• Bank of America is one of the largest financial corporations in the United States and, as of the end of 2008, the largest U.S. bank in terms of assets (over $2.5 trillion).http://www.bizjournals.com/houston/stories/2009/03/09/daily29.html?surround=lfn Founded in 1904 as the Bank of Italy by Amadeo Giannini in San Francisco, it was one of the first banks to offer loans for reconstruction following the devastating 1906 earthquake and fire.

    In 2008, Bank of America's acquisition of both Countrywide Financial Corporation and Merrill Lynch & Co. resulted in enormous financial losses requiring over $45 billion in assistance through the Troubled Asset Relief Program (TARP). Because of the mergers and the economic downturn, the company expects to eliminate up to 35,000 jobs over the next three years.http://abcnews.go.com/Business/wireStory?id=6445610

  • Key Dates

    • 1904: Bank of Italy founded in San Francisco by A. P. Giannini
    • 1928: Bank of Italy merges with Bank of America Los Angeles, changes name to Bank of America
    • 1956: Bank Holding Company Act forces divestiture of Bank of America's insurance and interstate banking operations
    • 1958: BankAmericard, the first bank-based credit card, introduced
    • 1997: Merger with NationsBank
    • July 1, 2008: Purchase of Countrywide Financial completed
    • January 1, 2009: Purchase of Merrill Lynch completed

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