Bank of America

(redirected from Bankamerica Corporation)
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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 ?
Previously, he was vice chairman and chief financial officer at BankAmerica Corporation (NYSE: BAC) from 1995-1999.
BankAmerica Mortgage, a division of BankAmerica Corporation, has more than 5 percent of the California home loan market, according to a corporate spokesperson.
In a major boost for the World Trade Center and New York, The BankAmerica Corporation announced it will consolidate employees from 10 Manhattan locations into eight floors at One World Trade Center.
Grundhofer was President and Chief Executive Officer of Firstar Corporation and its predecessor Star Banc; and was Vice Chairman of BankAmerica Corporation (now Bank of America).
For example, the Board in the past two years held public meetings and received testimony from numerous witnesses on the application by Mitsui Taiyo Kobe Bank, Limited, to convert Taiyo Kobe Bank and Trust Company from a nonbank trust company into a bank; on the application by NCNB Corporation to acquire C&S/Sovran Corporation; and on the application by BankAmerica Corporation to acquire Security Pacific Corporation.
From 1990 to 1996 he was Group Executive Vice President and General Counsel for BankAmerica Corporation, serving as the company's chief worldwide legal officer.
Following the merger of BankAmerica Corporation and Security Pacific, he became vice chairman and a member of the board of directors of BankAmerica.
Lockhart has served as a venture partner at Oak Investment Partners, chairman and chief executive officer of NewPower Holdings, president of Consumer Services for AT&T, president of Global Retail Bank and vice chairman of BankAmerica Corporation, and president and chief executive officer of MasterCard International.