Papers Detail B of A Bid: Federal...
From Times Staff and Wire Reports
Papers Detail B of A Bid: Federal Deposit Insurance Corp. documents show that BankAmerica’s bid for the failed Bank of New England had a stated value $112 million higher than the winning bid led by Fleet/Norstar Financial Group. But the papers show that B of A’s bid was discounted heavily by regulators who believed that conditions the bank required would be costly. The stated B of A bid value was $237 million, but regulators decided it was worth less than the Fleet group’s $125-million bid.
