On April 23, 2007, Standard & Poor's Ratings Services placed its 'A+/A-1' counterparty credit rating on LaSalle Bank Corp. and those of its subsidiaries on CreditWatch with positive implications. This action follows the announcement that LaSalle will be acquired by the higher rated Bank of America Corp. (BofA; AA/Stable/A-1+). LaSalle enjoys a well-positioned middle-market commercial franchise. Its consumer and small business units are more challenged by the intense competitive environment and the highly fragmented nature of LaSalle's footprint, which is only exacerbated by the unfavorable macroeconomic condition of a flat/inverted yield curve. The combination of LaSalle's franchise with BofA's resources should result in growth opportunities for all of the LaSalle business units, driven by broadened product offerings, increased convenience, a...
Companies mentioned in this report are:
- BANA Holding Corp
- Bank of America Corp.
- The Royal Bank of Scotland N.V.
- LaSalle Bank N.A.
- LaSalle Bank Midwest N.A.
Action: On CreditWatch:Positive
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