bank of america

 

  • [30] A pyramid-shaped former Bank of America branch building towers over Interstate 410 in San Antonio, Texas These mergers helped BankAmerica Corporation to once again become
    the largest U.S. bank holding company in terms of deposits, but the company fell to second place in 1997 behind North Carolina’s fast-growing NationsBank Corporation, and to third in 1998 behind First Union Corp.[citation needed] Bank of America
    logo used from 1998 to 2018 On the capital markets side, the acquisition of Continental Illinois helped BankAmerica to build a leveraged finance origination- and distribution business, which allowed the firm’s existing broker-dealer, BancAmerica
    Securities (originally named BA Securities), to become a full-service franchise.

  • [12][13] • Type: Public company; Traded as: NYSE: BAC, S&P 100 component, S&P 500 component; ISIN: US0605051046; Industry: Financial services; Predecessor: BankAmerica NationsBank;
    Founded: 1998 (via the merger of BankAmerica & NationsBank), 1956 (as BankAmerica), 1784 (as its predecessor, the Massachusetts Bank, through the merger with FleetBoston in 1999); Founders: Amadeo Giannini (Bank of Italy) Hugh McColl (NationsBank);
    Headquarters: Bank of America Corporate Center Charlotte, North Carolina, United States; Number of locations: 4,600 retail financial centers & approximately 16,200 ATMs[1]; ; Area served: Worldwide; Key people: Brian Moynihan (Chairman and
    CEO), Anne Finucane (Co-Vice Chairman), Bruce Thompson (Co-Vice Chairman); Services: Asset management, banking, commodities, credit cards, equities trading, insurance, investment management, mortgage loans, mutual funds, private equity, risk
    management, wealth management; Revenue: US$89.11 billion (2021)[2]; Operating income: US$33.98 billion (2021)[2]; Net income: US$30.56 billion (2021)[2]; Total assets: US$3.085 trillion (2021)[2]; Total equity: US$273.757 billion (2021)[2]
    ; Owners: Berkshire Hathaway (12.0%)[3] ; Number of employees: 200,000 (2020)[1] ; Divisions: BofA Securities, Merrill, Bank of America Private Bank History The Bank of America name first appeared in 1923, with the formation of Bank of America,
    Los Angeles.

  • [26] 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 given BankAmerica too large a share of the market in that state.

  • 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 eventually became First Interstate Bancorp, later acquired by Wells Fargo and Company in 1996.

  • [22] Expansion outside California[edit] Following the passage of the Bank Holding Company Act of 1956 by the US Congress,[23] BankAmerica Corporation was established for the
    purpose of owning and operating Bank of America and its subsidiaries.

  • [56] This acquisition made Bank of America the largest financial services company in the world.

  • The additional payment was part of a deal with the U.S. government to preserve Bank of America’s merger with Merrill Lynch.

  • Many major financial institutions had a stake in this lawsuit, including Chicago Clearing Corporation, hedge funds, and bank trusts, due to the belief that Bank of America
    stock was a sure investment.

  • [45] On January 11, 2008, Bank of America announced that it would buy Countrywide Financial for $4.1 billion.

  • In 2004, Bank of America announced it would purchase Boston-based bank FleetBoston Financial for $47 billion in cash and stock.

  • [65] In one of the emails, Richmond Federal Reserve President Jeffrey Lacker threatened that if the acquisition did not go through, and later Bank of America were forced to
    request federal assistance, the management of Bank of America would be “gone”.

  • According to an article in The New York Times published on March 15, 2009, Bank of America received an additional $5.2 billion in government bailout money via the bailout
    of American International Group.

  • On November 20, 2006, Bank of America announced the purchase of The United States Trust Company for $3.3 billion, from the Charles Schwab Corporation.

  • The Bank of America Corporation (often abbreviated BofA or BoA) is an American multinational investment bank and financial services holding company headquartered at the Bank
    of America Corporate Center in Charlotte, North Carolina.

  • [citation needed] Despite the size of the two companies, federal regulators insisted only upon the divestiture of 13 branches in New Mexico, in towns that would be left with
    only a single bank following the combination.

  • [62] The bank, in its January 16, 2009, earnings release, revealed massive losses at Merrill Lynch in the fourth quarter, which necessitated an infusion of money that had
    previously been negotiated[63] with the government as part of the government-persuaded deal for the bank to acquire Merrill.

  • Chart showing the trajectory of BOA share value and transaction volume during the 2007–2009 financial crisis In December 2011, the Justice Department announced a $335 million
    settlement with Bank of America over discriminatory lending practice at Countrywide Financial.

  • The two banks merged in 1928 and consolidated with other bank holdings to create what would become the largest banking institution in the country.

  • Following what was then the largest bank acquisition in history, the Bank of America Corporation was founded.

  • That bank merged with American Trust Company in 1958 to form American Commercial Bank.

  • Bank of Italy was renamed on November 3, 1930, to Bank of America National Trust and Savings Association,[17] which was the only such designated bank in the United States
    at that time.

  • Bank of America is one of the Big Four banking institutions of the United States.

  • [33] Merger of NationsBank and BankAmerica[edit] Logo of the former Bank of America (BA), 1969–1998 In 1997, BankAmerica lent hedge fund D. E. Shaw & Co. $1.4 billion in order
    to run various businesses for the bank.

  • [67][68] On September 28, 2012, Bank of America settled the class-action lawsuit over the Merrill Lynch acquisition and will pay $2.43 billion.

  • [14] The eastern portion of the Bank of America franchise can be traced to 1784, when 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.

  • Bank of America expanded outside California in 1983, with its acquisition, orchestrated in part by Stephen McLin, of Seafirst Corporation of Seattle, Washington, and its wholly
    owned banking subsidiary, Seattle-First National Bank.

  • [52] Countrywide Financial has changed its name to Bank of America Home Loans.

  • [citation needed] This company acquired the stocks of various banks located in New York City and certain foreign countries.

  • [54] Around the same time Bank of America was reportedly also in talks to purchase Lehman Brothers, however a lack of government guarantees caused the bank to abandon talks
    with Lehman.

  • This represented, at the time, the largest bank acquisition in history.

  • At the time, no bank possessed the resources to bail out Continental, so the federal government operated the bank for nearly a decade.

  • [58] However, taking a loss Reuters estimated at $3 billion, the Singapore sovereign wealth fund sold its whole stake in Bank of America in the first quarter of 2009.

  • The combined Bank of America Card Services organization, including the former MBNA, had more than 40 million U.S. accounts and nearly $140 billion in outstanding balances.

  • The deal increased Bank of America’s presence in Illinois, Michigan, and Indiana by 411 branches, 17,000 commercial bank clients, 1.4 million retail customers, and 1,500 ATMs.

  • 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.

  • [74] On December 2, 2009, Bank of America announced it would repay the entire $45 billion it received in TARP and exit the program, using $26.2 billion of excess liquidity
    along with $18.6 billion to be gained in “common equivalent securities” (Tier 1 capital).

  • The bank also disclosed it tried to abandon the deal in December after the extent of Merrill’s trading losses surfaced, but was compelled to complete the merger by the U.S.
    government.

  • Addressing one of the concerns he raised in September, the fine will be “distributed only to Bank of America shareholders harmed by the non-disclosures, or ‘legacy shareholders,
    an improvement on the prior $33 million while still “paltry”, according to the judge.

  • On June 30, 2005, Bank of America announced it would purchase credit card giant MBNA for $35 billion in cash and stock.

  • 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’s Ken Lewis said during the announcement, “We appreciate the critical role that the U.S. government played last fall in helping to stabilize financial markets,
    and we are pleased to be able to fully repay the investment, with interest…. As America’s largest bank, we have a responsibility to make good on the taxpayers’ investment, and our record shows that we have been able to fulfill that commitment
    while continuing to lend.

  • As of August 2018, Bank of America has a $313.5 billion market capitalization, making it the 13th largest company in the world.

  • The Itaú stock received by Bank of America in the transactions has allowed Bank of America’s stake in Itaú to reach 11.51%.

  • Through a series of mergers and acquisitions, it built upon its commercial banking business by establishing Merrill Lynch for wealth management and Bank of America Merrill
    Lynch for investment banking in 2008 and 2009, respectively (since renamed BofA Securities).

  • [citation needed] In 1998, Bank of America possessed combined assets of $570 billion, as well as 4,800 branches in 22 states.

  • Bank of America and Transamerica were separated, with the latter company continuing in the insurance sector.

  • Many of LaSalle’s branches and offices had already taken over smaller regional banks within the previous decade, such as Lansing and Detroit-based Michigan National Bank.

  • Congressman Kucinich commented at the same time that “This may not be the last fine that Bank of America pays for how it handled its merger of Merrill Lynch.

  • Prior to the transaction, BankBoston’s Brazilian operations included asset management, private banking, a credit card portfolio, and small, middle-market, and large corporate
    segments.

  • 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 of America also repaid the $45 billion it had received from the Troubled Assets Relief Program.

  • 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.

  • In 1928, it was acquired by Bank of Italy of San Francisco, which took the Bank of America name two years later.

  • [53] Acquisition of Merrill Lynch[edit] On September 14, 2008, Bank of America announced its intention to purchase Merrill Lynch & Co., Inc. in an all-stock deal worth approximately
    $50 billion.

  • The market capitalization of Bank of America, including Merrill Lynch, was then $45 billion, less than the $50 billion it offered for Merrill just four months earlier, and
    down $108 billion from the merger announcement.

  • Bank of America CEO Kenneth Lewis testified before Congress[6] that he had some misgivings about the acquisition of Merrill Lynch and that federal official pressured him to
    proceed with the deal or face losing his job and endangering the bank’s relationship with federal regulators.

  • [37] While NationsBank was the nominal survivor, the merged bank took the better-known name of Bank of America.

  • While the BankBoston name and trademarks were not part of the transaction, as part of the sale agreement, they cannot be used by Bank of America in Brazil, Chile or Uruguay
    following the transactions.

  • [47] This news did not hinder the acquisition, which was completed in July 2008,[48] giving the bank a substantial market share of the mortgage business, and access to Countrywide’s
    resources for servicing mortgages.

  • At the time of merger, FleetBoston was the seventh largest bank in United States with $197 billion in assets, over 20 million customers and revenue of $12 billion.

  • The investment bank is considered within the “Bulge Bracket” as the third largest investment bank in the world, as of 2018.

  • Federal Troubled Asset Relief Program[edit] On January 16, 2009, Bank of America received $20 billion and a guarantee of $118 billion in potential losses from the U.S. government
    through the Troubled Asset Relief Program (TARP).

  • New technologies also allowed the direct linking of credit cards with individual bank accounts.

  • [60] Bank of America had planned to retain various members of the then Merrill Lynch’s CEO, John Thain’s management team after the merger.

  • The acquisition made Bank of America the number one underwriter of global high-yield debt, the third largest underwriter of global equity and the ninth largest adviser on
    global mergers and acquisitions.

  • As a result, the bank agreed to pay $137.7 million, including $25 million to the Internal Revenue Service and $4.5 million to the state attorney general, to the affected organizations
    to settle the allegations.

  • [73] As a result of its federal bailout and management problems, The Wall Street Journal reported that the Bank of America was operating under a secret “memorandum of understanding”
    (MOU) from the U.S. government that requires it to “overhaul its board and address perceived problems with risk and liquidity management”.

  • However, the merged company was and still is headquartered in Charlotte, and retains NationsBank’s pre-1998 stock price history.

  • After suffering a significant loss after the 1998 Russian bond default, BankAmerica, as it was then known, was acquired by the Charlotte-based NationsBank for US$62 billion.

 

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