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 ?
BankAmerica Corporation stock (ticker: BAC) is listed on the New York, Pacific and London stock exchanges and certain shares are listed on the Tokyo Stock Exchange.
Morgan & Company 10,455,000,000 14 9 5 Lehman Brothers 7,319,600,000 7 6 6 Wells Fargo & Company 6,615,000,000 17 6 7 Fleet Financial Group 5,575,000,000 9 5 8 BankBoston 5,310,200,000 17 5 9 UBS AG 3,950,000,000 5 3 10 Bank of Montreal 3,600,000,000 3 3 11 First Union Corporation 3,005,000,000 11 3 12 PNC Bank 2,854,700,000 7 3 13 BankAmerica Corporation 2,340,000,000 12 2 14 First Chicago NBD 2,200,000,000 8 2 15 Societe Generale 2,100,000,000 4 2 BankAmerica/NationsBank 16,445,1000,000 34 15 Healthcare Agent-Only Volume 1Q-3Q 1998 Rank Company Agent Volume # of Deals Market
28 /PRNewswire/ -- The BankAmerica Corporation (NYSE: BAC) board of directors today voted to increase the company's quarterly dividend on common stock by 7 cents to $.
28 /PRNewswire/ -- At its first scheduled meeting today, the BankAmerica Corporation (NYSE: BAC) Board of Directors agreed unanimously to ask Hugh McColl to remain as Chairman and Chief Executive Officer until June 30, 2002, or two years beyond his normal retirement.
BankAmerica Corporation provides financial products and services to 30 million businesses, as well as providing international corporate financial services for business transactions in 190 countries.
BankAmerica Corporation (part of Bank of America Corp.
15 /PRNewswire/ -- Notice is hereby given that a class action lawsuit was filed today in The United States District Court for The Eastern District of New York on behalf of all individual and institutional investors who purchased or otherwise acquired BankAmerica Corporation (NYSE: BAC) securities between October 1, 1998 and October 13, 1998, including investors who acquired BankAmerica common stock pursuant to the merger between NationsBank Corporation and BankAmerica Corporation.
Before the merger of NationsBank Corporation and BankAmerica Corporation in 1998, Dixon was president of NationsBank Services, Inc.
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.
Rosenberg, former chairman and chief executive officer of BankAmerica Corporation, has joined Exigen's Board of Directors.
30 /PRNewswire/ -- NationsBank Corporation and BankAmerica Corporation (NYSE: BAC) today formally completed their merger, creating the largest bank in the United States.
Stein was formerly Vice Chairman for technology and operations at BankAmerica Corporation, one of the nation's largest financial institutions.