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 ?
'Our 37 million digital banking clients are driving the person-to-person growth trend,' said David Tyrie, head of advanced solutions and digital banking at Bank of America. 'Cashless payment solutions are helping them safely and quickly send and receive money with family, friends and small businesses.
A Bank of America representative says the company is investigating the complaint.
Bank of America serves approximately 47 million consumer and small business relationships with approximately 4,500 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 35 million active users, including approximately 24 million mobile users.
Bank of America serves individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services.
The upward trend in Bank of America's digital customers is important for two reasons.
Bank of America was represented by CBRE's chairman Robert Alexander, senior associate Ryan Alexander, first vice president Ramneek Rikhy and senior associate Emily Jones.
Bank of America has operated out of the East Main Street location in the heart of downtown since 1991, when it paid $145,000 to buy the building from the failed Benjamin Franklin Savings & Loan, Lane County property records show.
Jodi Rolland, market president for Colorado and Denver said, Our retail expansion in Denver and Boulder is an important demonstration of our long-standing commitment to Colorado and will provide easier access to all that Bank of America has to offer for our existing Merrill Lynch, commercial and business banking customers .
Freddie Mac said that under the terms of the settlement, it will receive a total of approximately $5.1 billion from Bank of America.
Here, Bank of America argued that it followed the FMRs in that it appropriately submitted an appraisal.
Bank of America has paid more than $40 billion to settle legal, regulatory and borrower disputes tied to its purchases of Countrywide Financial Corp in July 2008 and Merrill Lynch & Co six months later.
Internationally, Bank of America will focus its management and financial resources on continuing to build its leading global banking and markets business.