This article is about a commercial bank unaffiliated with any governmt. For the ctral bank of the United States, see Federal Reserve System.
The Bank of America Corporation (oft abbreviated BofA or BoA) is an American multinational investmt bank and financial services holding company headquartered at the Bank of America Corporate Cter in Charlotte, North Carolina, with investmt banking and auxiliary headquarters in Manhattan. The bank was founded in San Francisco, California. It is the second-largest banking institution in the United States, after JPMorgan Chase, and the second-largest bank in the world by market capitalization. Bank of America is one of the Big Four banking institutions of the United States.
It serves approximately 10.73% of all American bank deposits, in direct competition with JPMorgan Chase, Citigroup, and Wells Fargo. Its primary financial services revolve around commercial banking, wealth managemt, and investmt banking.
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Through mergers, the oldest branch of the Bank of America franchise can be traced to 1784, wh Massachusetts Bank was chartered, the first federally chartered joint-stock owned bank in the United States. Another branch of its history stretches back to the U.S.-based Bank of Italy, founded by Amadeo Pietro Giannini in 1904, which provided various banking options to Italian immigrants who faced service discrimination.
Originally headquartered in San Francisco, California, Giannini acquired Banca d'America e d'Italia (Bank of America and Italy) in 1922. The passage of landmark federal banking legislation facilitated a rapid growth in the 1950s, quickly establishing a promint market share. After suffering a significant loss after the 1998 Russian bond default, BankAmerica, as it was th known, was acquired by the Charlotte-based NationsBank for US$62 billion. Following what was th the largest bank acquisition in history, the Bank of America Corporation was founded. Through a series of mergers and acquisitions, it built upon its commercial banking business by establishing Merrill Lynch for wealth managemt and Bank of America Merrill Lynch for investmt banking in 2008 and 2009, respectively (since ramed BofA Securities).
Both Bank of America and Merrill Lynch Wealth Managemt retain large market shares in their respective offerings. The investmt bank is considered within the Bulge Bracket as the third largest investmt bank in the world, as of 2018
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Its wealth managemt side manages US$1.081 trillion in assets under managemt (AUM) as the second largest wealth manager in the world, after UBS.
In commercial banking, Bank of America operates—but does not necessarily maintain—retail branches in all 50 states of the United States, the District of Columbia and more than 40 other countries.
Its commercial banking footprint capsulates 46 million consumer and small business relationships at 4, 600 banking cters and 16, 000 automated teller machines (ATMs).
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The bank's large market share, business activities, and economic impact has led to numerous lawsuits and investigations regarding both mortgages and financial disclosures dating back to the 2008 financial crisis. Its corporate practices of servicing the middle class and wider banking community have yielded a substantial market share since the early 20th ctury. As of August 2018
, Bank of America has a $313.5 billion market capitalization, making it the 13th largest company in the world. As the sixth largest American public company, it garnered $102.98 billion in sales as of June 2018
Bank of America, Los Angeles was founded in California in 1923. In 1928, this tity was acquired by Bank of Italy of San Francisco, which took the Bank of America name two years later.
Bank Of America Headquarters Stock Photos, Pictures & Royalty Free Images
The eastern portion of the Bank of America franchise can be traced to 1784, wh Massachusetts Bank was chartered, the first federally chartered joint-stock owned bank in the United States and only the second bank to receive a charter in the United States. This bank became FleetBoston, with which Bank of America merged in 2004. In 1874, Commercial National Bank was founded in Charlotte. That bank merged with American Trust Company in 1958 to form American Commercial Bank.
Two years later it became North Carolina National Bank wh it merged with Security National Bank of Gresboro. In 1991, it merged with C&S/Sovran Corporation of Atlanta and Norfolk to form NationsBank.
The ctral portion of the franchise dates to 1910, wh Commercial National Bank and Contintal National Bank of Chicago merged in 1910 to form Contintal & Commercial National Bank, which evolved into Contintal Illinois National Bank & Trust.
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The history of Bank of America dates back to October 17, 1904, wh Amadeo Pietro Giannini (1870–1949) founded the Bank of Italy, in San Francisco.
In 1922, Bank of America, Los Angeles was established with Giannini as a minority investor. The two banks merged in 1928 and consolidated with other bank holdings to create what would become the largest banking institution in the country.
In 1928, Giannini merged his bank with Bank of America, Los Angeles, headed by Orra E. Monnette. Bank of Italy was ramed on November 3, 1930, to Bank of America National Trust and Savings Association,
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Which was the only such designated bank in the United States at that time. Giannini and Monnette headed the resulting company, serving as co-chairs.
Giannini introduced branch banking shortly after 1909 legislation in California allowed for branch banking in the state, establishing the bank's first branch outside San Francisco in 1909 in San Jose. By 1929 the bank had 453 banking offices in California with aggregate resources of over US$1.4 billion.
There is a replica of the 1909 Bank of Italy branch bank in History Park in San Jose, and the 1925 Bank of Italy Building is an important downtown landmark. Giannini sought to build a national bank, expanding into most of the western states as well as into the insurance industry, under the aegis of his holding company, Transamerica Corporation.
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The passage of the Bank Holding Company Act of 1956 prohibited banks from owning non-banking subsidiaries such as insurance companies. Bank of America and Transamerica were separated, with the latter company continuing in the insurance sector. However, federal banking regulators prohibited Bank of America's interstate banking activity, and Bank of America's domestic banks outside California were forced into a separate company that evtually became First Interstate Bancorp, later acquired by Wells Fargo and Company in 1996. Only in the 1980s, with a change in federal banking legislation and regulation, could Bank of America again expand its domestic consumer banking activity outside California.
New technologies also allowed the direct linking of credit cards with individual bank accounts. In 1958, the bank introduced the BankAmericard, which changed its name to Visa in 1977.
A coalition of regional bankcard associations introduced Interbank in 1966 to compete with BankAmericard. Interbank became Master Charge in 1966 and th Mastercard in 1979.
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From February 1970 through September 1971, there were 66 attacks on Bank of America branches in California, including 53 bombings or fire-bombings, and 13 arson fires. There were few injuries and the property damage cost about $500, 000, fourth-fifths of which was from the burning of the Isla Vista branch during a February 1970 riot.
The Bank of America Tower in 2015, se from Bryant Park in Midtown Manhattan, the headquarters for the investmt banking operations and serving as the bank's auxiliary headquarters.
Bank of America expanded outside California in 1983, with its acquisition, orchestrated in part by Steph McLin, of Seafirst Corporation of Seattle, Washington, and its wholly owned banking subsidiary, Seattle-First National Bank.
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Seafirst was at risk of seizure by the federal governmt after becoming insolvt due to a series of bad loans to the oil industry. BankAmerica continued to operate its new subsidiary as Seafirst rather than Bank of America until the 1998 merger with NationsBank.
BankAmerica expericed huge losses in 1986 and 1987 due to the placemt of a series of bad loans in the Third World. The company fired its CEO, Sam Armacost, in 1986. Though Armacost blamed the problems on his predecessor, A. W. (Tom) Claus, Claus was appointed to replace Armacost.
The losses resulted in a huge decline of BankAmerica stock, making it vulnerable to a hostile takeover. First Interstate Bancorp of Los Angeles (which had originated from banks once owned by BankAmerica), launched such a bid in the fall of 1986, although BankAmerica rebuffed it, mostly by selling operations.
Bank America Corporate Center Royalty Free Images, Stock Photos & Pictures
It sold its FinanceAmerica subsidiary to Chrysler and the brokerage firm Charles Schwab and Co. back to Mr. Schwab. It also sold Bank of America and Italy to Deutsche Bank. By the time of the 1987 stock-market crash, BankAmerica's share price had fall to $8, but by 1992 it had rebounded mightily to become one of the biggest gainers of that half-decade.
BankAmerica's next big acquisition came in 1992. The company acquired Security Pacific Corporation and its subsidiary Security Pacific National Bank in California and other banks in Arizona, Idaho, Oregon, and Washington, which Security Pacific had acquired in a series of acquisitions in the late 1980s. This represted, at the time, the largest bank acquisition in history.
Federal regulators, however, forced the sale of roughly half of Security Pacific's Washington subsidiary, the former Rainier Bank, as the combination of Seafirst and Security Pacific Washington would have giv BankAmerica too large a share of the market in that state. The Washington branches were divided and sold to West One Bancorp (now U.S. Bancorp) and KeyBank.
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In 1994, BankAmerica acquired
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