BankAmerica Completes Acquisition of Credit Card Business From First Maryland Bancorp.SAN FRANCISCO--(BUSINESS WIRE)--Feb. 25, 1998--BankAmerica Corporation today announced that its credit card subsidiary, Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. NA, has completed its acquisition of the approximately $612 million in receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed of First Maryland Bancorp's credit card subsidiary, First Omni Bank, N.A. and Dauphin Dauphin, town, Canada Dauphin (dô`fĭn), town (1991 pop. 8,453), SW Man., Canada, on the Vermilion River. It is the retail and distribution center for an agricultural, lumbering, and fishing area. Deposit Bank. The acquisition was announced in December. Terms were not disclosed. In addition to the acquisition of receivables, Bank of America NA will provide a full range of consumer credit card products under the First Maryland brand name to First Maryland's branch customers and service the accounts on an ongoing basis. BankAmerica Corp. is the nation's fifth largest bank holding company, with assets of $260 billion and deposits of $172 billion as of December 31, 1997. It operates more than 1,800 branches in Alaska, Arizona, California, Idaho, Nevada, New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). , Oregon, Texas, and Washington. Based in Phoenix, Ariz., Bank of America NA is one of the nation's largest credit card issuers with approximately 10 million accounts. As of December 31, 1997, Bank of America NA had more than $10 billion in managed credit card receivables. CONTACT: Bank of America Betty Riess, 415/622-6397 or First Maryland Bancorp First Maryland Bankcorp was the holding company for the First National Bank of Maryland, acquired by Allied Irish Banks in 1997. In 1999 First Maryland Bankcorp merged with Dauphin Deposit Corporation to form Allfirst Financial. Reese Nank, 410/545-2272 |
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