Bank Of America Properties For
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About Bank of
Bank of America Corporation (NYSE: BAC) is
a financial servicescompany, the
largest bank holding
companyin the United States, by assets, and the second largest bank
by market capitalization. Bank of America
serves clients in more than 150 countries and has a relationship with 99% of the
U.S. Fortune 500companies and 83% of the Fortune
Global 500. The company is a member of the Federal Deposit Insurance Corporation(FDIC) and a
component of both the S&P
500Index and the Dow Jones
Bank of America's history dates to 1904,
when Amadeo Giannini founded the Bank of Italy in San Francisco to cater to immigrants who were
denied service from other banks.[ 23] Amadeo was raised by
the Fava/Stanghellini family when his father was shot while trying to collect on a $10.00
debt. When the 1906 San Francisco earthquake struck, Giannini was able to get
all deposits out of the bank building and away from the fires. Because San Francisco's banks were in smoldering
ruins and unable to open their vaults, Giannini was able to use the rescued funds to start lending within a few
days of the disaster. From a makeshift desk of a few planks over two barrels, he loaned money to anyone who was
willing to rebuild. Later in life, he took great pride that all of these loans were repaid.
In 1922, Giannini established Bank of America and
Italy in Italy by buying Banca dell'Italia
Meridionale, itself only established in 1918.
On March 7, 1927, Giannini
consolidated his Bank of Italy (101 branches) with the newly formed Liberty Bank of America (175 branches). The
result was the Bank of Italy National Trust & Savings Association with capital of $30,000,000, and resources of
In 1928, A. P. Giannini merged with Bank of America, Los Angeles and consolidated it with his other
bank holdings to create what would become the largest banking institution in the country. He renamed his Bank of
Italy November 3, 1930, calling it Bank of America. The merger was completed in early 1929 and took the name Bank
of America. The combined company was headed by Giannini with Orra E.
Monnette serving as co-Chair.
America Properties For Sale Across the
United States :