Bank of America

The Bank of America, originally known as Bank of Italy, was founded in 1904 by Amadeo Giannini. It was later renamed as Bank of America and has become one of the largest banks in the United States.

In 1902, A.P. Giannini was enlisted to manage the property of his deceased father-in-law, which included a large block of stock in North Beach's first Italian bank.

The two banks merged in 1928 and consolidated with other bank holdings to create what would become the largest banking institution in the country.

In 1930, the Bank of Italy in San Francisco changed its name to Bank of America. This rebranding marked a significant shift in the institution's identity and set the stage for its future growth and influence.

In 1931, A dramatic proxy fight ensued as Giannini fought to regain control of the Bank of America from Walker and eastern interests, ultimately succeeding in convincing stockholders to return control to him.

During World War II, the Bank of America experienced tremendous growth as people and businesses flocked to California. In 1945, with assets of $5 billion, it surpassed Chase Manhattan to become the world's largest bank.

Following A.P. Giannini's death in 1949, the Bank of America, which had evolved from a single-teller office in North Beach, had expanded to over 500 branches and amassed $6 billion in assets, solidifying its position as the largest bank in the world at that time.

In 1958, the bank introduced the BankAmericard, which later changed its name to Visa in 1977. This introduction marked a significant development in the banking and financial industry.

On September 18, 1958, Bank of America officially launched its BankAmericard credit card program in Fresno, California. This marked the beginning of the world's first successful mass mailing of unsolicited credit cards to a large population.

In 1959, Bank of America became the first bank to fund a small-business investment company. It also adopted electronic and computerized record-keeping, and introduced new programs such as student loans, an employee loan-and-deposit plan, and the first successful credit card, BankAmericard, the predecessor of Visa.

In March 1959, Bank of America expanded their BankAmericard test from Fresno to San Francisco and Sacramento, after a successful start in Fresno.

By June 1959, Bank of America further expanded their BankAmericard test to Los Angeles, after positive results in Fresno, San Francisco, and Sacramento.

By the end of October 1959, Bank of America had mailed 2 million BankAmericard offers and the card was accepted at 20,000 merchants statewide.

In 1966, Bank of America began signing licensing agreements with banks outside of California to expand the BankAmericard program in response to competition from Master Charge (now MasterCard). This marked the beginning of a network of banks supporting the BankAmericard system across the United States.

From February 1970 through September 1971, there were 66 attacks on Bank of America branches in California, including 53 bombings or fire-bombings, and 13 arson fires. These attacks caused significant property damage and drew attention to the social and political climate of the time.

BankAmerica made a significant acquisition in 1983 by purchasing Washington state bank Seafirst Corporation, which was the biggest U.S. interstate bank merger at that time.

In 1986, BankAmerica experienced significant losses due to bad loans in the Third World. This led to the firing of its CEO, Sam Armacost, and the appointment of A. W. (Tom) Clausen as his replacement.

In 1987, BankAmerica underwent a significant restructuring under Clausen's leadership, including the sale of nonessential assets, refocusing on the domestic market, and the introduction of new services.

By the end of 1988, BankAmerica was able to record a profit of $726 million, marking a significant turnaround from its previous financial challenges.

In 1989, BankAmerica's recovery was so strong that it was able to declare its first dividend since the fourth quarter of 1985. The bank also expanded its retail operations in Nevada and Washington.

In 1990, BankAmerica surpassed Chase Manhattan to become the second-largest bank holding company in the nation. The bank also initiated an Environmental Program as part of its community responsibility.

In 1991, Bank of America purchased its major competitor in California, Security Pacific Corporation, becoming the first bank to offer coast-to-coast operations in the United States.

After nine months of preparation, the merger of BankAmerica Corp. and Security Pacific Corp. became final on April 22, 1992. This created the nation's second-largest bank, with significant assets and deposits. The merger aimed to strengthen the institutions and expand into new markets.

In 1994, BankAmerica acquired the Continental Illinois National Bank and Trust Co. of Chicago. This acquisition helped BankAmerica to become the largest U.S. bank holding company in terms of deposits.

On April 13, 1998, BankAmerica announced a $62 billion merger with NationsBank, creating the first coast-to-coast banking company in the United States with $572 billion in assets and offices in 22 states. The merged entity became Bank of America Corporation, with headquarters in Charlotte and a vast customer base.

In April 2001, Hugh McColl retired, leaving Kenneth D. Lewis to take over as chairman and CEO of Bank of America. This transition marked a new era for the company as it shifted its focus to independent growth and brand image enhancement.

Following Parmalat's 2003 bankruptcy, Bank of America was sued for $10 billion, alleging the bank profited from its knowledge of Parmalat's financial difficulties. A settlement was reached in 2009, resulting in Bank of America paying Parmalat $98.5 million.

Bank of America expanded into New England with the acquisition of FleetBoston Financial Corporation in 2004, significantly increasing its presence in the U.S. banking industry.

On January 1, 2006, Bank of America completed the purchase of credit card giant MBNA for $35 billion in cash and stock. This acquisition positioned Bank of America as a leading domestic and foreign credit card issuer.

On August 23, 2007, Bank of America announced a $2 billion repurchase agreement for Countrywide Financial, aiming to provide a return on investment of 7.25% per annum and the option to purchase common stock at a price of $18 per share.

On January 11, 2008, Bank of America announced the acquisition of Countrywide Financial for $4.1 billion, which gave the bank a substantial market share of the mortgage business and access to Countrywide's resources for servicing mortgages.

On September 14, 2008, Bank of America announced its intention to purchase Merrill Lynch & Co., Inc. in an all-stock deal worth approximately $50 billion, effectively saving Merrill from bankruptcy and becoming the largest financial services company in the world.

Bank of America CEO Kenneth Lewis testified before Congress that he had some misgivings about the acquisition of Merrill Lynch and that federal officials pressured him to proceed with the deal or face losing his job and endangering the bank's relationship with federal regulators.

According to an article in The New York Times published on March 15, 2009, Bank of America received an additional $5.2 billion in government bailout money via the bailout of American International Group.

On August 3, 2009, Bank of America agreed to pay a $33 million fine to the U.S. Securities and Exchange Commission (SEC) for the non-disclosure of an agreement to pay up to $5.8 billion of bonuses at Merrill Lynch. The bank approved the bonuses before the merger but did not disclose them to its shareholders when the shareholders were considering approving the Merrill acquisition in December 2008.

On December 2, 2009, Bank of America announced it would repay the entire $45 billion it received in TARP and exit the program, using $26.2 billion of excess liquidity along with $18.6 billion to be gained in 'common equivalent securities' (Tier 1 capital). The bank announced it had completed the repayment on December 9.

On February 9, 2012, the five largest mortgage servicers agreed to a historic settlement with the federal government and 49 states, known as the National Mortgage Settlement (NMS), requiring the servicers to provide about $26 billion in relief to distressed homeowners and indirect payments to the states and the federal government.

On September 28, 2012, Bank of America settled the class-action lawsuit over the Merrill Lynch acquisition and agreed to pay $2.43 billion. This was one of the first major securities class action lawsuits stemming from the financial crisis of 2007–2008 to settle.

On October 24, 2012, the top federal prosecutor in Manhattan filed a lawsuit alleging that Bank of America fraudulently cost American taxpayers more than $1 billion when Countrywide Financial sold toxic mortgages to Fannie Mae and Freddie Mac. The scheme was called 'Hustle', or High Speed Swim Lane.

In September 2013, Bank of America sold its remaining stake in the China Construction Bank for as much as $1.5 billion, marking the firm's full exit from the country.

In April 2018, Bank of America announced that it would stop providing financing to makers of military-style weapons such as the AR-15 rifle, aiming to contribute to reducing mass shootings.