The full form of BoA is Bank of America Corporation. With its headquarters in Charlotte, North Carolina, and core hubs in New York City, Hong Kong, London, Toronto, and Dallas, BoA is an international investment bank of America. The San Francisco-based Bank of America was founded in 1998 after NationsBank purchased BankAmerica. It is the eighth largest bank institution in the world and, behind JPMorgan Chase, the second largest financial system in the United States.
One of the top four banks in the US is Bank of America. In direct competition with Citigroup, JPMorgan Chase, and Wells Fargo, it supplies around 10.73% of all bank deposits in the United States. Most of its financial institutions focus on commercial banking, investment banking, & wealth management.
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A Synopsis of BoA’s history
- The Bank of America moniker first debuted in Los Angeles in 1923 with the founding of BoA.
- The Bank of Italy of San Francisco, which two years later adopted the name BoA, bought it in 1928.
- After Massachusetts Bank was chartered in 2004, BoA acquired 1784, the original FleetBoston, where the eastern portion of the BoA brand can be found.
- Charlotte’s Commercial National Bank was founded in 1874.
- The bank combined with the American Trust Company in 1958 to form American Commercial Bank.
- It was the National Bank of North Carolina after combining with Greensboro Security National Bank after two years.
- It amalgamated in 1991 with C&S or Sovran Corporation of Atlanta & Norfolk to become NationsBank.