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Bank of America History

Bank of America History dates back to 1904, when the Bank of Italy was founded by Amadeo Giannini in San Francisco. The primary purpose of establishing the bank was to cater to the banking needs of the immigrants that other banks refuse to serve during the period. Giannini established Bank of America and Italy in Italy by purchasing Banca dell'Italia Meridionale in 1922. On March 1927, He again consolidated Bank of Italy with the then Liberty Bank of America. As a result, Bank of Italy National Trust & Savings Association comes into existence with a capital of $30,000,000 and resources of $115,000,000.

BOA History

In 1928, Giannini merged with the Bank of America Los Angeles and consolidated his former bank with various other bank holdings to establish what would become the biggest banking institution in the United States. Later he renamed Bank of Italy on November 3, 1930 and Bank of America cam into existence. The then combined company was headed by Giannini with Monnette working as co-Chair. Giannini sought to build a national bank which he can expand into most of the western states and to the insurance industry. The purchase of BankAmerica Corp by the NationsBank Corporation was the biggest bank acquisition at that time.

With the US$64.8 billion acquisition of BankAmerica by NationsBank, the bank has combined assets of US$570 with 4,800 branches in about 22 states. In 2001, Hugh McColl, Bank of America CEO and Chairman stepped down and Ken Lewis became his successor. Bank of America announced that it will purchase Boston-based FleetBoston Financial bank for $47 billion in stock and cash. At the time of merging, FleetBoston was the 7th largest bank in the country with assets of $197 and a customer base of over 20 million with $12 billion in revenue. The bank also went into a number of acquisitions that include the purchase of US Trust, Acquisition of LaSalle Bank and Acquisition of Countrywide Financial.

On September 15, 2008, Bank of America announced that they would purchase Merrill Lynch & Co, Inc. Merrill Lynch was in the days of collapse at that time and their acquisition by Bank of America has saved them from bankruptcy. During this period, Bank of America was also in talks to buy Lehman Brothers but lack of government guarantees caused them to abandon their talks with the Lehman Brothers. Today, Bank of America is the largest bank holding company by assets with over 59 million customers and more than 6,100 banking offices throughout the United States and various other countries. The bank provides a wide range of unparalleled banking services and products that allow the customers to make a better management of their finance.
Bank of America has long history in providing the best of banking and financial services in the United States. Find all the comprehensive products and services offered by the bank.



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