Fleet, with total consolidated assets of approximately$104.4 billion, is the ninth largest commercial banking organization in the UnitedStates, controlling approximately 2.5 percent of total banking assets of insuredcommercial banks in the United States (“total banking assets”).4 Fleet operatesdepository institutions in Connecticut, Florida, Maine, Massachusetts, NewHampshire, New Jersey, New York, and Rhode Island. Fleet also engages in abroad range of permissible nonbanking activities nationwide.BankBoston, with total consolidated assets of approximately $73.5billion, is the 15th largest commercial banking organization in the United States,controlling approximately 1 percent of total banking assets. BankBoston operatessubsidiary banks in Connecticut, Florida, Maine, Massachusetts, New Hampshire,and Rhode Island. BankBoston also engages nationwide in numerous permissiblenonbanking activities.As discussed more fully below, Fleet has proposed to divest branchescontrolling more than $13 billion in deposits and associated assets in connectionwith the proposal to address the potential effects of the proposal on competition invarious markets in Massachusetts, Connecticut, and Rhode Island. After accountingfor the proposed divestitures, the proposal would create a combined organizationthat would be the eighth largest commercial banking organization in the UnitedStates, with total consolidated assets of approximately $164.9 billion, representingapproximately 3.5 percent of total banking assets. The combined organizationwould operate under the name Fleet Boston Corporation (“Fleet Boston”), andwould have a significant presence in the northeastern United States.
BankBoston’s common stock and BankBoston to purchase up to 19.9 percent of Fleet’s common stock if certain events occur. Fleet and BankBoston would notexercise these options if the merger is consummated.4 Asset data and rankings are as of December 31, 1998.