Bank of America Corporation
Bank of America Corporation is one of the largest banks in the US. It is ranked #2 by the Federal Financial Institutions Examination Council (FFIEC) and has over $2,180, 055,682 million in assets. It currently operates its corporate headquarters in Charlotte, NC.
Bank of America Corporation provides all types of banking services, including investments and insurance products. This bank began its operations in 1998. This took place after NationsBank Corporation and BankAmerica Corporation merged. Today, Bank of America Corporation offers over 4,200 banking locations which are divided between 21 states and the District of Columbia. They currently service customers in all of the 50 U.S. states, as well as in 38 countries around the world.
History of Bank of America Corporation
The origins of Bank of America Corporation begin in 1904. At this time, the Bank of Italy was formed by Amadeo Giannini. This bank was located in Italy and was created to fill a necessary void at the time. At this time, immigrants were not allowed to bank at most banks in the area. When the Bank of Italy began, this changed. Over the next 20 years, Giannini expanded this bank to Italy and had over 101 branches that had various names over the years. Gianninni merged his banks with Bank of America, Los Angeles in 1928 and at this time, the name of his banks changed to Bank of America.
Over the years, regulations changed, expansions took place and the name of the bank continued to change periodically. By 1992, this bank was called BankAmerica. During this year, the bank acquired Security Pacific National Bank. In 1998, Nationsbank in Charlotte, NC acquired BankAmerica and this is when the name Bank of America Corporation was formed.
Over the last 10 years, Bank of America Corporation has acquired many financial institutions. Each acquisition has caused this bank to greatly increase in size. In 2004, it acquired FleetBoston Financial. In 2006, it acquired a division of Charles Schwab Corporation. In 2007, it acquired Countrywide Financial. One of the decisions that greatly increased the size of the Bank of America Corporation was the acquisition of Merrill Lynch, in 2008. Other acquisitions also took place.
Today, Bank of America Corporation's main headquarters are still located in Charlotte, NC where it started many years ago. It also has a huge presence in New York City, where the Bank of America Merrill Lynch main headquarters operate. This bank also has a huge presence in many countries around the world, including China and Brazil.