Bank of America Corp. will buy Countrywide Financial Corp. in an all-stock transaction worth about $4 billion.

The purchase will make the Charlotte-based bank the nation’s largest mortgage lender and loan servicer.

Bank of America (NYSE: BAC) is the largest mortgage lender in Harris County based on loans and the second-largest financial institution in the Houston area based on deposits.

Calabasas, Calif.-based Countrywide has more than 1,000 offices, including nine in the Houston area, and a sales force of nearly 15,000.

Under Bank of America’s ownership, Countrywide will no longer offer subprime mortgages and will continue to operate separately under the Countrywide brand with integration occurring no sooner than 2009.

Countrywide had $408 billion in mortgage originations in 2007 and has a servicing portfolio of about $1.5 trillion, with 9 million loans.

The purchase is expected to close in the third quarter and to be neutral to Bank of America earnings in 2008 while boosting results in 2009, excluding merger and restructuring costs

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