🠈 Bank of America 🠊
Bank of America
Bank of America is a large financial institution that was founded in San Francisco but now has its headquarters in Charlotte, North Carolina, U.S..
This page lists events in the history of the bank and its subsidiaries. As NationsBank of Charlotte acquired Bank of America in 1998; so my corporate history will begin with the controlling entity.
- 1874: American Commercial Bank was founded in Charlotte, NC.
- 1957: American Trust (founded in 1909) merged with Commercial National to form American Commercial Bank.
- 1960: American Commercial merged with Security National Bank to create North Carolina National Bank held by NCNB Corporation.
- 1982 NCNB acquired First National Bank of Lake City, Fl
- 1988: NCNB acqiored First RepublicBank Corporation of Dallas, Texas from the FDIC.
- 1989: NCNB made hostile bid for Citizens & Southern Corporation of Atlanta.
- 1991: NCNB acquired Citizens & Southern Corporation to create NationsBank
History of Citizens and Southern Corporation
- 1887: Citizens Bank of Savannah was formed.
- 1906: bank merged with Southern Bank of Georgia to create Citizens and Southern Bank of Georgia.
- 1918: investors from C&S bought Atlantic Savings Bank of Charleston and Atlantic National Bank.
- 1922: C&S acquired Central Bank and Trust Corp. which was formed by the founder of Coca-Cola.
- 1928: the South Carolina banks were renamed Citizens and Southern Bank of South Carolina.
- 1940: the Georgia and South Carolina banks split due to Federal regulation.
- 1985 C&S Georgia re-acquired C&S of South Carolina for $400m.
- 1985: C&S acquired Landmark Banks of Florida to create C&S of Florida.
- 1989: C&S acquired Sovran Financial Corporation to create C&S/Sovran in an attempt to stave off acquisition by NCNB.
- The merger went poorly and the combined bank became distressed.
- 1992-93: NationsBank acquired Maryland National Corporation which had been spun off MNBA Corporation in 1989.
- 1993: NationsBank acquired Chicago Research and Trading Group which sold derivatives
- 1995: NationsBank acquired Bank South Corp for $1.6 billion in stock.
- 1996: NationsBank acquired Boatmen's Bancshares of St. Louis for $9.6 billion.
- 1997: NationsBank acquired Barnett Bank of Jacksonville for $15.5 billion.
- 1997: NationsBank acquired Montgomery Securities which was established by Thom Weisel of San Francisco in a $1.2 billion transaction.
- 1998: NationsBank acquired San Francisco based Bank of America then changed its name to Bank of America
History of Bank of America
- 1904: Amadeo Pietro Giannini established the Bank of Italy in San Francisco.
- 1906: His bank was one of the first banks to start lending after the San Francisco earthquake.
- 1922: company took the name Bank of America and Italy.
- 1928: firm merged with the Bank of America, Los Angeles which was created in 1923 by the merger of American National Bank of Los Angeles, Citizens Trust Savings Bank, Broadway Bank and Trust and Citizens Bank and Trust.
- 1930: Company adopted the name Bank of America National Trust and Savings Association.
- 1928: Giannini created Transamerica Corporation which was a holding company for insurance and investments.
- 1953: Regulators forced a separation of BoA and Transamerica.
- 1958: BoA introduced the BankAmericard credit card
- 1977: BankAmericard changed its name to Visa
- 1992: BoA acquired Security Pacific Corporation (formerly Rainier Bank) which had banks in Az, Ca, Id and Wa.
- 1994: BoA acquired the Continental Illinois National Bank and Trust Co. of Chicago which had been seized by the FDIC in 1984.
- 1997: BoA acquired a San Francisco–based investment called Robertson Stephens for $540 million.
- 1997: BoA invested $1.4 billion in the D. E. Shaw & Co. hedge fund. The fund had substantial losses
- 1998: NationsBank of Charlotte acquired BankAmerica.
- 2004-05: BoA acquired FleetBoston Financial for $47 billion.
- 2005: BoA acquired MBNA for $35 billion.
History of MBNA Corporation
MNBA was a leading provider of credit card services based in Delaware. BoA changed the the name to FIA Card Services after the merger.
- 1933: Maryland National Bank was formed from the assets of the Baltimore Trust Company which failed during the Great Depression.
- 1982: The bank created MNBA Corporation as a Delaware based holding company for its credit card and bank operations.
- 1989: MNBA spun off Maryland National Bank to concentrate on credit cards. This division was acquired by NationsBank in 1992.
- 2005: MNBA acquired Loans.co.uk (LCUK) of the United Kingdom for £100m.
- 2005: BoA acquired a 9% stake in China Construction Bank, a leading bank in China.
- 2006: BoA sold South American assets including BankBoston to Banco Itaú of Brazil.
- 2006: BoA acquired The United States Trust Company for $3.3 billion from Charles Schwab Corporation.
- 2007: BoA acquired LaSalle Bank Corporation from Netherlands based ABN AMRO for $21 billion.
- 2007: BoA acquired Countrywide Financial to create Bank of America Home Loans.
Countrywide History
Countrywide was a subprime lender. They would sell home loans with zero down and resell the loans on secondary markets. This practice contributed to the financial collapse.
- 1969: David S. Loeb and Angelo Mozilo formed Countrywide Financial.
- 1985: Countrywide stock was listed on the NYSE with symbol CFC.
- 2007: A huge portion of loans issued by the company failed and the mortgaged backed securities lost their value.
- 2011: BoA agreed to a $335 million settlement for discriminatory lending practice at Countrywide.
History of Merrill Lynch
- 1914: Charles E. Merrill opened Charles E. Merrill & Co. in NYC
- 1915: company changed its name to Merrill, Lynch & Co. to include Edmund C. Lynch who had joined the firm.
- 1921: The company purchased Pathé Exchange which made film equipment and movie studios
- 1923: Merrill Lynch and others organized a bear raid on Piggly Wiggly. Piggly tried to retaliate with a short squeeze but ran out of credit.
- 1926: Merrill Lynch worked with Skaggs to create the Safeway grocery store chain.
- 1940: Merrill Lynch merged with E. A. Pierce & Co. (a brokerage house and communications firm) and Cassatt & Co. (a brokerage house) to create Merrill Lynch, E. A. Pierce, and Cassatt.
- 1941: The company merged with a securities firm called Fenner & Beane.
- 1952: the company formed Merrill Lynch & Co. as a holding company with offices in 98 cities.
- 1971: company went public.
- 1978: ML acquired White Weld and Co. which was a merchant bank established in 1895.
- 1984: KKR and Merrill Lynch formed a holding company called Pace Industries which acquired the US and Canadian assets of Rheem Manufacturing from City Investing Company.
- 1991: ML acquired Beatrice Canada from Onex for $475 million. They sold Beatrice to Canadian Imperial Bank of Commerce in 2001.
- 2003: Danial Gordon was convicted of embezzling $43 million from Merrill Lynch. Conviction forced Daticon, which Gordon acquired, into bankruptcy.
- 2006: Merrill Lynch acquired NPC International, Inc (a large Pizza Hut Franchisee).
- 2007: company became enmeshed in the mortgage backed securities bubble. It had also invested heavily in Credit Default Swaps which collapsed as well.
References:
- Wikipedia - NationsBank (Drawn 9/7/2018)
- Wikipedia - Bank of America (Drawn 9/7/2018)
- Wikipedia - Merrill Lynch (Drawn 9/7/2018)