American multinational financial services company headquartered in Charlotte, North Carolina. Its acquisition of investment bank Merrill Lynch in 2008 solidified it as a “Bulge Bracket bank”, becoming a major player in the investment banking market. Bank of America provides its products and services through 4,600 retail financial centers, approximately 15,900 automated teller machines, call centers, and online and mobile banking platforms. The history of Bank of America dates back to October 17, 1904, when Amadeo Pietro Giannini founded the Bank of Italy in San Francisco.
In 1922, Giannini established Bank of America and Italy. Banca d’America e d’Italia, a bank established in Naples in 1917 following the name-change of Banca dell’Italia Meridionale with the latter established in 1918. In 1918 another corporation, Bancitaly Corporation, was organized by A. In 1928, Giannini merged his bank with Bank of America, Los Angeles, headed by Orra E. Monnette and consolidated it with other bank holdings to create what would become the largest banking institution in the country. Branch banking was introduced by Giannini shortly after 1909 legislation in California that allowed for branch banking in the state.
Its first branch outside San Francisco was established in 1909 in San Jose. New technologies also allowed credit cards to be linked directly to individual bank accounts. The company fired its CEO, Sam Armacost. Though Armacost blamed the problems on his predecessor, A. Clausen, Clausen was appointed to replace Armacost. The Bank of America Tower in New York City. Chicago, which had become federally owned as part of the same oil industry debacle emanating from Oklahoma City’s Penn Square Bank, that had brought down numerous financial institutions including Seafirst.
Pyramid-shaped former Bank of America branch building towers over Interstate 410 in San Antonio, Texas. In 1997, Bank of America lent D. 4 billion in order to run various businesses for the bank. Shaw suffered significant loss after the 1998 Russia bond default. SA to form Bank of America, N.
The combined bank still operates under Federal Charter 13044, which was granted to Giannini’s Bank of Italy on March 1, 1927. 570 billion, as well as 4,800 branches in 22 states. Despite the mammoth 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. By merging with Bank of America, all of its banks and branches were given the Bank of America logo.
The Federal Reserve Board gave final approval to the merger on December 15, 2005, and the merger closed on January 1, 2006. The acquisition of MBNA provided Bank of America a leading domestic and foreign credit card issuer. 3 billion, from the Charles Schwab Corporation. A Dutch court blocked the sale until it was later approved in July. The acquisition was completed on October 1, 2007. The deal increased Bank of America’s presence in Illinois, Michigan, and Indiana by 411 branches, 17,000 commercial bank clients, 1.