BANK OF AMERICA WILL BECOME THE FIRST HOLDING OF AMERICAN HOLDINGS COMPANY FOR A MONEY MANAGEMENT COOPERATIVE.
BANK OF AUSTIN, Texas (AP) Bank of Austin will become the first holding company for a American holding company that manages the wealth of its customers.
The Austin-based bank is acquiring Merrill Lynch and acquiring a number of other businesses, including a new regional headquarters.
The bank says it will retain its existing financial services expertise, and that it will take on a broader role in helping American companies meet the challenges they face in a global economy.
The bank has more than 500 branches around the country, including one in New York.
The deal with Merrill Lynch will take place over three years, the bank said in a statement.
The bank says Merrill Lynch was founded in 1887 in New Jersey.
It will operate in about 20 countries.
The news comes amid a global financial crisis, and has been viewed as a step toward a return to the financial markets.
The U.S. has been in recession for five consecutive quarters, with the economy shrinking by more than 1 percent in the third quarter and the unemployment rate rising to 11.3 percent.