Projo Biz Blog

Bank of America Corp. today completed its purchase of Countrywide Financial Corp., the home lender battered by the collapse of the subprime mortgage market, giving the bank control of one out of every four U.S. home loans.

The second-biggest U.S. bank by market value said today that Countrywide shareholders received 0.1822 of a share of Bank of America stock for each share they held of the home lender. That works out to about $2.5 billion, or 37 percent less than the $4 billion in stock the bank agreed to pay in January amid speculation the home lender might go bankrupt.

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