Banc Of America Investment Services Inc

Date:

Sec Completes Review Of Performance By Bank Of America Under Auction Rate Securities Settlements

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The Securities and Exchange Commission today announced that Bank of America , which previously settled the Commission’s auction rate securities charges against it, has satisfied its obligations under its settlement and that BOA has returned more than $6.7 billion to its ARS customers.

Under the settlement, BOA was required to offer to purchase ARS at par from its individual, charitable, and small business customers. Nearly 100% of these customers accepted BOAs offer resulting in approximately $4.7 billion of liquidity.

The settlement also required BOA to use best efforts to provide liquidity to its institutional customers. From February 2008, when the ARS market failed, through October 2010, the ARS holdings of BOAs institutional customers were reduced by $2 billion or 56.4% , primarily through settlements with individual customers and issuer redemptions. In further compliance with its best efforts obligation, in November 2010, BOA launched a program offering favorable loans or buybacks to all its remaining institutional investors, including legacy customers of Merrill Lynch.

BOA also met its other settlement obligations, including compensating investors who sold ARS below par, reimbursing investors for excess interest costs associated with loans taken out due to ARS illiquidity, and participating in a special arbitration proceeding before the Financial Industry Regulatory Authority.

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Banc Of America Securities

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Banc of America Securities LLC , was the investment banking subsidiary of Bank of America until it was merged with Merrill Lynch after that firm’s acquisition in 2008 to become Bank of America Merrill Lynch. Headquartered in New York City, the company competed in both the domestic and international equity and investment banking markets.

The company was a registered broker-dealer with the United States Securities and Exchange Commission and was a member of the New York Stock Exchange and the National Association of Securities Dealers. The use of “Banc” in the BAS’s name was indicative of the fact that the company was not a bank, and its deposits and other holdings were not insured by the Federal Deposit Insurance Corporation.

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Time To First Dismissal Order

110 days

NOTICE OF ENTRY OF JUDGEMENT
NOTICE OF RULING OF MAY 16, 2011 REGARDING PETITIONERS PETITION TO CONFIRM ARBITRATION
Filed by Banc of America Investment Services, Inc. Michael Herron
Notice of Entry of JudgmentFiled by Banc of America Investment Services, Inc. Michael Herron
May 16, 2011Unknown Event Type – Held – Motion Granted
May 16, 2011
Filed by Banc of America Investment Services, Inc. Michael Herron
May 09, 2011Docket EventPETITIONERS NOTICE RE LACK OF OPPOSITION FILED BY RESPONDENT IN RESPONSE TO Petition to Confirm Arbitration Award NOTICE OF TELEPHONIC APPEARANCE VIA COURTCALL
May 09, 2011

Legal Information And Disclosures:

What do you see? – Bank by appointment

Check the background on this firm or an investment professional on FINRA’s BrokerCheck

1 Securities and variable annuities are offered through BancWest Investment Services, a registered broker/dealer, member FINRA/SIPC, and SEC Registered Investment Adviser. Financial Advisors are Registered Representatives of BancWest Investment Services. Fixed annuities/insurance products are offered through BancWest Insurance Agency in California, and through BancWest Investment Services, Inc. in all other states where it is licensed to do business. This is not an offer or solicitation in any jurisdiction where we are not authorized to do business. Bank of the West and its various affiliates and subsidiaries are not tax or legal advisors.

BancWest Investment Services is a wholly owned subsidiary of Bank of the West. Bank of the West is a wholly owned subsidiary of BNP Paribas. Bank of the West Wealth Management offers products and services through Bank of the West and its various affiliates and subsidiaries.

  • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

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Banc Of America Investment Services

Banc Of America Investment Services- Inc is a financial advisory firm in Savannah, Georgia. This financial advisor is listed on Financial Advisory Firms under Financial Advisory ServicesPersonal Financing.

You can reach us on phone number 353-3930, fax number or email address . Our office is located on 4849 Paulsen St, Ste 103, Savannah, GA,

For full contact details to this financial advisor have a look at the the column to your right

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