Bank of America

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Bank of America

 

(full name, Bank of America National Trust and Savings Association), a major banking monopoly of the United States and the entire capitalist world.

Founded by the Italian A. Giannini in 1904 in San Francisco under the name Bank of Italy, the Bank of America gained its present name in 1930 after merging with the Bank of America of California. It has absorbed a number of large and small banks and penetrated deeply into industry and agriculture. The Bank of America is half commercial and half savings and mortgage. It participates actively in placing foreign loans offered by American banking syndicates, by the United States’ Export-Import Bank, and by the International Bank for Reconstruction and Development (IBRD). At the beginning of 1969 the bank had 948 branches in California, 86 branches and ten representatives abroad, 48 military branches in California and abroad, the large subsidiary Banca d’America e d’Italia with 85 branches in Italy, a subsidiary bank in New York, and participation in 50 credit institutions in 39 nations. The Bank of America secretly controls the largest American bank holding company, Western Bancorporation, which owns the controlling block of shares in 24 banks with 591 branches in 11 western states with deposits of $8.3 billion. The Bank of America has actual control over the Transamerica Corporation, which has assets of $3.3 billion. This corporation owns insurance companies, companies financing installment buying of goods with 600 branches in the United States and Canada, mortgage companies, and industrial enterprises. The Bank of America is closely related to such companies as the Kaiser Corporation (motor vehicles, steel casting, and aluminum plants), the Getty Oil Company (oil magnate), the Douglas Aircraft Company, the Hearst newspaper trust, and the California Land Company, which with 240,000 hectares of citrus orchards and other holdings is the largest agricultural joint-stock society in the capitalist world. The stock capital of the Bank of America at the beginning of 1969 was $214 million, with reserves of $883 million. The total balance is $24.2 billion, the balance of deposits has risen from $5.4 billion at the beginning of 1947 to $21.5 billion at the beginning of 1969; discounting and loans were $13.4 billion; and investments were $4.9 billion, including $2.5 billion in federal bonds, $1.9 billion in local bonds, and $500 million in other securities.

M. IU. BORTNIK

References in periodicals archive ?
The complaint alleges that BankAmerica and two of its directors violated Section 14(a) of the Securities Exchange Act of 1934, and Rule 14a-9 promulgated thereunder.
In addition, BankAmerica and Ford will enter into a partnership under which BankAmerica will acquire an interest in and manage certain other assets currently owned by Ford Motor Credit Company and managed by USL Capital, both part of Ford's Financial Services Group.
The "Section 10(b) Class," on whose behalf Count I of this Complaint is brought, consists of all persons and entities that either acquired BankAmerica common stock in the merger with NationsBank on September 30, 1998 (the "Merger") by exchanging their shares of NationsBank common stock for BankAmerica stock or purchased shares of old BankAmerica, BankAmerica or NationsBank common stock on the open market between August 4, 1998, the date of BankAmerica's filing of the Proxy/Prospectus relating to the Merger, and October 14, 1998, when BankAmerica announced a $372 million write-down of a $1.
Both the state and San Francisco suits grew out of a whistle-blower suit filed under seal two years ago by a former BankAmerica employee.
Plaintiff seeks to recover damages on behalf of herself and all other individual and institutional investors who purchased or otherwise acquired BankAmerica securities between October 1, 1998 and October 13, 1998, excluding the defendants and their affiliates, and including investors who acquired BankAmerica common stock pursuant to the merger between NationsBank Corporation and BankAmerica Corporation.
CUSTOMERS SUING BANKAMERICA, GREAT WESTERN: Customers of BankAmerica Corp.
Rosenberg, former chairman and chief executive officer of BankAmerica Corporation, has joined Exigen's Board of Directors.
29 /PRNewswire/ -- Hugh McColl, chairman and chief executive officer of the new BankAmerica Corporation (NYSE: BAC), today announced the 20-person Board of Directors for the company, which is to be created Sept.
We are extremely pleased with the confidence and commitment BankAmerica and the syndicate have demonstrated in this agreement," said Joseph Pesce, chief financial officer of Renaissance.
Bank of America is a subsidiary of San Francisco-based BankAmerica Corporation (NYSE: BAC).
BankAmerica stock (NYSE: BAC) is listed on the New York, Pacific and London stock exchanges and certain shares are listed on the Tokyo Stock Exchange.
30 /PRNewswire/ -- NationsBank Corporation and BankAmerica Corporation (NYSE: BAC) today formally completed their merger, creating the largest bank in the United States.