Competition Flourishes in Boston’s Commercial Lending Market
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| JARVIS KELLOGG is a partner in the Boston law office of Foley & Lardner LLP (www.foley.com) and a member of its national Finance and Financial Institutions and Private Equity & Venture Capital practices. |
By Jarvis Kellogg
In the 10-year period ending in 2004, the Boston commercial banking market experienced a massive and sudden contraction and consolidation that was unprecedented in its history. Beginning in 1994, after the failure of The Bank of New England, major Boston market rivals Fleet Bank and Bank of Boston began separate buying binges, acquiring between them a series of established Boston banks, including the likes of Shawmut Bank and BayBanks.
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