Bank of America

(redirected from Bofa)
Also found in: Financial, Acronyms.

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 ?
Our overall outlook for the year ahead is macro bullish, so much so that we're ultimately market bearish," said BofA Merrill Lynch Global Research head of global investment strategy Michael Hartnett.
BofA Merrill Lynch considers the case studies of Pekao and Komercni that saw significant re-ratings as capital ratios rose considerably above regulatory requirements and made way for higher dividends (Komercni re-rated from c9x to a peak of c16x; Pekao from c12x to a peak of c18x, 12m fwd PE).
BofA says its wealth-management group clients had a total of $156.
According to the Financial Times, Qatar Holding started building its stake in BofA some two years ago.
In ongoing litigation, government alleges that Countrywide and BofA defrauded Fannie Mae and Freddie Mac through a program called the High Speed Swim Lane, also known as Hustle.
BofA Merrill's GCM platform allows asset managers access to BofA Merrill's global trading infrastructure across high and low touch channels.
George said BofA has a "strong commitment to supporting small businesses" and extended $13.
Investors are pressing BofA to improve its performance after it lost money in four of the last six quarters and its stock has fallen by half this year.
Hendel is expected to assume his new role in June and will report to Tom Patrick and Mike Stewart, co-heads of global equities, BofA ML said.
BofA Merrill's Global Banknote Services business facilitates the import and export of U.
The two companies signed a tentative merger agreement September 15, 2008, but the agreement included a "Material Adverse Change" (MAC) clause that would allow Bank of America (BofA) to escape the merger if BofA financial officers found undisclosed financial information that would hurt BofA.
The shortfall in capital amounts to billions of dollars at BofA, the paper said, citing people familiar with the bank.