Countrywide shareholders OK deal with Bank of America; merger set to close Tuesday

By Lisa Kerner

Charlotte, N.C., June 25 - Countrywide Financial Corp. stockholders approved a merger of the company with a wholly owned subsidiary of Bank of America Corp. at a special meeting on Wednesday.

The holders of more than 69% of the outstanding shares of Countrywide common stock entitled to vote approved the transaction, a Countrywide news release stated.

Countrywide said it expects the merger to close on Tuesday.

In January, Bank of America agreed to buy Countrywide for $4.1 billion.

It was previously reported that Countrywide stockholders will receive 0.1822 shares of Bank of America stock in exchange for each of their Countrywide shares. The deal valued Countrywide stock at $7.16.

Countrywide is a diversified financial services provider based in Calabasas, Calif.

Bank of America, based in Charlotte, N.C., is a holding company that provides banking and financial services.

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