Bank of America


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Bank of America

One of the largest banks in the United States. It traces its origins to the Bank of Italy in the early 20th century, which served immigrants in San Francisco. It grew to serve all of California and, through a number of acquisitions, spread throughout the United States. In the 1990s, while named BankAmerica, it lent a hedge fund more than $1 billion; when this hedge fund lost out in the Russian financial crisis, the bank was bought by NationsBank, which took the name Bank of America. It bought MBNA, at the time the world's largest credit card issuer, in 2005. In 2008, it acquired Merrill Lynch, which was near bankruptcy, after pressure from U.S. authorities. In 2008 and 2009 it received a federal bailout worth more than $150 billion in cash and guarantees.
References in periodicals archive ?
The building's unique footprint will enable Bank of America to operate six major trading floors ranging in size from 43,000 to 99,000 s/f.
It applied the Bank of America approach of looking at the substance of the income-producing activity and analogizing it to a similar income class.
Farmers is currently working with Bank of America to create a system through which the insurance needs of customers seeking home mortgage loans are met, said Feinstein.
The 51-story Bank of America building, to be known as One Bryant Park, is currently under construction on 42nd Street, between Broadway and Sixth Avenue.
In the face of those who would have us live in fear, we are breaking on a magnificent new skyscraper, 52 stories tall that will house the tremendous offices of another symbol of America, the Bank of America.
The Bank of America was approved to receive up to $38.