CHARLOTTE, N.C. — BankAmerica Corp., which is to merge Wednesday with NationsBank Corp. to become the biggest U.S. bank, announced its new 20-member board.
Under the merger agreement made public in April, the board consists of 11 directors of NationsBank and nine directors of BankAmerica. The new board takes effect when the $44.4-billion merger is completed today.
Among the board members is Hugh McColl, chairman and chief executive of NationsBank who will become chairman and chief executive of the new BankAmerica, and David Coulter, chairman and chief executive of BankAmerica, who is to become president of the new company.
The new BankAmerica will have $572 billion in assets, with full-service operations in 22 states and the District of Columbia. It will be based in Charlotte, N.C., home of NationsBank. San Francisco, the current headquarters of BankAmerica, will be the base of the new company's wholesale banking operations.