Chicago’s LaSalle Bank has a new owner. Bank of America completed the $21 billion purchase today.  Chicago Public Radio’s Adriene Hill reports.

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The deal gives Bank of America, which is already the nation’s largest retail bank, a strong presence in Chicago and the Midwest.

LaSalle branches will transition to Bank of America sites starting early next year.

In the meantime, LaSalle customers can use either bank’s ATMs.

In a press release today, Bank of America announced that it will continue it’s own and LaSalle’s… more than $17 million dollars in annual philanthropic giving.

It also announced a $70 billion community development goal in Illinois-providing capital and credit to low-income and minority communities.

The merger is bad news for about 2,500 employees in Illinois.

Bank of America has plans to lay them off over the next couple of years.

I’m Adriene Hill, Chicago Public Radio.