BofA to complete Countrywide deal today
 
CHARLOTTE, N.C. (AP) – July 1, 2008 – Bank of America Corp.’s purchase of Countrywide Financial Corp. is expected to become official Tuesday.
 
In June, the Federal Reserve and Countrywide’s shareholders cleared the way for the acquisition, which would give the Charlotte-based bank control of 20 percent to 25 percent of the home loan market.
 
The all-stock deal, valued in January at about $4 billion, is now worth around $2.8 billion, reflecting a decline in Bank of America’s stock price over the last six months.
 
The bank is expected to eliminate 7,500 jobs from its combined mortgage, home equity and insurance divisions.
 
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