Bank of America

(redirected from Banc of America)
Also found in: Financial.

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.


References in periodicals archive ?
The Banc of America RMBS affected by the downgrades announced on June 2 included 331 tranches from 19 deals issued by Banc of America Funding Trust and Banc of America Mortgage Trust.
The Claimant filed her case against Banc of America for rescission, misrepresentations and omissions, breach of fiduciary duty, breach of contract, fraud, constructive fraud, negligence and gross negligence, violation of NASD and NYSE rules, violation of state securities laws, violation of The Securities Act of 1933 and violation of The Securities Exchange Act of 1934.
The Banc of America team, led initially by Lee Schalop and then by his successor Ross Nussbaum, posted a total return of 43.
According to the SESC, Banc of America Securities placed two orders to sell a total of 2 million shares in an undisclosed financial institution which were exchangeable with the bonds in the last minute of trading on the Tokyo Stock Exchange on Dec.
Applicable Criteria and Related Research: Banc of America Large Loan, Inc.
May 16 /PRNewswire/ -- Bank of America today announced it has retained Banc of America Securities LLC to act as its financial advisor to explore strategic alternatives for its commercial insurance brokerage business, Banc of America Corporate Insurance Agency, LLC.
President Katy Gnapp, Banc of America Securities; Chair Matthew Landau, CDC Mortgage Capital; David A.
The three-year contract renewal also establishes the newly named Banc of America Leasing/Citation Finance Group as the most successful third party business aviation financing agreement in aviation history.
Miller reports to Jon Sandelman, head of Debt and Equities and President of Banc of America Securities.
NEW YORK, March 3 /PRNewswire/ -- Continuing to enhance its program trading capabilities, Banc of America Securities today announced that Steven Bayardelle has joined the firm's equities platform as MD and head program trader.
Banc of America Securities LLC acted as the sole book-running manager and Morgan Joseph acted as co-manager for the initial public offering.

Full browser ?