Discuss Detroit » Archives - Beginning January 2007 » Bank of America to buy LaSalle Bank « Previous Next »
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Charlottepaul
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Username: Charlottepaul

Post Number: 822
Registered: 10-2006
Posted on Monday, April 23, 2007 - 8:30 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

I thought I would start a thread on this as LaSalle Bank has actually seemed pretty committed to Detroit when a lot of other banks haven't been as much lately. For example they are one of the sponsors on the Model D web site (www.modeldmedia.com) where you can see their add on the right side of the screen when you click on any of the development stories. Now with Bank of America buying them out, it just makes me kind of nervous that a bank in Charlotte, North Carolina will be running the Michigan locations.

"The deal makes the Charlotte bank No. 1 in the Chicago market and lands it in Michigan and Indiana for the first time."
http://www.charlotte.com/109/s tory/95722.html
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Ramcharger
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Username: Ramcharger

Post Number: 238
Registered: 05-2006
Posted on Monday, April 23, 2007 - 8:53 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Not again! What has become of the anti-trust laws in this country? I still have checks with “Michigan National Bank” printed on them. That was three incarnations ago. The greed and avarice in our society is truly stunning!
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Scottr
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Username: Scottr

Post Number: 499
Registered: 07-2006
Posted on Monday, April 23, 2007 - 9:03 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

so you're saying a North Carolina based bank will be worse for Detroit than a Netherlands-based one? (LaSalle was part of ABN Amro, which itself is merging with another bank.) Especially since this is Michigan's first exposure to BofA, I would expect they hope to expand their market here, and will probably try to make a good impression if anything. Also, I'm glad to see the bank return to US ownership. I'm not a big fan of allowing our banks to be controlled by foreign interests.
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El_jimbo
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Username: El_jimbo

Post Number: 100
Registered: 12-2006
Posted on Monday, April 23, 2007 - 9:08 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

That's why local credit unions are the way to go!
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Quinn
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Username: Quinn

Post Number: 1255
Registered: 01-2005
Posted on Monday, April 23, 2007 - 9:34 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Merge and purge. Geezus.

"What...we made a record profit last year of $15,000,000,000.00? That's great...now how are we going to beat that next year? We'll be failures if we only make $14,990,000,000.00. START CUTTING JOBS! Lets buy someone and fire everyone!"
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Southwestmap
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Username: Southwestmap

Post Number: 794
Registered: 01-2005
Posted on Monday, April 23, 2007 - 9:56 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

I saw an article in the Times yesterday that said that banks are putting a renewed emphasis on opening branches. I remeber when Comerica nad NBD had campaigns to close branches. We lost the nice Comerica branch at Junction & Vernor and nothing has come into that building since. Way up on top you can read that the building was an original location of the company that became Comerica. Much as i am disappointed in Comerica, I have a hope that Comerica will re-open a branch in that building. Thre must be a vault there already.

That said, National City is opening a branch a few blocks away and LaSalle Bank opened one nearby just last year.
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Southwestmap
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Username: Southwestmap

Post Number: 795
Registered: 01-2005
Posted on Monday, April 23, 2007 - 9:57 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

I saw an article in the Times yesterday that said that banks are putting a renewed emphasis on opening branches they had thought that branch banking would wither up but it turns out that most people still prefer a personal banking experience.
I remember when Comerica and NBD had campaigns to close branches. We lost the nice Comerica branch at Junction & Vernor and nothing has come into that building since. Way up on top you can read that the building was an original location of the company that became Comerica. Much as I am disappointed in Comerica, I have a hope that Comerica will re-open a branch in that building. Thre must be a vault there already.

That said, National City is opening a branch a few blocks away and LaSalle Bank opened one nearby just last year.
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Queensfinest
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Username: Queensfinest

Post Number: 87
Registered: 08-2006
Posted on Monday, April 23, 2007 - 10:06 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

from the article:

"The company would enter Michigan and Indiana for the first time, a departure from its focus on high-growth areas."

hah.
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Charlottepaul
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Username: Charlottepaul

Post Number: 824
Registered: 10-2006
Posted on Monday, April 23, 2007 - 10:35 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

While LaSalle Bank was technically owned by the Dutch bank ABN Amro, at least its HQ was in Chicago. Charlotte is definitely a little further away. I guess it was about time for a nation-wide bank. I used to tell people that none of the banks down here in Charlotte are also in Detroit.
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Mackinaw
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Username: Mackinaw

Post Number: 2714
Registered: 02-2005
Posted on Monday, April 23, 2007 - 10:45 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Probably not an anti-trust infringement. Clayton Act bans mergers that will significantly reduce competition. I'll see if I can find some court cases later.

B of A is reputable, appears to have some great products, and seems a bit classier than LaSalle.
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Thnk2mch
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Username: Thnk2mch

Post Number: 879
Registered: 02-2006
Posted on Monday, April 23, 2007 - 10:54 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

quote:

If approved, the new banking group would be called Barclays PLC, be headquartered in Amsterdam and have 47 million customers globally.



http://www.freep.com/apps/pbcs .dll/article?AID=/20070423/BUS INESS07/70423004
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Fastcarsfreedom
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Username: Fastcarsfreedom

Post Number: 175
Registered: 11-2005
Posted on Monday, April 23, 2007 - 11:03 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

This is the consolidation I was harping about in the Comerica/Dallas thread. I would be fairly comfortable betting this will cost jobs in Troy--a lot more jobs than the Comerica move impacted--I hope I'm wrong, but BofA is fairly centralized in Charlotte. Don't forget TECHNICALLY LaSalle Michigan and LaSalle Illinois were seperate banks with seperate HQs--the Troy HQ will be lost in all this.
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Upinottawa
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Username: Upinottawa

Post Number: 816
Registered: 09-2005
Posted on Monday, April 23, 2007 - 12:35 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Paul, does RBC (Royal Bank of Canada) have a significant presence in Charlotte? RBC appears to be all over Raleigh, Rocky Mount, etc.
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Craggy
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Username: Craggy

Post Number: 252
Registered: 10-2003
Posted on Monday, April 23, 2007 - 1:23 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

RBC does indeed have some branches in Charlotte...but nothing like BofA or Wachovia.

ps...Comerica is next.
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Fastcarsfreedom
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Username: Fastcarsfreedom

Post Number: 176
Registered: 11-2005
Posted on Monday, April 23, 2007 - 1:51 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

RBC entered the market in the Carolinas via their purchase of Centura--hence the bank is called RBC Centura. This followed the long standing ownership of Chicago-based Harris Bank by BMO (This BofA-LaSalle turns up the heat on Harris in Chicagoland), and since, the buyout of Banknorth by Toronto-Dominion Bank.

And yes...Craggy is right, Comerica will go soon enough.
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Jerome81
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Username: Jerome81

Post Number: 1373
Registered: 11-2003
Posted on Monday, April 23, 2007 - 3:49 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Barclays is buying ABN Amro, but they're putting the HQ in Amsterdam?! That seems awfully strange. Why would they be moving the HQ from London?

I'm stoked about BofA. I've kept a Chase account open simply to be able to use ATMs in Michigan and Chicago. Now, my BofA account that I have here in CA will allow me to close that Chase account. I chose BofA specifically because they have a gazillion ATM's out here. I do almost no other banking besides deposits and withdrawls, so ATM number is primo for me.

I too am surprised at these mega mergers. I think a lot of it is being driven by the "if we don't buy somebody, somebody is gonna buy us!" mentality. These banks are already GIGANTIC. ABN Amro was already one of the largest banking conglomerates in the world. And they get chewed up. This is exactly the reason Comerica is also bolting. If they don't grow, they're gonna get gobbled up too.

But I'm just amazed at the number of Euros/Dollars in these deals. I think they said this one is $91 BILLION!! Good god. I can't imagine the revenues or profits.
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Charlottepaul
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Username: Charlottepaul

Post Number: 825
Registered: 10-2006
Posted on Monday, April 23, 2007 - 4:02 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Jerome81: "After the LaSalle deal was announced, officials with the Royal Bank of Scotland PLC, Banco Santander Central Hispano SA of Spain and the Belgian-Dutch bank Fortis NV called off talks with ABN AMRO on their rival takeover bid."--from the Freep article above. That might be the answer to your comment.
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Beadgrl
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Username: Beadgrl

Post Number: 129
Registered: 07-2006
Posted on Monday, April 23, 2007 - 4:03 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

I jumped from National City to a local credit union. I've never been happier. Big banks can go fly a kite!

/trying to be polite
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Burnsie
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Username: Burnsie

Post Number: 955
Registered: 11-2003
Posted on Monday, April 23, 2007 - 5:07 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

IIRC, the limit to mergers is that no one bank can control more than 10% of U.S. deposits.
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Diggelicious
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Username: Diggelicious

Post Number: 56
Registered: 08-2005
Posted on Monday, April 23, 2007 - 6:05 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

if you don't know anything about a topic, can you stop posting your opinion as fact? i'm just saying this as a general message to posters on this board.
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Charlottepaul
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Username: Charlottepaul

Post Number: 832
Registered: 10-2006
Posted on Monday, April 23, 2007 - 7:29 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Damn! Pretty feisty for only the 56th post!
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Burnsie
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Username: Burnsie

Post Number: 957
Registered: 11-2003
Posted on Monday, April 23, 2007 - 7:36 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Diggelicious, I wasn't posting my opinion; I was trying to recall a FACT that I had read recently, possibly in the World Almanac. Since I pissed you off with my good-faith attempt to recall a FACT, here is a relevant cited FACT for you, from the Boston Globe, 11/21/06:

"Bank of America is close to a regulatory cap that limits US banks from controlling more than 10 percent of all deposits in the country..."
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Royce
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Username: Royce

Post Number: 2198
Registered: 07-2004
Posted on Monday, April 23, 2007 - 8:07 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

When I was working on my bachelor's around 1985, I remember a guy I was working for at the newly created Comerica Bank saying that in about 30 years that there would be only about 30 banks in the entire country. It sounds like his prediction is coming very close to reality.
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Scottr
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Username: Scottr

Post Number: 500
Registered: 07-2006
Posted on Monday, April 23, 2007 - 8:09 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

to add to burnsie's fact, from http://seattlepi.nwsource.com/ business/312716_abnamro23.html, an acquisition in november gave them a 9.2% share of deposits. The article states LaSalle may be small enough to keep them under 10 percent, but giving them access to a market that otherwise would have taken years to develop on their own - in particular, Chicago, where they have been trying to grow for some time but still are not in the top 5. it seems Detroit and the rest of lasalle may have been a bonus, while the Chicago market was the real target of the acquisition.
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Diggelicious
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Username: Diggelicious

Post Number: 57
Registered: 08-2005
Posted on Monday, April 23, 2007 - 8:53 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

I wasn't critiquing you Burnsie, I was making comments toward people speaking on B of A's behalf about how many jobs they will remove, etc. Don't equate the number of posts with what a person can say. I read the board daily initially for information and now for comedy and make comments when warranted. I could be like many other characters and make a comment/opinion and try to push that off as fact. But no CharlottePaul, you do that enough for the both of us.
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Gistok
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Username: Gistok

Post Number: 4172
Registered: 08-2004
Posted on Tuesday, April 24, 2007 - 3:22 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Jerome81, for some reason there are several companies that are co-headquartered in England and Netherlands. ROYAL DUTCH SHELL is one, and soap/food conglomerate LEVER is another.
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Rhymeswithrawk
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Username: Rhymeswithrawk

Post Number: 686
Registered: 11-2005
Posted on Tuesday, April 24, 2007 - 11:00 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Wow. It's about time we had another bank merger.
We need to get William Howard Taft up in this bee-otch.
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Iheartthed
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Username: Iheartthed

Post Number: 656
Registered: 04-2006
Posted on Tuesday, April 24, 2007 - 11:32 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

^^LOL.

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