The following article focuses upon the history of the Bank of America, the services it offers, details about its principal operating locations and provides links to other articles related to the Bank of America. The History of the Bank of America The Bank of America was formed in the latter part of the s as the result of a merger between the Bank of Italy based in San Francisco and the Bank of America, whose business interests were solely based at that time in Los Angeles. The merger resulted in a rebranding of the expanded Bank of America company leading to the merged bank being called BankAmerica. Monette founder of the Bank of America.
The Bank of Italy served the needs of many immigrants settling in the United States at that time, providing services denied to them by the existing American banks which typically discriminated against them and often denied service to all but the wealthiest.
Because San Francisco's banks were in smoldering ruins and unable to open their vaults, Giannini was able to use the rescued funds to commence lending within a few days of the disaster. From a makeshift desk consisting of a few planks over two barrels, he lent money to those who wished to rebuild.
In another corporation, Bancitaly Corporation, was organized by A. Giannini, the largest stockholder of which was Stockholders Auxiliary Corporation.
This company acquired the stocks of various banks located in New York City and certain foreign countries. Monnette and consolidated it with other bank holdings to create what would become the largest banking institution in the country. Giannini and Monnette headed the resulting company, serving as co-chairs.
Giannini sought to build a national bank, expanding into most of the western states as well as into the insurance industryunder the aegis of his holding company, Transamerica Corporation.
In regulators succeeded in forcing the separation of Transamerica Corporation and Bank of America under the Clayton Antitrust Act. Bank of America and Transamerica were separated, with the latter company continuing in the insurance sector.
However, federal banking regulators prohibited Bank of America's interstate banking activity, and Bank of America's domestic banks outside California were forced into a separate company that eventually became First Interstate Bancorplater acquired by Wells Fargo and Company in Only in the s, with a change in federal banking legislation and regulation, could Bank of America again expand its domestic consumer banking activity outside California.
New technologies also allowed the direct linking of credit cards with individual bank accounts. Inthe bank introduced the BankAmericard, which changed its name to Visa in Expansion outside California[ edit ] Following the passage of the Bank Holding Company Act ofBankAmerica Corporation was established for the purpose of owning and operation of Bank of America and its subsidiaries.
Seafirst was at risk of seizure by the federal government after becoming insolvent due to a series of bad loans to the oil industry. BankAmerica continued to operate its new subsidiary as Seafirst rather than Bank of America until the merger with NationsBank.
BankAmerica experienced huge losses in and by the placement of a series of bad loans in the Third Worldparticularly in Latin America.
The Bank supports a host of initiatives designed to improve education services and nurture the human capital needed for future development. Protecting the vulnerable: Latin America underwent a profound transformation over the past 15 years. How a bank has performed in past financial crises indicates how the same bank will perform in future crises. While this is just a theory, it's corroborated by the history of Bank of America (NYSE. The World Bank Group works in every major area of development. We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face.
Though Armacost blamed the problems on his predecessor, A. Tom ClausenClausen was appointed to replace Armacost.
The losses resulted in a huge decline of BankAmerica stock, making it vulnerable to a hostile takeover.Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world.
Sign in to your Online Banking account by entering your Online ID. How a bank has performed in past financial crises indicates how the same bank will perform in future crises. While this is just a theory, it's corroborated by the history of Bank of America (NYSE. Bank of America logo.
History & Heritage. The bank that saved Nantucket. There's only one bank in Bank of America’s heritage that can lay claim to the discovery of a comet, the squelching of a huge fire, the hosting of a great American author and the rise of a fortune on Nantucket Island. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world.
Trust and fiduciary services are provided by U.S. Trust, a division of Bank of America, N.A., and other subsidiaries of BofA Corp. Banking products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of BofA Corp.