For immediate release

The Federal Reserve Board today announced its approval of the proposal of Fleet Financial Group, Inc., to acquire BankBoston Corporation, both of Boston, Massachusetts, and its banking and nonbanking subsidiaries. The combined organization will be the largest banking institution in the northeastern United States. To address competitive concerns arising from the proposal, Fleet is required to divest more than 300 branches, controlling total deposits of more than $13 billion, located in Massachusetts, Connecticut, New Hampshire, and Rhode Island. This is the largest divestiture ever to take place in connection with a banking combination. Attached is the Board's Order relating to this action.

Summary and order (227 KB PDF)

1999 Orders on banking applications