BofA gets OK for Countrywide acquisition
Countrywide Financial Corp. shareholders approved an estimated $2.8 billion takeover by Bank of America Corp. June 25, spelling the end of the home lending company, though not necessarily all its lawsuits and federal investigations.
The Calabasas-based mortgage company held a closed meeting to decide its fate, with 69 percent of shareholders voting for the acquisition.
The takeover is expected to close by July 1.
About 2,200 Countrywide workers have lost their jobs since the subprime mortgage business began collapsing last year. As of June 25, Countrywide’s stock price was just $4.58, down from $37.37 exactly one year before. As of last month, Countrywide was still one of Ventura County’s largest employers with more than 5,000 employees.
For more on this story, see this Friday’s print version of the Pacific Coast Business Times.