Bank of America, a Fortune Global 500 company, developed from the Bank of Massachusetts established in 1784, is a well-known online financial service provider, dedicated to providing a full range of personal and commercial banking services
Bank of America (NYSE: BAC; TYO: 8648), which dates back to the establishment of the Bank of Massachusetts in 1784, is the second oldest bank in the United States. In August 2002, Bank Of America Corporation, the largest bank in the United States, officially changed its Chinese name to Bank of America, the Bank of America, which was registered in Chinese mainland. At the same time, the legal status of the bank and its English name remain unchanged. Bank of America explained the reason, saying that when Bank of America opened its first representative office in Beijing in 1981, it used the Chinese name Bank of America because it was worried that the public might mistake Bank of America for the central bank of the United States.
Bank of America, Inc. is a single-bank holding company controlled by a California consortium, founded on October 7, 1968, and headquartered in San Francisco. On April 1, 1969, Bank of America became a subsidiary of Bank of America, Inc., in which the entire shareholding was controlled.
The Bank of America was founded in 1904 by Italian immigrants. In the beginning, it mainly engaged in the deposit business of Italian immigrants in the Pacific Coast states, and gradually absorbed the deposits of the middle and lower classes, and provided mortgages and consumer credit to small and medium-sized enterprises, and the business developed rapidly. In the 20s of the 20th century, the Bank of Italy became the largest bank in the western United States. On 1 March 1927, the bank obtained a licence as a national bank in the name of the Italian National Trust Savings Bank. In 1929, it merged with the Bank of the American Bank of California and changed its name to the National Trust Savings Bank of the Americas.
After the merger of the two banks, the strength was further expanded. During World War II, California was an important center of arms production in the United States, and the war brought huge profits to the Bank of America. After the war, California became a major production base for the aircraft, missile, rocket and space arms industries, which provided extremely favorable conditions for the financial activities of the Bank of America, accelerating the expansion of the bank. In order to strengthen its competition, Bank of America has actively diversified its business in terms of service regions and markets, absorbed domestic and foreign deposits, and vigorously expanded its assets abroad. For a long time, the bank held the first place in assets and deposits among U.S. commercial banks, until 1980, when it was overtaken by Citibank and relegated to second place.
The Bank of America was the financial core of the emerging post-war California consortium. In order to meet the needs of competition and development, a single bank holding company, the Inter-American Banking Corporation, was established in April 1969. The supreme authority of Banco de Aamericana Inc. and Banco de Aesque is a board of directors established by both companies. The Board of Directors has committees for execution, audit and inspection, general trust, public policy, employee benefits audit, personnel and remuneration implementation, and nomination. Bank of America also has its own Governing Board and Management Advisory Council. By the end of 1982, Bank of America had 1,204 domestic and foreign branches, about 800 subsidiaries and affiliates, and 27 institutions and representative offices specializing in corporate banking abroad. Overseas institutions are located in 77 countries and regions.
