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 ?
In 1998, NationsBank merged with BankAmerica Corporation to form Bank of America Corporation.
See BankAmerica Corporation, 78 Federal Reserve Bulletin 338 (1992); United New Mexico Financial Corporation, 77 Federal Reserve Bulletin 484 (1991).
Prior to Citibank, Cook served as Vice President, Corporate Planning and Financial Reporting for BankAmerica Corporation. Cook is also a Certified Public Accountant and received her BA from DePaul University in Accounting.
Previously, he was vice chairman and chief financial officer at BankAmerica Corporation (NYSE: BAC) from 1995-1999.
George Coombe (then general counsel of BankAmerica Corporation) and I prepared a draft of a proposed model for the boards of directors of publicly owned corporations that differentiated between management and non-management directors and identified the personal characteristics desirable for directors, their expected time commitment, and the size and composition of boards of directors.
Bank of America Corporation, the holding company for Bank of America (BofA), was formed from NationsBank's acquisition of BankAmerica Corporation in 1998 (Encarta, n.d.a).
Characteristics of large bank mergers during the 1990s Acquiring bank Targets with assets [greater than] $10 billion Manufacturers Hanover Corporation Chemical Banking Corporation C&S/Sovran Corporation NCNB Corporation Security Pacific Corporation BankAmerica Corporation Ameritrust Corporation Society Corporation Manufacturers National Corporation Comerica Inc.
AVP 28 BankAmerica Corporation BAC 60 Baxter International, Inc.
For example, the BankAmerica Corporation shows figures on twenty categories of noninterest income in its annual report and thereby names a source for 86 percent of its total noninterest income of $5.4 billion (Table 2).
BANKAMERICA CORPORATION. BankAmerica's main concern in Congress is banking reform proposals -- now bogged down because of fights between banking and insurance companies.