• Bank of America is the largest commercial bank in the United States. It was originally formed from the merger of two California banks. Bank of Italy and Bank of America, Los Angeles, formed "Bank America" in 1929. The company became "Bank of America" in 1997, following a merger with North Carolina based NationsBank.

  Results of the bank stress tests were leaked to the public on May 6, 2009, a day before the U.S. government had planned to reveal its findings. According to the leaked test results, Bank of American may need to raise as much as $34 billion in capital to be able to survive a more serious economic situation. Bank of America has so far declined to comment on the results of the stress tests.CNN: Bank of America may face $34B gap (May 6, 2009)

• Fast Facts

  1. Stock symbol: BAC (NYSE)
  2. 2008 profit: $4.01 billionBank of America: Bank of America Earns $4 Billion in 2008
  3. Founder(s): Amadeo Giannini and Orra E. Monnette
  4. Year Established: 1929
  5. Phone: 704-386-5681
  6. Fax: 704-386-6699
  7. HQ: Charlotte, North Carolina
  8. President: Kenneth D. Lewis
  9. CEO: Kenneth D. Lewis
  10. CFO: Joe L. Price
  11. Staff: 176,638
  12. Other key people: J. Steele Alphin (CAO)
  13. Industry: Banking
  14. CEO Lewis was issued a subpoena in February 2009CNN: Bank of America's CEO is subpoenaed (February 20, 2009)
  15. Investigation will look into whether or not the bank broke the law by withholding information from investorsCNN: Bank of America's CEO is subpoenaed (February 20, 2009)

• Cardholder Benefits

  1. Bank of america cardholders can access the Metropolitan Museum of Art free of charge on weekends.

  
  

• 2009 Annual Shareholder's Meeting

  During Bank of America's annual shareholder's meeting in Charlotte, North Carolina on April 29, 2009, CEO Lewis and 18 other company directors were reelected by a "comfortable margin". Shareholders who had criticized Bank of America's takeover of Merrill Lynch had sought to oust Lewis and other various company directors.Bloomberg: Bank of America’s Lewis, Board Said to Retain Seats (April 29, 2009)

• Lewis' Testimony

  Bank of America CEO Ken Lewis stated that he felt that then Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke wanted him to keep quiet about worsening terms for the bank's acquisition of Merrill Lynch. The testimony was given to New York Attorney General Andrew Cuomo in February and Cuomo stated that he will release the transcript on April 23, 2009.The Associated Press: WSJ: BofA CEO says was told to be quiet on Merrill (April 23, 2009)

• Criticism

  In February 2009, Virginia Hammerness, granddaughter of Amadeo GIannini, who co-founded the bank in 1929, criticized the bank's management and called them "idiots". Hammerness especially criticized the company's decision in 2008 to purchase the financially troubled brokerage Merrill Lynch.CBS 5: B Of A Heiress Blasts Bank Leaders As 'Idiots' (February 24, 2009)

• Key Dates

  1. 1904: Bank of Italy was founded
  2. 1929: Bank of America merger
  3. 1958: BankAmericard introduced
  4. 1997: Acquired by NationsBank
  5. 2007: Bank of America bought Countrywide
  6. September 2008: Purchased Merrill Lynch
  7. October 2008: One of several U.S. banking institutions involved in a government $250 billion bank investment plan

• Subpoena

  On February 19, 2009, Bank of America CEO and Chairman Kenneth Lewis was issued a subpoena by the New York State Attorney General's Office. The investigation is to assess whether the bank broke the law by withholding information from investors.CNN: Bank of America's CEO is subpoenaed (February 20, 2009)

• Government Bailout Plan

  In October 2008, the U.S. Treasury Department announced it would invest up to $250 billion in U.S. banks in an ongoing effort to avert a potential credit crisis and boost both lender and investor confidence. The plan, which was part of the government's $700 billion bailout package, provided cash to Bank of America, Citigroup and several other banking giants.ABC News: U.S. Will Invest $250B to Bail Out Banks (October 14, 2008) On January 16, 2009, reports said Bank of America would get an additional $20 billion from the government's bailout fund.CNNMoney.com: BofA: $20B bailout, huge Merrill loss (January 16, 2009)

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