|
| Banksloanonline » Banks » Bank of America |
Bank of America |
| A member of the Federal Deposit Insurance Corporation (FDIC), the Bank of America is one of the largest banks in the United States in terms of market capitalization as well as deposits. The original name of the bank was North Carolina National Bank that later came to be called as the NationsBank and finally being christened to its present name, Bank of America after 1998. |
|
|
History of the Bank of America:
The history of the Bank of America talks volumes of its inception and growth, the various mergers and also of the various financial services for which it is well known throughput the world. The headquarters of the Bank of America is in Charlotte, North Carolina and Kenneth D Lewis is the Chairman and CEO of the prestigious organization.
Early history:
Out of the names of the many banks that have been united into the bank of America, the name of the Bank of Italy tops the list. |
Established by Amadeo Giannini in 1904, it was later merged with the Bank of America, Los Angeles by 1929 and came to be called as the BankAmerica.
From then on till about the early part of the 1980's, BankAmerica continued to grow within California and after the revision of the Federal Banking Legislation in 1980's, the bank managed to expand even beyond California and into the other states and cities.
Seafirst Corporation of Seattle came to be acquired by the BankAmerica in the early 1980's and after a roller coaster ride of rise and fall with a series of bad loans, firing of the CEO and then again the steady rise after the acquisition of a few renowned organizations, BankAmerica continued to operate under the same name. It was in 1997 that BankAmerica was purchased by NationsBank and finally named as the Bank of America that has today managed to reach the place that it stands firmly in.
Since 1998, the Bank of America has witnessed a steady growth through the acquisition of several other financial institutions and nationwide expansion. It also has its representations in some of the most globally renowned cities of the world and offers affordable mortgages, construct housing facilities, support small scale business and also create jobs.
|
|
|
