Bank Of America

Bank of America said yesterday that it planned to cut 30,000 to 35,000 positions - among the largest layoffs ever - over the next three years as it digests its acquisition of Merrill Lynch. That could amount to more than 11 percent of the combined firms' global work force of 308,000. Combining two firms as large as Bank of America and Merrill often involves eliminating duplicate jobs. Both have significant overlap in areas like research and investment banking. But Bank of America, based in Charlotte, N.C., acknowledged that this round also reflects the dismal economy.

When Brenda Fishkin got the letter from Bank of America late last month, she thought it might be a joke. The bank said it planned to almost double the interest rate on her credit card, from about 13 percent to 24.99 percent. Fishkin, who is 60, could not figure out what she had done to incur the higher rate. She had never been late on a credit card payment, just refinanced her home at a lower interest rate and just been rewarded by her credit union with a lower rate on her credit card there, she said.

WASHINGTON -- The Supreme Court agreed yesterday to settle one of the most hotly debated issues in bankruptcy: the power of creditors with high-priority claims to veto company reorganization plans that let shareholders retain their ownership by putting new capital into the firm.Lower federal courts are split on whether the "absolute priority" rule that benefits creditors should always govern the reorganization of bankrupt firms.Some courts recognize an exception that allows those with an ownership interest to retain that interest by supplying new funds -- though not enough to ensure that senior creditors are paid in full.

CHARLOTTE, N.C - Bank of America Corp. plans to hire 350 people in its securities unit by mid-2002 as the third-biggest U.S. bank attempts to lure more talented bankers and traders from the ranks of those fired on Wall Street. To do this, though, the Charlotte-based bank is eliminating 600, or 7.5 percent, of the 8,000 jobs in its corporate and investment banking unit. Some of those who are being fired are investment bankers whom Bank of America hired during the late 1990s, at the height of the investment banking boom.

Baltimore is one of 15 cities that will participate in a $3 billion mortgage program funded by the Bank of America to allow low- to moderate-income borrowers to buy a house with no down payment, no application fee and no closing costs.The program will be operated by the Neighborhood Assistance Corp. of America, a Boston-based affordable housing advocacy group that provides housing services, such as buyer education and individual counseling, for free.Mortgages will have a fixed interest rate, which is currently at 7.5 percent.

On April 16, 2006, RONALD L. II, "Butch" beloved husband of Denise Jenkins (nee Wille) devoted father of Joshua Sawyer and Ronni Jene Jenkins, loving son of Ronald and Ellie Jenkins, dear brother of Jeannie Ledford and Fran Slenbaker. Also survived by other relatives and friends. Friends may call at the CONNELLY FUNERAL HOME OF DUNDALK, P.A., 7110 Sollers Point Road on Tuesday and Wednesday 3 to 5 and 7 to 9 P. M where funeral services will be held on Wednesday at 8 P.M. In lieu of flowers, please make donations to the Jenkins children Assistance Fund, c/o Bank of America, 1501 Merritt Boulevard, Dundalk, MD, 21222 or any Bank of America for Butch's children, Joshua and Ronni Jene.

Glen Burnie Bancorp buys back 9% of stock Glen Burnie Bancorp announced yesterday that it spent nearly $2.55 million to buy back more than 9 percent of its stock from a single shareholder. The parent of the Bank of Glen Burnie agreed to pay $9.30 for each of the 274,179 shares of common stock owned by former director Eugene P. Nepa. The company is authorized by its board to spend up to another $953,493 to buy back stock, as part of a repurchase program that earlier acquired 55,300 shares.

On Saturday, August 9, 2008, JOHN WESLEY HENSON, JR., of Springfield, VA., beloved husband of Dorothy "Dottie" devoted father of Ashley and Dana, son of John, Sr., brother of Arnold and Terri. Viewing Friday, August 15, 11 A.M. until service 12 noon at Greater Little Zion Baptist Church, 10185 Zion Drive, Fairfax, VA. Interment private. In lieu of flowers, contributions to the daughters college fund at Bank of America. Services Thornton Funeral Home, P.A.

Four Prince George's County men suspected of cashing forged checks worth more than $18,000 in a four-hour period at Bank of America branches were arrested in Hanover, Anne Arundel County police said yesterday. After the first four checks were cashed Saturday, Bank of America flagged the account being used. Later, police were called when someone tried to cash a check for $4,500 that afternoon at the Bank of America branch at Arundel Mills mall, police said. Officers were called to the bank, and the suspect gave a description of a car he and his associates were using.

If there's a bright side to the Countrywide Financial Corp. disaster for beleaguered subprime mortgage holders, it's this: Bank of America now owns the Countrywide portfolio and is moving to restructure loans as part of an $8.4 billion settlement with three states. For all the talk of mortgage lenders working to help troubled borrowers keep up their payments and avoid foreclosure, very few homeowners in these high-cost, risky mortgages have benefited.