Bank of America

Bank of America Corporation (NYSE: BAC), based in Charlotte, North Carolina is one of the largest financial services companies, largest bank by assets, largest commercial bank by deposits and is the second largest by market capitalization in the United States. The company holds 12.2% of all U.S. deposits. Also, Bank of America is the number one underwriter of global high yield debt, the third largest underwriter of global equity and the ninth largest adviser on global mergers and acquisitions. Bank of America serves clients in more than 150 countries and has a relationship with 99 percent of the U.S. Fortune 500 companies and 83 percent of the Fortune Global 500. The company is a component of the Dow Jones Industrial Average (DJIA) and a member of the Federal Deposit Insurance Corporation (FDIC). At one point considered one of the winners and healthiest survivors of the 2007 credit crisis, plunged in market value due in part to massive losses caused by its purchase of Merrill Lynch. Its Q1 2009 profit was 4.2 billion with 3.7 billion having come from Merrill Lynch. As of September 2009, the total value of B of A's Mortgage and Asset Backed Securities is one of the highest in the banking industry at $264 Billion. In 1922, Giannini established Bank of America and Italy n Italy by buying Banca dell'Italia Meridionale , itself only established in 1918. March 7, 1927, Mr. Giannini consolidated his Bank of Italy (101 branches) with the then 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, resources of $115,000,000. The Bank of Italy was founded in San Francisco by Amadeo Giannini in 1904, based on catering to immigrants. 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 of the 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. He took great pride in later years that all of these loans were repaid.

Bank of America

Bank of America

Bank of America