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 ?
said Friday that it will pay $490 million to settle class-action lawsuits filed by shareholders after the 1998 merger of NationsBank and BankAmerica.
Not only did this reduce the number of independent securities firms, but it expanded those banks' product lines and made a relationship banking strategy more viable than ever before, A perfect example is BankAmerica, which finished 2001 with high league-table rankings in both high-grade and junk bonds, convertible securities and syndicated loans.
On his heels was BankAmerica's CEO, David Coulter, who was guaranteed $5 million annually for life when NationsBank took over BankAmerica, whether he worked for the merged companies or not.
At the time of the 1993 announcement, BankAmerica said it would only retain 85,000 square feet at 40 East 52nd Street and would seek to sublease another 107,000 square feet, which has not yet been totally accomplished.
Honfed's purchase by BankAmerica has immense implications for its rivals, the industry and the future of interstate banking.
The chairman of BankAmerica, headquartered in San Francisco, recently announced that his bank will take up to U.
NEW YORK -- Fitch Ratings has taken rating actions on the following BankAmerica manufactured housing (MH) issues listed below:
BankAmerica contributed $75,000 to the Greenlining Institute.
The declines reflected charges related to NationsBank's recently completed merger with BankAmerica, and a larger-than-expected $372 million charge related to an investment in D.
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.
Ultimately, though, Honfed Bank would reach its final destination with its sale to $189-billion-in-assets BankAmerica Corp.
Before you look at the stock market tables, here's a tip: Don't panic if your BankAmerica stock seems to have taken a big dive.