Bank of America to Buy MBNA in $35B Deal

Yahoo! News (AP) ^ | 6/30/2005 | n/a

[Pyro7480]

Bank of America Corp. said Thursday it will acquire MBNA Corp., one of the world's largest credit-card companies, in a $35 billion cash and stock deal that will result in 6,000 jobs cuts.

I wonder how this will affect the economy in my home state of Delaware. MBNA is the largest private employer in the state.

[Pyro7480]

Ping!

[TXBSAFH]

The economy of that state will go south hard.

[Gabz]

I'm just reading this in the NJ while sitting on hold with a friend up in Dover.

Not really sure how this is going to play out.

[RebelBanker]

Nothing new under the sun. The first bank-issued credit card was the Bank Americard from (duh) the Bank of America. It is now known as Visa.

[Condor51]

This Corporate mega buying cr@p is getting out of hand.

I have four credit cards which at one time were all distinct entities and now every single one is owned by Citicorp. And I HATE Citicorp as they help fund the gun grabbing Brady bunch.

Years ago I vowed to never ever deal with Citicorp and now I'm stuck and am I pis ticked off. I'm now indirectly helping people I utterly detest.

So I ask, where the heck is an anti-trust law when you need one?

[politicalwit]

I heard on Fox News that 6K jobs will be cut. They didn't specify where the cuts would be.

[Pondman88]

Doesn't MBNA have a big operation in Maine? Cheap (or cheaper at least) labor up there!!! Bank of America is getting f-ing huge, now if they can buy up some Chinese banks we'll be all set.....

[ladyjane]

Economic impace on Delaware?

Ask the people up in New Englad who used to work for Fleet Bank. LOL The giant sucking sound was all the jobs being sucked down to BoA in North Carolina. All they left up north was a bunch of ATM machines, a few people with golden parachutes, and a lot of people out of jobs. It's a lean, mean banking machine.

[nerdwithamachinegun]

Does this mean the giant sucking sound from Deleware will go away?

Will the MBNA 500 race at Dover Downs be renamed the BoA 500?

MBNA is a pack of opportunistic jackals. They give capitalism a bad name.

[Mr. Jeeves]

Do they get Joe Biden, too, or does he cost extra? ;)

[Gabz]

BWWWWW HAAAAAAAAAAA HAAAAAAAAAAAAA

He's already been bought lock, stock and barrel.

[Sgt_Schultze]

Interesting. MBNA was a spinoff of Maryland National Bank when they were about to go belly up. Eventually, then Nationsbank rescued Maryland National at a fire sale. Hugh McColl, president of Nationsbank coveted BofA and made it happen. So now, MBNA is back in home, so to speak.

[NeoCaveman]

I have four credit cards which at one time were all distinct entities and now every single one is owned by Citicorp. And I HATE Citicorp as they help fund the gun grabbing Brady bunch.

After this deal, all my cards will be either BofA or Citicorp. This is nuts.

[Fierce Allegiance]

Don't buy your t-shirts for 2006 Dover races just yet.

[TommyDale]

Are we going back to the days of the old "BankAmeriCard"?

[oldironsides]

This merger should not be allowed. I hope it is stopped

[TommyDale]

Oops! I hadn't read your post when I said almost the same thing...Great minds? I remember those old cartoon TV commercials for BankAmeriCard before they changed it to VISA.

[mict42]

Including part time employees, MBNA employees over 12,000 in New Castle County, De. There is a strong possibility that because of MBNA's size and business model, most of these employees will remain in Delaware. There are over 15,000 employees in other areas of the country including Maine. It's my guess that not much will change except that the State of Delaware will give away more than we will ever know to keep BOA a faithful member of corporate Delaware. I do wonder what effect this will have on the NASCAR community which is heavily sponsored by MBNA as well is motor sports in general.

[Gabz]

It's my guess that not much will change except that the State of Delaware will give away more than we will ever know to keep BOA a faithful member of corporate Delaware.

My guess is your guess is pretty close to the mark.