BofA Merger Could Be Challenged
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OLYMPIA, Wash. — Washington may challenge a proposed merger of banking giants BankAmerica Corp. and Security Pacific Bank if state antitrust lawyers decide that the marriage could harm consumers, an assistant attorney general said Friday.
Together, the institutions control 48% of the market in populous King County, which includes Seattle, and totally dominate banking in other counties, Assistant Atty. Gen. Tina Kondo said.
“The most likely scenario is Washington would join other states” in the West in filing a federal court suit to block the merger if the states determine that a marriage would reduce competition, she said.
The merger of the two California-based banks must pass U.S. Justice Department scrutiny, then be approved by the Federal Reserve Board.
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