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Countrywide Shareholders Approve BofA Deal

Deal, Handshake
Deal, Handshake

Angelo Mozilo presided over the meeting. It only lasted about 15 minutes. Shareholders say he somberly discussed starting the company and at one point made a small joke about being Italian which got a laugh.

There were no questions allowed, no speeches by shareholders.

Even though 69 percent of shares voted yes, the actual percentage of votes cast was around 97 percent, meaning about 30 percent of shares didn't vote at all.

UPDATE: Mozilo spoke of how Countrywide had come full circle, having started 40 years ago with a loan from Bank of America. At that point, witnesses say, he lost his composure slightly and took a drink of water. He joked that getting emotional was one of the few things wrong about being Italian, and those in the room laughed. It was a standing room only crowd, one shareholder estimated there were 300 people there, mostly employees. Mozilo told them that despite the headlines, they had put 20 million people in homes and had much to be proud of. And as Mozilo thanked the employees, the board, and the company's late co-founder, many people in the room had tears in their eyes. A shareholder says the audience gave him a nearly unanimous standing ovation.

Here's the press release:

Countrywide Stockholders Approve Transaction With Bank of America 06/25/2008

CALABASAS, Calif., June 25 /PRNewswire-FirstCall/ -- Countrywide Financial Corporation (NYSE: CFC) today announced that at its special stockholders meeting this morning, Countrywide stockholders approved the merger of Countrywide with a wholly-owned subsidiary of Bank of America Corporation (NYSE: BAC) in a stock transaction. The holders of more than 69% of the outstanding shares of Countrywide common stock entitled to vote approved the transaction.

The merger is expected to close on July 1, 2008, pending the satisfaction of customary closing conditions.

About Countrywide

Founded in 1969, Countrywide Financial Corporation is a diversified financial services provider and a member of the S&P 500, Forbes 2000 and Fortune 500. Through its family of companies, Countrywide originates, purchases, securitizes, sells, and services residential and commercial loans; provides loan closing services such as credit reports, appraisals and flood determinations; offers banking services which include depository and home loan products; conducts fixed income securities underwriting and trading activities; provides property, life and casualty insurance; and manages a captive mortgage reinsurance company. For more information about the Company, visit Countrywide's website at www.countrywide.com.

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