FleetBoston May Get a Larger Bite of the Big Apple
Bank is in line for Dime branches in Manhattan, Long Island.
Boston-based FleetBoston Financial (FBF) may come out a winner should North Fork Bancorporation (NFB) succeed in its $1.88 billion hostile attempt to take over Dime Bancorp (DME). North Fork has agreed to sell 17 New York branches with $2 billion of deposits to FleetBoston should North Fork eventually acquire Dime, New York's largest thrift.
For a $250 million investment, Fleet would get five Manhattan branches and 12 Long Island branches, as well as rights to buy 7.5 million shares in the combined North Fork-Dime company. As part of the deal, Fleet would agree not to attempt to buy the combined company for two years.
Laura Pavlenko Lutton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.