreement to acquire Countrywide Financial, in a deal that will position it as the biggest mortgage originator and servicer in the United States. The $4 billion stock transaction, slated to close in the third quarter, calls for each Countrywide share to be converted to 0.1822 of a share in Bank of America. The takeover is not expected to impact Bank of America's earnings per share this year, but likely will bolster EPS next year. By 2011, Bank of America expects to fully realize $670 million in after-tax cost savings tied to the Countrywide deal.
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