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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)
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Fast Facts
- Stock symbol: BAC (NYSE)
- 2008 profit: $4.01 billionBank of America: Bank of America Earns $4 Billion in 2008
- Founder(s): Amadeo Giannini and Orra E. Monnette
- Year Established: 1929
- Phone: 704-386-5681
- Fax: 704-386-6699
- HQ: Charlotte, North Carolina
- President: Kenneth D. Lewis
- CEO: Kenneth D. Lewis
- CFO: Joe L. Price
- Staff: 176,638
- Other key people: J. Steele Alphin (CAO)
- Industry: Banking
- CEO Lewis was issued a subpoena in February 2009CNN: Bank of America's CEO is subpoenaed (February 20, 2009)
- 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)
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Cardholder Benefits
- Bank of america cardholders can access the Metropolitan Museum of Art free of charge on weekends.
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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
- 1904: Bank of Italy was founded
- 1929: Bank of America merger
- 1958: BankAmericard introduced
- 1997: Acquired by NationsBank
- 2007: Bank of America bought Countrywide
- September 2008: Purchased Merrill Lynch
- October 2008: One of several U.S. banking institutions involved in a government $250 billion bank investment plan
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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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Views: 124
Money Earned: M$2.01
Page revenue is subject to change as we obtain data from our partners
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Official Site: Bank of America
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Hoovers: Bank of America Corporation Information
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L.A. Times: Bank of America facing $35 billion capital shortfall
latimesblogs.latimes.com (May 05, 2009) -
CNN: Bank of America may face $34B gap
money.cnn.com (May 06, 2009) -
Wikipedia: Bank of America
en.wikipedia.org -
WSJ.com: Bank of America Corp.
online.wsj.com -
Bloomberg: Bank of America, Citigroup, GMAC Need More Capital
bloomberg.com (May 06, 2009)
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Official Site: Bank of America
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Latest realtime chatter on Bank of America From Twitter. Powered by Twitter
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RT @edstetzer: Evangelism is not a spiritual gift; it's a call given to all believers. So, do the work of an evangelist. #a29
@ericgmorgan | November 11, 2009 02:11 AM -
@diannawhitley It's bittersweet. I certainly understand and I am VERY happy for you, but I'll miss you!
@LisaSawyer317 | November 11, 2009 02:11 AM -
On my way home. Got tomorrow off!!! Wooohooo!!! Who's comin to kick it??
@ChocolatLibra86 | November 11, 2009 02:11 AM -
He can't get enough of NY's Optimum "Double Play." RT @NYPost_Mets: Fernando Tatis is the only eligible Met who has not filed 4 free agency.
@EliFromBrooklyn | November 11, 2009 02:11 AM -
So -- if your in twubs and in AgChat -- anyone notice the 4th pic from the left (at least on my screen)? Yeah, that's the problem. #agchat
@iTweetMeat | November 11, 2009 02:11 AM
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Bank of America News
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US Stocks Mixed; DJIA Up; Kraft, Bank Of America Advance
By Peter A. mckay, Geoffrey Rogow and Donna Kardos Yesalavich Gains in Kraft Foods and Bank of America helped nudge the Dow Jones Industrial Average into ...Wall Street Journal (November 10, 2009) -
Precision Drilling Trust to Present at the Bank of America Securities-Merrill ...
Precision Drilling Trust ("Precision") will be making a presentation at the Bank of America Securities - Merrill Lynch 2009 Energy Conference, ...CNNMoney.com (press release) (November 10, 2009) -
BofA CEO says financial industry recovery slow
CHARLOTTE, NC — Bank of America Corp.'s outgoing CEO Ken Lewis said Tuesday that the economy may be improving but the recovery in the financial industry ...The Associated Press (November 10, 2009) -
JP Morgan Chase (NYSE: JPM) and Bank of America (NYSE: BAC) Make Fewer Loans ...
Bank of America Corp. has also seen a decline in lending. Their outstanding loans and mortgage shrank to $878.4 billion from $922.3 billion just a year ...American Banking News (November 10, 2009)
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Questions and Answers About Bank of America | View All | Ask a Question
View All Bank of America Questions (820) | Ask a QuestionWhy are Citigroup and Bank of America buying MBS on the secondary market? (1 Answer)They are doing it to make money. See: http://www.zacks.com/stock/news/18599/C,+BAC+Pushing+Prices+Up%3F How does it work. These securities are marked down because there is no market for them. If they can create a ... read moreWill Bank of America oust Ken Lewis and remove the entire Board of Directors? (1 Answer)I'm guessing that he survives and that the majority of stockholders will blame the government. read moreWere you surprise that Bank of America needs to raise $34 billion? (1 Answer)I'm surprised to hear that. I thought they were doing well since it seems they are buying out all these other banks. All the Lasalle banks around here turned into ... read moreHow can Bank of America's newest CEO repair the firm's image after the current recession? (1 Answer)Ken Lewis damaged the company's brand by trying to acquire too many companies. As a result, Bank of America has the most assets, but it also has the most exposure. ... read more
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