Bank Of America Corporation - Company Profile Information Business Description History Background Information On Bank Of America Corporation

Bank of America Corporate Center
100 North Tryon Street Charlotte, North Carolina 28255

Company's outlook:

Bank of America is to build a long-term relationships by providing banking, investment, and a full range of insurance products and services, and customers, deep and wide, providing financial solutions in the context of the full bank for each customer By, with experience in relationships and financial situation, one of the customers who try to create value for customers, a single company. The client also large enterprises and mid-market, to adjust the delivery of a wide range (including but not limited to) commercial lending, cash management client manager, to raise equity capital and debt, of products and services, based on the relationship between the company mergers and acquisitions advisory services and risk management benefit from the approach.

History of Bank of America Corporation

Bank of America Corporation, was founded in 1998 Inc. merger BankAmerica Corporation and Nations. It works as the third largest bank in the United States with offices in more than 4,200 retail financial consumers in 21 states and the District of Columbia. The company has been ranked number one in terms of deposit market share in Texas, California, Florida, Georgia, North Carolina, and Washington state. Bank of America, there is the four major business segments, you have consumer banking, Commercial Banking, Global Corporate and Investment Banking, Asset Management. Through these segments, the company has financial products to provide solutions, services, and to customers in 48 states and 38 countries around the world.

History of BankAmerica Corporation

BankAmerica was founded in 1904 as Bank of Italy. Its creed, was at once radical. In order to provide the former at a tavern, from its humble beginnings, BankAmerica, the force has grown to become the bank of the United States brought about a revolution in the "little fellow". See Also instant cash loans online approval . Deregulation, however, the traditional emphasis has created a problem for banks in the general consumer.

Peter Giannini founder Amedeo, of BankAmerica, became one of the most important person in the bank of the twentieth century America. Giannini, Italian immigrants, was seven when his father died. At the age of 21, he was awarded ownership of the business half of the agricultural products of his stepfather. He married into a wealthy family, income from production operations, combined with shrewd real estate investments in San Francisco, he was able to retire at the age of 31. Check out also text payday loans.

Retirement was brief. When his father died of law, including the supervision of his small savings bank in San Francisco, has left a considerable property. Giannini, when that is the risk of loan people industrious but poor came to the west coast of the recent good has failed to convince the bank's board of directors, he resigned his position and started his bank set to - people who have a bank "is to use one of does not exist."

Years, in 1904, but was one ominous, many banks and financial irresponsibility of the up-down economy, in 1917, prompted the creation of the Federal Reserve eventually the government during this period anticipation was such a bad name that is displayed. However, the Bank of Giannini was atypical. His policy to lend money to the general public when most banks were lending on the basis of wholesale to wealthy clients and is the only commercial, in the early 1900s was unprecedented.

Giannini is called the Bank of Italy, to raise capital for his new bank, primarily to small investors, is to sell 3,000 shares of stock, you can own any shares of more than 100 could not be. Giannini has never held a dominant share of stock There is no loyalty extreme shareholders after its these, he was able to dominate the bank as they have been done close it was. His innovative policies, and their successors in Italy, Bank of America in California, made a banker's bank of the most controversial in the United States. He will create a national system of branch banking in the world's largest bank made a mere 41 years it was watching with a vigilant eye.

During the earthquake in San Francisco's famous 1906, Giannini, hid it in a wagon full of orange, baked by letting it to his house for safekeeping, in front of the building of the bank in cash $ 80,000 was rescued. San Francisco morale in order to encourage the citizens he reopened his bank before the Sun of other banks this money, started to make a loan from the counter of the barrel plate and the waterfront, to rebuild the city better.

Giannini's original vision has led naturally to branch banking. Cost, to move a long distance it is difficult to bank, so you are made for small depositors, Giannini, his bank branch was placed in a number of well, they decided to go to was. Therefore, the Bank of Italy, was acquired by the bank's first branch office in San Jose, the hard way in 1909. Check out also instant tax refund cash advance.

He is a branch banking was the first attempt as he went, Giannini has created a rule, and he was not a banker. And go his own way, and many state and federal regulatory authorities of the local bank, a major California bank, and condemned the "profit" big, loud, how to handle a completely new well did not know already, He is a kind of bank financial sector has included influential members angry many times. California and some of the initial director William Williams, of the bank, had a vision of support in the Crocker National Bank Giannini, such as subsidiaries of the bank lent the money to Italian explicitly to get the bank branch.

The late 1920s: the formation of the Bank of America California and the transformer

Bank has grown rapidly, in 1910 has assets of ($ 6,500,000) $ 6. Check out also instant california payday loan .5M. In 1920, higher than the growth of bank assets in California is much other, now that former benefactor, Crocker National dwarfing, and $ 1.57 billion. Further expansion, depending on the state of California, member banks to open a new branch by the Federal Reserve could not be new, but was stymied. Giannini, not only (in addition to the Bank of Italy) and southern California north shrewdly, to establish a state-owned banks separate bank in another country, under the control of the holding company new, of BancItaly, put them all by, sidestepped this regulation. Check out also instant payday match . Finally, Giannini has integrated the four banks of his Bank of America in California in 1927, regulations in California, and has been modified to allow branch banking.

To conquer California, Giannini became the scene of the country. He is believed to come to dominate the Bank of America branch using the local and national banks of several large-scale, he intended to pave the way. He has already, Bowery and East River National Bank of New York (as well as a chain of banks, such as Italy) is owned by him before the next branch banking is explicitly permitted again, Washington , founded the Bank of America branch Oregon, Nevada, Arizona.

Opposed to the attempt to indicate the method of Giannini, federal regulatory agencies, we have an exception of some of his practices. Check out also instant cash advance 30096 . In response, in order to supersede Giannini BancItaly, has created another holding company in 1928. The new company, Giannini, in order to symbolize what the bank wants to achieve, was known as the transformer.

Giannini, in order to realize his dream of nationwide branch banking is that he he, you know need a Wall Street insider, he is the head of Elisha Walker company, and Blair, Wall Street investment banks of the old row The company, I thought it was just a man. Then, in 1929, Bank of America year topped $ 10 billion in assets, the transformer, bought a Blair. Check out also instalment loans ca 2000 .

Years later, Giannini, under the control of the transformer, has integrated the system of two of his bank and savings bank association of America National Trust. See Also low fee tax refund loan. And poor health of people in the age of sixty, he went to Europe in order to relinquish the presidency to Walker, retired a second time to recover. It was retired again short. When he received the news that you were trying to liquidate the transformer Walker, his stay was abruptly terminated in 1931.

Giannini, three-fourths of the shareholders of the Bank is California, we went straight left. What followed was one of the most dramatic proxy fight in the history of America. Giannini, held a meeting of shareholders in the public spaces of the town hall, gymnasium, and other court, was twirling the state of California. Speaker of the public poor, his income and eastern Walker, Giannini is "big" terrible has been fighting for many years, was hired orator to drive the message home that you were trying to ruin the bank. Campaign is successful, control of Bank of America shareholders have been returned to the Giannini.

Bank, however, was suffering from. By the end of 1932, deposits from a high of $ 1.16 billion, was reduced to $ 8.76 billion in 1930. It took his cost of Giannini Bank of New York without fighting is the first dividend since 1905, and was not paid in that year. There was a need to rebuild the confidence of depositors.

Giannini presence of what seemed to be just right. In 1936, Bank of America is (the second largest savings bank) and the fourth largest financial institutions, assets had grown to $ 2. See Also instant online payday installment loans .1 billion in the United States. Bank has established a series of new loan business loan called Timeplan, has continued to innovate. Timeplan, the real estate loans, new and used car loans, personal credit loan financing of thousand dollars, home appliance, which includes home improvement loan, and that all the industry's first $ 50. See Also instant installment loan illinois .

Bank of America, as we become more influential, Giannini, those Federal Reserve, Wall Street, in the Ministry of Finance, Securities and Exchange Commission (SEC), Hans Morgenthau, Jr., JP Morgan finally is, Giannini excitement of hostility, because of the bank branches of National Bank, took his chance in the war against the financial establishment of the United States increasingly depends on the enemy. The beginning of the end, the Federal Reserve Board, Bank of America came in 1937 to force a separation transformer and, in the first try that. See Also instant tax service cash advance.

Postwar growth

World War II brought a tremendous growth in the Bank of America. People and businesses, banks have multiple sizes have doubled, as flocked to California during the war: in 1945, and assets of $ 50 billion, it passed the Chase Manhattan to become the world's largest bank. See Also direct online lenders of paydayloans .

California as was comparable to New York as the most populous state, Bank of America has continued to expand. Check out also instant no check payday loans . Giannini until his death in 1949, contrary to the great benefit, has continued to fight, win. Tend to provide to the consumer - the average - called "new orthodoxy" of the bank a leader in Business Week from outsiders, such as how radical it Giannini, the most innovative banks in the 20th century was one of the carrier.

He followed the tradition of his father, Mario's son Lawrence, by a long bank executive, was successful as the president of the transformer. See Also instant payday loan lenders uk . In 1952, however, Lawrence Mario, succumbed to a lifetime of health problems. Following the death of Gianninis, Bank of America has slowly over itself. Check out also installment payday loans wisconsin . Clark Beise new chief has been moved to encourage the branch to be responsible for many of its branches, to decentralize operations. This approach paid off in tremendous growth, by 1960, assets were $ 11. See Also instant payday loans -brokers .9 billion. The bank continues to innovate. In 1959, it was the first bank to fund the Small Business Investment Company. In addition, the Bank of the United States was the first to adopt electronic records management and computer. Check out also instant cash with no credit . In 1961, the operation has been fully computerized. New program other predecessor, student loan, visa, BankAmericard, workers employees will trade banking through a credit card (to respond to intensifying competition from credit unions) their office, the first successful contains a plan loan and deposit-in. See Also instant loans taxes.

In addition, the Bank of America, it is one of only four U.S. banks a significant impact on international lending, and strengthen its international presence. It is also to compensate for the traditional retail base, began to pursue a wholesale account. Finally, in 1957, the Federal Reserve Board, the transformer, Bank of America to be separated from the event, two agencies had been expected to have been forced. Check out also instant payday loans online .

Bank of America's efforts to become a "department store of finance" in the late 1950s and early 1960s marked a significant period of time at the end of the innovation in the history of the bank until the 1980s. Check out also installment loans in tuscaloosa al . It, the bank was a time we worked to sell a wide variety of banking services to the broadest possible market. Beise "is, there is a new frontier for development," said in 1959 that, "We have a warning indicating that there is a feeling there was more room for innovation attitude of success strong always as institutions become inflexible and are fighting. "It is ultimately conservative, and boring, Bank of America was a lost battle.

1968: The formation of BankAmerica Corporation

In 1968, BankAmerica Corporation, in order to hold the assets of the Bank of America NT & SA, Bank is expanding, superior Citibank, was created as a holding company for its rivals to challenge. This is affected by the Bank of America than to predict the adverse effects of more than just deregulation of banks, before they came. Overhead because it gave the best bank in the banking industry, Bank of America branch banking system was a major problem. See Also instant payday loan direct lenders . Throughout this period, the retail sector, we provide 50% of the profits of the bank. Interest rates, until the explosion in the 1970s, the majority of bank loans it such a low interest-bearing savings and loan association was for many, it had no adverse became.

Was a natural target for the group by using the statement as the world's largest bank, Bank of America will be like the 1960s. It became the first major employer in California to sign the statement of racial equality in employment. More than 10% of the labor force - at the same time, Bank of America, had a few of the more than 3,500 employees. Banks also, by creating a $ 3.8 million fund to train the female employees in 1974, in response to complaints from women's groups, labor force set a goal of 40 percent, of women itself.

In 1970, Bank of America, I purchased a municipal bond financing of billion dollars to establish a fund for housing in poor areas that do not touch the other banks in California. See Also instant payday lenders 100 acceptance . This was to maintain a tradition at the time would not buy a problem he other banks like this, Giannini has been established when you bought the bond and school bond in rural areas for the Golden Gate Bridge.

AW "Tom" Clausen succeeded Rudy Peterson to chief executive officer as (CEO) in 1971. He presided over the bank of phenomenal growth spurt at the end of the United States - increased ($ 6,000,000,000) 50% between 1973 and 1975 alone assets. Bank of America was the only one of the largest bank in the United States average 20 to 15% growth between 1971 and 1978. See Also online instant student loans bad credit. Its seemingly unstoppable growth earned its management great praise in the 1970s. Check out also instant approval no lenders loans .

1980s: restructuring

Clausen, when Bank of America in 1981, left the stand at the beginning of the World Bank, Bank of America had a $ 112.9 billion of assets. Clausen has been replaced by a 40-year-old Samuel Amakosuto. Bank of America has begun to collapse immediately. (Bank of America was the world's largest agricultural lender) loans to third world countries is now as bad as all the energy loans, shipping loans, agriculture loans. It is not only made liquid very, Bank of America had given trouble in order to maintain capital reserves appropriate it was prepared to meet the crisis of the disease traditionally deposit base its large . Suddenly, the world's largest bank did not have money. Its stock price, it was not possible to raise funds in the stock market shares of most banks also because it had been plunged when I was on the rise.

Amakosuto has launched a campaign to reduce the general cost. The bank, closed 187 branches off a third of its 3,000 corporate customers, sales of subsidiaries and headquarters building, began to lay off employees, or have never made it before. In the year 1986, BankAmerica injured, has become a takeover target from half the size of the company. Interstate Bancorp First, we have provided a $ 2.78 billion to the country's second-largest banking group. A few days after this auction has been published in early October, Amakosuto resigned, Tom Clausen, many of which have been replaced by non-human to blame for the trouble of BankAmerica in the first place. Clausen, there has been resistance to the acquisition, chairman Joe Pinola, the highway has been determined, had to sweeten the deal to $ 3.4 billion by the end of October. Clausen was determined in order to prevent the takeover of BankAmerica evenly. He has rejected the hatch battened down for the attack hostile bid and the first interstate highway. Finally, Clausen, combines the shareholders behind him, first, we were able to prevent the interstate highway plan.

In the year 1987, BankAmerica, set about restructuring the business. Clausen, the sale of unnecessary assets - change in direction the note, the bank in the domestic market - discount securities brokerage Charles Schwab Corp., including the Bank of Italy of America subsidiary. New services such as extended banking hours and the pay machine (ATM) is fascinated by the customer in California back cash advanced automatic deposit. In addition, the bank went after the business of the companies that ignored the early 1980s. Clausen, the number of managers hired for a good clean up the portfolio of bad loans on the banks of the United States to substantially reduce the staff to run the new directives of BankAmerica. By the end of 1988, the bank was black again. But has been plagued by a good deal of exposure to Third World debt still, BankAmerica was able to record profits of $ 7.26 billion, the first time in three years.

In 1989, the recovery of BankAmerica, so we were able to declare a dividend for the first time since the fourth quarter of 1985, was strong. Industry analysts called the largest-ever U.S. bank recovery transformation. Retail business, the largest bank acquisition of Nevada First Bank of America savings on the purchase of financial stocks (shares), in the northwest Pacific Ocean coast, expanded to Nevada, Seafirst subsidiary made in Washington. See Also installment loans online same day . During the year, BankAmerica, it will open all of its branches on Saturday, was the first major bank in California to announce to extend the weekday hours for the convenience of a larger consumer . See Also instant payout payday loans .

1990s: acquisitions and mergers

In the year 1990, BankAmerica, announced that sales exceed $ 10 billion for the first time, showed further evidence of its recovery. Industry analysts, the theory that the bank has a clean loan portfolio of banks in the country. Acquisition, respectively, Western Savings and Loan Bank, Federal Savings branch MeraBank of Woodburn, Oregon State, Arizona, and Benjamin Franklin, which contains the largest S & Ls in the state of Oregon and Arizona. See Also installment loans houston . Bank also has opened a new international branch in Milan, Italy. See Also instant cash source .

In the year 1990, BankAmerica was surpassed Chase Manhattan to become the second largest bank holding company in the nation. Also, along the bank's policies of social responsibility, it is through recycling, saving paper and other materials, began a program environment includes activities for the conservation of energy and water. Check out also instant payday cash .

Tries to expand its business beyond a branch in the western states 7, the bank acquisition in 1991 of Bank Green National village of Houston Sandia National Laboratories and the ABQ, and, of New Mexico Bank Federal Savings, two more Added a branch in the state. Another purchase was a securities subsidiary of GNA since 1988, ran a branch of the bank investment program. Program called Bank of America Investment Services, we provide a deferred pension and mutual fund taxation. At this point in the country is not only recession, despite the allowance and non-credit losses and high insurance premium deposit higher, BankAmerica was able to post three consecutive years of its record profit - 10 more than $ billion.

Has expanded its services to customers and continue to open a full-service branch at the grocery store in southern California. In addition, to be able to access your money anywhere, at any time customers, the bank has opened hundreds of new Versateller ATM it a total of 2300 in nine states.

After 9 months of preparation, merger of BankAmerica Corp. and Security Pacific was finalized on April 22, 1992. BankAmerica became the country's second largest bank after the merger. Junction of the Bank of California is the largest-ever bank merger at a time, we created the institution with $ 150 billion U.S. dollars nearly $ 190 billion in assets, deposits. Was part of a national trend of bank consolidation merger problems, an attempt is made to further strengthen the organization healthy. For BankAmerica, the merger has provided an opportunity to save money and become more efficient - within three years the estimated $ 1.2 billion annually. In addition the merger, the bank was able to expand into new markets and geographic location. Financial Services consumer before the end of 1992, had been provided in the western states 10 financial services consumer, and reliability has been provided nationally, the operation of corporate banking commercial and is located in 35 countries had.

Continue to purchase, savings bank valley of Nevada were depository institutions the largest in that state BankAmerica and, acquisition activity has been held a branch 111 to 76 cities in Texas federal Sunbelt; thrift largest HonFed, in Hawaii have. See Also tax return through urban trust bank. However, a permanent national recession, which caused a decrease in revenue was reported in 1992 in conjunction with the recession of the State of California. Check out also instant cash personal loans lenders .

Expansion of domestic, followed in 1993 agreed to make an equity investment of $ 1 million African-American-owned bank of Founders National Bank, and only the first acquisition of Gibraltar, Texas, and West Coast. BankAmerica, to upgrade its Guangzhou representative office on the banks of the United States the first one with a full-service branch, the branch such, additional overseas development occurred when it receives approval from the People's Bank of China . Consolidated unit commercial finance and consumer is carried out, after the merger of one year, banks in the state of operation of many consumers in the United States, 37 countries, the western part of 10 is consumer finance company of the state branch retail, 43 had a wholesale business establishments.

BankAmerica, as you move in the mid-1990s, it focused on many of the policy that began in the 1980s. BankAmerica strategy of Asia, including the development of new products and services for consumers, will be able to withstand more bank under the leadership of David Coulter - in 1996 he became Chairman and CEO financing of investment to those economic cycle of the domestic market, to the community, environmental programs, low-income students and the diversity of the fast-growing economy, such as Latin America, and geographically. See Also instant payday loans/ . BankAmerica also, continued to expect a change in laws and regulations which will allow more effective competition agencies and non-bank financial services, and similar interstate banking. Check out also will hr block fast refund be affected by irs slow down. Federal law, the company began to bank to be able to participate in the securities industry, the wish has come true. In this way, BankAmerica was purchased company investment bank Robertson, Stephens & Company, a $ 540 million, in 1997. See Also instant approval small loans .

History of Nations Corporation

Nations, was one of the largest U. Check out also instalment loan lenders .S. banks and financial companies. The company, headquartered in Charlotte, NC, as one of the top five financial institutions in the United States, has grown at breakneck speed from the late 1980s through the 1990s and a spot. Industry analysts, and thorough, bold and aggressive management, planning experts, the foundation of the company, this phenomenal growth in deposit. They also, as the bank's chairman and chief executive officer of the United States (CEO), served as Chief Executive Officer of the Nations (CEO) in 1998 and then from 1983, Hugh L. Check out also instant no job verification advances . McColl, Jr. in 2001, credit personality of the company's success and leadership. EX-Marine rearing style of McColl, and from the South, has contributed to the image of Nations as one of the heresy of the banking industry and sharply contrasts with that of most members of the banking industry.

Nations by merger with C & S / Sovran Corporation $ 49 billion asset North Carolina National Bank officially $ 69 billion assets (NCNB), was established on December 31, 1991. Merger, we created a company of the fourth-largest bank in the United States. McColl became the first president and chief executive officer of Nations, Bennett A. Brown became the first president.

The companies have entered the age of completion of the merger having both rapid growth was typical of the banking industry in the 1980s. C & S / Sovran and NCNB was in accordance with the pattern of cross-industry mergers and acquisitions in the 1980s a number of both. See Also installment loans no direct deposit . After you deploy to South Carolina and Florida in the early to mid 1980, NCNB of Charlotte-based was an unprecedented leap forward through specific extensions to Texas in 1988.FDICRepublicBankNCNBCS 1990Sovran Sovran


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The banking environment, however, was in the midst of tremendous change. Large banks were continuing to consolidate. As a result, smaller banks were under constant pressure to find new ways to improve their efficiency and productivity and reduce their workforces. In addition, the nation as a whole experienced a downturn in the real estate market--an area responsible for much of an average bank's business. Check out also instant cash loans ltd . The newly merged C&S/Sovran (the merger was announced in the spring of 1989 and consummated in the fall of 1990) was suffering from the recession in the Southeast, and it had been particularly hard hit by mounting losses on loans in the District of Columbia metropolitan area. Real estate loans made up 32 percent of the bank's $34 billion portfolio at the end of 1990, with Washington, DC, accounting for 21 percent of the real estate total. C&S/Sovran's stock price had dropped from $35.88 at the close of the first quarter in 1989, when NCNB announced its merger intentions, to $15. Check out also instant payless day loan .63 at the close of the fourth quarter in 1990. Under these circumstances, North Carolina National Bank renewed its offer to merge with C&S/Sovran.

Prior to reissuing his offer, McColl gathered with his advisors. According to Howard Covington and Marion Ellis in the book The Story of NationsBank: Changing the Face of American Banking , McColl told Senior Vice-President CJ "Chuck" Cooley, "I am going to buy C&S/Sovran. I don't know when. I don't know how." He instructed Cooley to hire the best talent available and deliver a complete psychological profile on C&S/Sovran's key players, including Bennett Brown and Dennis Bottoroff. Cooley handled the job himself, and several weeks later, he handed McColl a profile of Brown as well as a profile of McColl himself, as seen by Brown. See Also instant personal loans .

Cooley told his boss that the keys to Brown's relationships with people were honesty, sincerity, warmth, and friendliness. To McColl's chagrin, however, each of those traits was opposite the characteristics that McColl portrayed to Brown. From Brown's vantage point, McColl was arrogant, crude, and ungentlemanly. After hearing Cooley's report, McColl and several other advisors began an intense series of role-playing sessions. See Also online taxs refund today now. McColl was schooled to avoid the use of militaristic terms and other verbal and nonverbal examples of his usual aggressive style. His staff coached him to become softer, more receptive, and friendlier in his approach.

Meanwhile, McColl's confidence was growing as C&S/Sovran's problems continued to multiply. The credit problems in the DC area increased, and the bank's board split badly between an Atlanta faction and a Tennessee and Virginia faction. News filtered down to the NCNB leaders that although both factions preferred to remain independent, a merger with NCNB was the second choice among those on both sides. With this knowledge, McColl renewed his merger efforts with Brown.

On June 20, McColl departed Charlotte in the NCNB plane for Atlanta to make Bennett Brown a second offer. See Also instant payday loans into bank . The two banking leaders sat down in Brown's home to discuss the terms of the deal. Brown's concerns were predictable: he wanted to know about leadership, cuts in personnel and staff, the name of the new bank, and--most important--the price.

McColl supplied the right answers to all of Brown's questions. The merged bank would carry the name NationsBank, which eased concerns about the North Carolina flag flying over Georgia. Shortly after NCNB's Texas acquisitions, the marketing group began experimenting with new names that would better reflect the company's size and geographic diversity, as well as be more acceptable in new markets. At that time, the company began working with the Naming Center in Dallas. See Also txt loans raw new loan. The Naming Center enlisted the work of academic linguists who worked with Latin teachers and poets to develop names rather than generating them by computers.

On the list of prospective names was the word "Nation." Using poster-sized flash cards, the company combined two of them to create the single word "NationsBank." Everyone was surprised when lawyers determined that the new name was not in use anywhere else in the world, and it soon cleared marketing surveys conducted nationwide. Ironically, NationsBank consistently scored as one of the most recognized and highly regarded names in banking, although it had never been used before. The corporate identity firm of Seigel and Gale in New York then developed a graphic look for the word that would reinforce its characteristics.

As for the issue of leadership, McColl wanted Brown to take the chairmanship, while he retained the title of CEO and president. McColl also pulled a sheet of paper from his coat that illustrated an exchange of 0.75 shares of NCNB stock for each share of C&S/Sovran. That exchange would mean a total payout of $3.99 billion for C&S/Sovran's shareholders. Brown was receptive to the deal, but could not supply McColl with a firm answer.

It was on June 25 that the news about the probable merger broke in the Charlotte community. Even the national media focused on the possibility of this mega-deal between these banks in the South. C&S/Sovran's leadership soon received the second offer with enthusiasm. Among other issues, NCNB had proven the wisdom and success of the large Texas acquisition, and C&S/Sovran was seeking the efficiencies and economies of scale inherent in a merger of this magnitude. The merger was approved by the Federal Reserve on November 29, 1991, and NationsBank officially opened its doors on January 2, 1992. At the time of the union, North Carolina National Bank was the tenth-largest bank in the United States, and C&S/Sovran was the twelfth largest. Together, they thrust each other to a position among the top three banking leaders in the United States.

The new entity quickly went to work to establish its presence in its chosen corporate headquarter city of Charlotte. Already, NCNB's office buildings jutted into the southern skyline, but as NationsBank the company decided to build a new headquarters building. The result of this goal was the new NationsBank Corporate Center, a pristine sixty-story tower designed by architect Cesar Pelli. At the time it was built, it became the tallest building in the Southeast, and NationsBank firmly established itself as one of the nation's financial heavyweights. As tribute to the man who led this building effort, many Charlotte onlookers began to call the new Corporate Center the "Taj McColl."

The new bank had more domestic deposits than New York's Citibank, market capitalization to rival JP Morgan & Company, more branch offices than almost any other competitor, and assets of nearly $120 billion. In addition to serving as a leader in the financial world, in the early 1990s NationsBank served as a role model to the larger corporate community as well. Nationwide, it was known as a company that exercised not only sound management practices, but cultural consciousness as well. Check out also instant approvale payday loand . Under McColl's leadership, NCNB had already established flexible hours for working parents and a pre-tax child care expense reimbursement fund. Maternity leave was extended to six months, and the concept was expanded to include time off for new fathers. These ground-breaking policies attracted the attention of the Wall Street Journal , which in its centennial issue edition in 1989 selected NCNB as one of twelve companies in the world to watch in the future. Fortune magazine also chose McColl as one of the year's twenty-five most fascinating business people--the only one selected from the banking industry--in its January 1989 issue.

The company's financial strength also served as a resource for the many communities it supported. Charlotte itself was one of the nation's fastest growing metropolitan areas, due largely to the growth and visibility of NationsBank. In 1994, the company had 1,800 branch offices, which made it the second-largest branch network in America. By providing traditional banking products to retail and corporate customers, as well as investing in innovative products and services, the company's assets had grown to $165 billion.

As the banking industry continued to consolidate and change during the mid-1990s, NationsBank made several key purchases. In 1996, the company announced the $9.6 billion acquisition of St. Louis, Missouri-based Boatmen's Bancshares Inc. McColl commented on the purchase in a 1997 St. Louis Business Journal article, claiming that "it brings NationsBank into contact with 100 million Americans, 40 percent of the population. That's exciting to us. Also, I'm a classical strategist. It denies it to the enemy, the enemy being everyone else. See Also instant approval 90 day loans ." NationsBank then went on to purchase Barnett Banks Inc., Florida's largest bank. The $15.5 billion deal was completed in January 1998.

The 1998 BankAmerica and NationsBank Merger

NationsBank, which had completed over 70 deals since 1980, made another aggressive move in 1998 when McColl approached BankAmerica's Coulter about merging the two companies. Both McColl and Coulter knew that by joining forces, the combined entity would be the first coast-to-coast banking company in the United States with $572 billion in assets and offices in 22 states. Coulter agreed to a "merger of equals" and on April 13, 1998, BankAmerica announced that it would team up with NationsBank in a $62 billion merger. It soon became apparent however, that NationsBank would be the dominant partner. Check out also instant loan usa .

The merged entity, whose name officially became Bank of America Corporation, took headquarters in Charlotte and served 30 million households in the US as well as customers in 38 different countries. McColl took control of the new company as chairman and CEO. Coulter, however, resigned his presidency in the Fall of 1998 amid speculation that he and McColl had come into conflict over some of BankAmerica's previous bad loans and lost earnings. McColl--slated to retire after the deal--had his work cut out for him upon completion of the merger, as he tried to integrate both BankAmerica and NationsBank, as well as the purchases both companies had made just before their merger. Check out also instant guarranteed payday loans . Industry analysts began to speculate that perhaps McColl may have taken on more than he could handle with the BankAmerica deal.

During 1999 and into 2000, Bank of America was plagued with integration problems which forced it to post lower than anticipated revenue growth, net income, and earnings. The company cited credit problems and bad loans as culprits in its lackluster financial performance. As such, Bank of America began to restructure in order to streamline operations. Nearly 10,000 jobs were cut, mostly in middle management. The firm also began to refocus on customer service.

McColl retired in April 2001 and left Kenneth D. Lewis to take over as chairman and CEO. Under new leadership, Bank of America turned its efforts to independent growth, which had taken a back seat to deal-making activity for years. "Our priority is organic growth. Our strategy is to deepen, to expand relationships ... and to focus on quality of service," claimed Bank of America's chief financial officer James Hance in a 2001 American Banker article. The company also went to work on its brand image, increasing its 2002 advertising budget to $145 million--an increase of 50 percent over the previous year.

When the dust settled around the BankAmerica-NationsBank deal, the new Bank of America stood as the third largest bank in the US and the thirteenth-largest US corporation. Check out also cash loans. Many analysts argued the firm had yet to reach the potential created by the 1998 merger and looked to Lewis to implement strategies that would secure increased earnings and positive financial results. While Bank of America appeared to be well positioned for success amid the turbulent and ever-changing banking industry, its ability to integrate the purchases of the 1990s remained key in securing future profits. Check out also bad credit installment loan monthly fixed payments.

Principal Subsidiaries: American Financial Service Group, Inc.; BA Merchant Services, Inc.; BA Mortgage, LLC; Banc of America Advisors, Inc.; Banc of America Business Finance Corporation; Banc of America Capital Management, Inc.; Banc of America Commercial Corporation; Banc of America E-Commerce Holdings, Inc.; Banc of America Investment Services, Inc.; Banc of America Securities LLC; Bank of America Capital Corporation; Bank of America (Asia) Limited (Hong Kong); Bank of America (Polska) SA; Bank of America Brasil Holdings Ltda. Check out also instant secure online loans .; Bank of America Canada; Bank of America International Limited (UK); Bank of America, SA (Spain); BankAmerica Acceptance Corp.; Barnett Bank Premises Company-Brickell; Boatmen's Financial Services, Inc.; C&S Premises, Inc. CSF Holdings, Inc.; Fleetwood Credit Corp.; NationsBanc Charlotte Center, Inc.; NationsBank Trust Company of New York; NCNB Corporate Services, Inc. See Also instant cash advance loan .

Principal Competitors: Citigroup Inc.; JP Morgan Chase & Co.; Wachovia Corp.

  • Key Dates:
  • 1874: Several prominent Charlotte, North Carolina, citizens form The Commercial National Bank.
  • 1887: The Citizens Bank of Savannah, Georgia, begins operation.
  • 1904: Amadeo Peter Giannini forms the Bank of Italy in San Francisco, California.
  • 1906: Citizens Bank merges with Southern Bank to form Citizens and Southern (C&S) Bank.
  • 1909: Bank of Italy buys its first branch, a struggling San Jose bank. Check out also instant credit no credit check .
  • 1927: California regulations allow for branch banking; Giannini consolidates his holdings into the Bank of America of California.
  • 1928: Giannini forms holding company Transamerica.
  • 1929: Bank of America surpasses $1 billion in assets; Blair and Company is purchased. Check out also instant online loan in hour .
  • 1930: Giannini consolidates his banking systems into the Bank of America National Trust and Savings Association, which falls under control of Transamerica. See Also instant direct cash lenders .
  • 1945: Bank of America becomes the world's largest bank during World War II.
  • 1957: The Federal Reserve forces Transamerica to separate from Bank of America. Check out also installmentl loans .
  • 1960: The North Carolina National Bank (NCNB) is created.
  • 1968: BankAmerica Corporation is created as a holding company for Bank of America NT & SA
  • 1975: BankAmerica's assets reach $60 billion.
  • 1981: BankAmerica begins to experience a loan crisis; NCNB expands into Florida.
  • 1984: Two major institutions, Virginia National Bankshares and First and Merchants, merge to form Sovran Financial Corp.
  • 1987: BankAmerica begins restructuring efforts.
  • 1990: C&S and Sovran merge.
  • 1991: NationsBank Corp. is formed from the merger of NCNB and C&S/Sovran Corp.
  • 1992: BankAmerica Corp. and Security Pacific Corp. merge.
  • 1997: NationsBank announces the purchase of Barnett Banks Inc.; BankAmerica acquires Robertson, Stephens and Company LP
  • 1998: BankAmerica and NationsBank merge in a $62 billion deal and offically adopt the name Bank of America Corporation soon thereafter.
  • 2001: Kenneth D. Lewis is named chairman and CEO; the company focuses on brand recognition.
Additional Details
  • Public Company
  • Incorporated: 1904 as Bank of Italy; 1960 as North Carolina National Bank
  • Employees: 142,724
  • Total Assets: $621.7 billion (2001)
  • Stock Exchanges: New York
  • Ticker Symbol: BAC
  • NAIC: 551111 Offices of Bank Holding Companies; 52211 Commercial Banking
Further Reference
  • "BankAmerica Corp.," Wall Street Journal , February 4, 1993, p. B6.
  • BankAmerica Environmental Progress Report, BankAmerica Corporation, 1992.
  • Bank of America Milestones, 1989-93.
  • Boraks, David, "B of A, Its Deals Done, Turns Attention to Brand-Building," American Banker , August 13, 2001, p. 1
  • Brooks, Rick, and Martha Brannigan, "Coulter Quits BankAmerica President Post," Wall Street Journal , October 21, 1998, p. A3.
  • Calvey, Mark, "Executive of the Year: BankAmerica CEO Develops Power Within," San Francisco Business Times , January 9, 1998, p. 1
  • , "NationsBank Takes Command," San Francisco Business Times , April 17, 1998, p. 1
  • Covington, Howard E., and Marion A. Ellis, The Story of NationsBank: Changing the Face of American Banking , Chapel Hill: The University of North Carolina Press, 1993.
  • Haber, Carol, "Robertson Deal Latest in Bank Moves on Wall St.," Electronic News , June 16, 1997, p. 64
  • Hector, Gary, Breaking the Bank: The Decline of BankAmerica , Boston: Little, Brown, 1988.
  • James, Marquis, and James, Bessie R., Biography of a Bank: The Story of Bank of America, NT & SA , New York: Harper, 1954.
  • Manning, Margie, "McColl Scales New Heights with Boatmen's Buy," St. Louis Business Journal , January 6, 1997, p. 1
  • "The Megamergers of 1998: At B of A, Dealmaking Gives Way to Discipline," American Banker , October 25, 2001, p. 1
  • "NationsBank-BankAmerica--A Coast-to-Coast Pioneer," American Banker , April 14, 1998, p. 1
  • "NationsBank to Pay $15.5B for Florida's Barnett," The Financial Post , August 30, 1997, p. 9
  • "New BankAmerica Debuts," BankAmerican , April 22, 1992, p. 1
  • Nicolova, Rossita, "Birth of National Giant Bank of America Announced," The Kansas City Business Journal , October 2, 1998, p. 5
  • Stewart, Thomas A., "Where the Money Is," Fortune , September 3, 2001, p. 153.
  • Zuckerman, Sam, "B of A Adopting SecPac's Orphan NonBank Units," American Banker , April 6, 1993, p. 1

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