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.

The oldest branch of the Bank of America franchise can be traced back to 1784 when Massachusetts Bank was chartered, becoming the first federally chartered joint-stock owned bank 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 history of Bank of America dates back to October 17, 1904, when Amadeo Pietro Giannini founded the Bank of Italy, in San Francisco.

After the devastating earthquake in April 1906, A.P. Giannini gained fame by setting up a makeshift bank on a North Beach wharf and making loans to local residents 'on a handshake' using the gold and silver rescued from his small Bank of Italy.

Shortly after the 1909 legislation in California allowed for branch banking in the state, Giannini introduced branch banking, establishing the bank's first branch outside San Francisco in 1909 in San Jose. By 1929, the bank had 453 banking offices in California with aggregate resources of over US$1.4 billion.

Banca d'America e d'Italia (Bank of America and Italy) was acquired by Giannini in 1922, expanding the bank's operations.

Bank of America, Los Angeles was founded in California in 1923. In 1928, this entity was acquired by Bank of Italy of San Francisco, which took the Bank of America name two years later.

On March 1, 1927, the merged bank took the name Bank of America and operated under Federal Charter 13044, which was originally granted to Giannini's Bank of Italy.

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 1929, Transamerica, under Giannini's leadership, acquired Blair and Company, a move that marked a significant milestone as Bank of America passed the $1 billion mark in assets.

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.

On November 3, 1930, Bank of Italy was renamed to Bank of America National Trust and Savings Association, becoming the only such designated bank in the United States at that time.

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.

By the end of 1932, deposits at the Bank of America had shrunk to $876 million from a high of $1.16 billion in 1930. This decline in deposits led to the bank not paying dividends for the first time since 1905, and Giannini losing his New York banks. Rebuilding depositor confidence became a priority.

By 1936, the Bank of America had become the fourth-largest banking institution in the United States and the second-largest savings bank. Its assets had grown to $2.1 billion, and the bank continued to innovate by introducing new loans called Timeplan installment loans, including real estate loans, car financing, personal credit loans, home appliance financing, and home-improvement loans.

In 1937, the Federal Reserve made its first attempt to force Transamerica and Bank of America to separate, which marked the beginning of the end for the bank's chance for nationwide branch banking.

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 1953, regulators succeeded in forcing the separation of Transamerica Corporation and Bank of America under the Clayton Antitrust Act. The passage of the Bank Holding Company Act of 1956 prohibited banks from owning non-banking subsidiaries such as insurance companies.

In 1956, Joseph P. Williams, the leader of BofA's Customer Services Research Group, convinced senior executives to pursue the idea of mass mailing unsolicited credit cards. This initiative eventually led to the creation of the all-purpose credit card, addressing the inefficiencies of multiple revolving credit accounts.

In 1957, the Federal Reserve forced Transamerica to separate from Bank of America, an event the two institutions had anticipated. This separation marked a significant change in the relationship between the two entities.

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.

In 1968, BankAmerica Corporation was established as a holding company for Bank of America N.T. & S.A., marking a significant organizational development in the bank's history.

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.

A.W. "Tom" Clausen succeeded Rudy Peterson as chief executive officer (CEO) in 1971. He presided over Bank of America's last tremendous growth spurt, during which assets jumped 50 percent to $60 billion between 1973 and 1975. Clausen's leadership marked a period of significant expansion for the bank.

In 1972, the book 'The Money Lords: The Great Finance Capitalists, 1925–1950' was published, providing insights into the great finance capitalists of that era, including Bank of America.

In 1974, Bank of America expanded its operations internationally.

In 1975, Bank of America introduced the debit card, providing customers with a new convenient way to access their funds directly from their bank accounts.

Bank of America's stock closed just over $24 a share on April 8.

In 1981, Clausen left his position at Bank of America to become the head of the World Bank, marking a significant transition in his career.

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.

BankAmerica Corporation published an Environmental Progress Report in 1992.

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.

In 1997, BankAmerica acquired Robertson Stephens, a San Francisco–based investment bank specializing in high technology. This acquisition further strengthened BankAmerica's position in the capital markets.

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.

Rossita Nicolova reported the announcement of the birth of the National Giant Bank of America on October 2, 1998.

Rick Brooks and Martha Brannigan reported the resignation of Coulter from the BankAmerica President post on October 21, 1998.

In 1999, the book 'McColl: The Man with America's Money' was published, potentially discussing the influence of Hugh McColl, who played a significant role in the history of Bank of America.

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 June 30, 2005, Bank of America announced the acquisition of credit card giant MBNA, solidifying its position as a leading domestic and foreign credit card issuer.

Bank of America announced the purchase of The United States Trust Company for $3.3 billion, acquiring about $100 billion of assets under management and over 150 years of experience.

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.

Bank of America won approval from the Federal Reserve to acquire LaSalle Bank Corporation from ABN AMRO for $21 billion, increasing its assets to $1.7 trillion. The acquisition was completed on October 1, 2007.

The acquisition of LaSalle Bank Corporation from ABN AMRO was completed, increasing Bank of America's presence in Illinois, Michigan, and Indiana by 411 branches, 17,000 commercial bank clients, and 1.4 million retail customers.

On January 1, 2009, Bank of America completed the acquisition of Merrill Lynch, becoming the largest financial services company in the world.

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.

LaSalle Bank and LaSalle Bank Midwest branches adopted the Bank of America name, solidifying Bank of America's presence in the Chicago market as the largest bank with 197 offices and 14% of the deposit share.

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.

Shareholders of both companies approved the acquisition on December 5, 2008.

The deal closed on January 1, 2009, making Bank of America the owner of Merrill Lynch.

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 September 14, 2009, a federal judge rejected the settlement between Bank of America and the SEC, criticizing the fact that the fine in the case would be paid by the bank's shareholders, who were the ones that were supposed to have been injured by the lack of disclosure.

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).

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.

Ken Lewis announced his retirement as CEO effective December 31, 2009, and was succeeded by Brian Moynihan.

Brian Moynihan became president and CEO of Bank of America effective January 1, 2010.

On March 14, 2011, members of hacker group Anonymous began releasing emails said to be from a former Bank of America employee, documenting alleged 'corruption and fraud'. The source, identified publicly as Brian Penny, was a former LPI Specialist from Balboa Insurance, a firm which used to be owned by the bank.

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.

On April 7, 2014, Bank of America and QBE settled a class-action lawsuit stemming from the leak of emails for $228 million.

On May 6, 2015, Bank of America announced it would reduce its financial exposure to coal companies. The announcement came following pressure from universities and environmental groups.

On May 23, 2016, the Second U.S. Circuit Court of Appeals ruled that the finding of fact by the jury that low quality mortgages were supplied by Countrywide to Fannie Mae and Freddie Mac in the 'Hustle' case supported only 'intentional breach of contract,' not a fraud.

The Bank of America Merrill Lynch 2017 China Conference took place on October 26, 2017 at JW Marriott Hotel Beijing.

In January 2018, Bank of America announced an organic expansion of its retail footprint into Pittsburgh and surrounding areas, aiming to supplement its existing commercial lending and investment businesses in the area. This move was significant as Pittsburgh had been one of the largest US cities without a retail presence by any of the Big Four banks.

In February 2018, Bank of America announced its expansion into Ohio across the state's three biggest cities - Cleveland, Columbus, and Cincinnati. This expansion was notable as these cities were strongholds of Chase, and Columbus became the bank's hub in Ohio.

The Bank of America Merrill Lynch APAC TMT Conference 2018 took place on March 15, 2018, focusing on the Asia-Pacific region's technology, media, and telecommunications sectors.

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.

On April 9, 2019, Bank of America announced an increase in the minimum wage, starting at $17.00 an hour and aiming to reach $20.00 an hour by 2021.

In January 2020, Bank of America hired new advisors to assist ultra-wealthy clients, indicating a strategic focus on catering to high-net-worth individuals.

As of December 31, 2021, Bank of America's total assets reached $2.9 trillion, marking a 10% increase year-over-year.

In March 2022, the bank was involved in an incident related to the notable filmmaker Ryan Coogler who was wrongly targeted as a bank robber and detained by the police in Atlanta, Georgia, after Coogler tried to withdraw cash in the local branch of the Bank of America.

In 2023, Bank of America's net income decreased to $7.04 billion from $26.01 billion in 2020, marking a significant decrease year-over-year.

A virtual event organized by Bank of America focusing on research and development discussions.

Bank of America releases their financial report for the first quarter of the year, providing insights into their performance.