Countrywide Rises After Setting BofA Vote

The lender's shareholder will meet June 25 to approve its sale to BofA.
By TSC Staff ,

Countrywide Financial

(CFC)

shares were adding as much as 12% early Thursday, after the company set a date for a shareholder meeting to approve its sale to

Bank of America

(BAC) - Get Report

.

The Calabasas, Calif.-based lender said shareholders of record as of April 28 would meet June 25 at its corporate headquarters. They are expected to OK the $4 billion deal struck in January.

While BofA has been steadfast in insisting the deal will close in the third quarter,

doubts have emerged

among analysts that it can go through under its present terms. In a regulatory filing earlier this month, BofA

raised doubt

about whether it will take on all of Countrywide's debt.

On Wednesday, BofA surprised Wall Street by saying Countrywide President

David Sambol will retire

after assisting on the transition. The bank earlier had earlier offered Sambol a

generous package

to head the combined company's mortgage operations. Sambol will keep the money as severance.

Countrywide shares surged as high as $5.58, but more recently were trading up 6.8% to $5.32.

This article was written by a staff member of TheStreet.com.

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