Kevin O’Neill, of Countrywide. Submitted Photo
Bank of America Corporation recently announced its purchase of Countrywide Financial Corporation in an all-stock transaction worth approximately $4 billion. The purchase will make Bank of America the nation’s largest mortgage lender and loan servicer.
Kevin O’Neill, a loan consultant with Countrywide in Sonoma, said, “It’s kind of a perfect marriage. It allows the best bank, Bank of America, to purchase the best mortgage company, Countrywide.” Countrywide will benefit from the stability of being part of the largest and one of the most financially strong financial institutions in the United States. Bank of America will benefit from Countrywide’s broader mortgage capabilities, including its extensive retail, wholesale and correspondent distribution networks. The Calabasas, California-based company operates more than 1,100 field offices and has a retail sales force of nearly 15,000. Countrywide also has a leading mortgage technology platform, the best known brand in home lending and management expertise in a number of key areas. “From what I understand right now,” said O’Neill, “Bank of America is going to own Countrywide as a company. Bank of America loves our platform and we’re able to continue doing business as usual.”
Bank of America Chairman and Chief Executive Officer Kenneth D. Lewis said, “Countrywide customers will gain access to a broad set of consumer products including credit cards and deposit services. Home ownership is a fundamental pillar of the U.S. economy and over time it will be a key area of growth for Bank of America.”
