<P> Bank of America possessed combined assets of $570 billion, as well as 4,800 branches in 22 states . Despite the mammoth size of the two companies, federal regulators insisted only upon the divestiture of 13 branches in New Mexico, in towns that would be left with only a single bank following the combination . (Branch divestitures are only required if the combined company will have a larger than 25% Federal Deposit Insurance Corporation (FDIC) deposit market share in a particular state or 10% deposit market share overall .) In addition, the combined broker - dealer, created from the integration of BancAmerica Robertson Stephens and NationsBanc Montgomery Securities, was named Banc of America Securities in 1998 . </P> <P> In 2001, McColl stepped down and named Ken Lewis as his successor . </P> <P> In 2004, Bank of America announced it would purchase Boston - based bank FleetBoston Financial for $47 billion in cash and stock . By merging with Bank of America, all of its banks and branches were given the Bank of America logo . At the time of merger, FleetBoston was the seventh largest bank in United States with $197 billion in assets, over 20 million customers and revenue of $12 billion . Hundreds of FleetBoston workers lost their jobs or were demoted, according to The Boston Globe . </P> <P> On June 30, 2005, Bank of America announced it would purchase credit card giant MBNA for $35 billion in cash and stock . The Federal Reserve Board gave final approval to the merger on December 15, 2005, and the merger closed on January 1, 2006 . The acquisition of MBNA provided Bank of America a leading domestic and foreign credit card issuer . The combined Bank of America Card Services organization, including the former MBNA, had more than 40 million U.S. accounts and nearly $140 billion in outstanding balances . Under Bank of America the operation was renamed FIA Card Services . </P>

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