Shareholders approve merger of BayFunds into 1784 funds.BOSTON--(BUSINESS WIRE)--Nov. 6, 1996--Bank of Boston Corp. (BankBoston) announced that at a special meeting held today, the shareholders of BayFunds, a family of mutual funds previously advised by affiliates of BayBanks Inc., voted to combine the assets of BayFunds with those of the 1784 Funds, a fund family advised by The First National Bank of Boston. The actual transfer of assets The conveyance of something of value from one person, place, or situation to another. The law recognizes that persons are generally entitled to transfer their assets to whomever they wish and for whatever reason. The most common means of transfer are wills, trusts, and gifts. is expected to occur on Nov. 22, 1996. Each BayFunds customer portfolio will be transferred into the 1784 Fund with the most similar investment objective. For example, investments in the BayFunds Equity Portfolio will be transferred to the 1784 Growth Fund. "We are pleased to be offering our BayBank customers even more investment options," said Allen W. Croessmann, managing director, investment products and services at BankBoston. "While BayFunds consisted of five different funds, the 1784 Funds feature a selection of 15 funds, a great benefit to all customers." For most customers, the transfer will require no action on their part. Moreover, the transferred balances will continue to count for customers enrolled in special package accounts requiring minimum balances to waive fees. Customers with questions or concerns can call 1-800-BAY-FUND until Nov. 22 and then 1-800-252-1784. Following the acquisition of BayBanks Inc. by BankBoston, which occurred on July 29, 1996, BankBoston began using its new global brand identity. Its subsidiary banks, The First National Bank of Boston, BayBank, N.A., BayBank, NH,N.A., Bank of Boston Connecticut, Rhode Island Hospital Rhode Island Hospital is a private, not-for-profit hospital located in Providence, Rhode Island. The hospital has 719 beds, and an acute care hospital and an academic medical center. Rhode Island Hospital was founded during the American Civil War in 1863. Trust National Bank, and Bank of Boston Florida, N.A., will operate as separate entities until they combine operations under the new name beginning in the spring of 1997. BankBoston (NYSE NYSE See: New York Stock Exchange :BKB BKB Basler Kantonalbank (Switzerland) BKB Black King Bar (gaming weapon) BKB BV Kwaliteitsverklaringen Bouw (Dutch) BKB BankBoston Corporation ), with assets of $62 billion as of Sept. 30, 1996, was founded in 1784 and is the 15th-largest bank holding company in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . A focused financial institution, BankBoston is engaged primarily in commercial and consumer banking in New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. , providing financing to selected corporations nationally and internationally, and full-service banking in key Latin American markets. New England's only global bank, BankBoston and its subsidiaries operate through a network of 750 offices in the United States and through more than 100 offices in 23 countries in Latin America, Europe and Asia, the third-largest overseas network of any American bank. The corporation's common and preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. is listed on the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Boston stock exchanges. CONTACT: BankBoston Teresa Perlstein, 617/788-7817 |
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