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Bank of America


Bank of America

Bank of America is the largest bank in the United States, employing over 280,000 people and controlling over 2 trillion dollars in assets. Bank of America offers financial products such as insurance, investments, and many other banking services to clients in over 150 countries.

About Bank of America

Bank of America was founded in 1904 as the Bank of Italy in San Fransisco, CA by Amadeo Giannini, an Italian immigrant. In 1906, the San Fransisco earthquake struck and Bank of Italy was the only bank that was able to keep deposits safe and could offer loans to citizens in order to help them rebuild. This was a smart move and ultimately led to the expansion of the company and a name change to Bank of America and Italy.

In 1928, after a merger with Bank of America, Los Angeles, Giannini's company was renamed for the last time to Bank of America.

Throughout the years Bank of America began expanding from west to east in 1983 after the acquisition of the Seafirst Corporation of Seattle, WA.

In all, Bank of America acquired several banks throughout the country and was on the fast track to becoming America's largest consumer banking firm.

Although Bank of America's extensive growth in both branches and assets made it a major banking giant, that doesn't mean they weren't experiencing their own internal problems. In 2008, the company received $25 billion from the federal government as a 'bail out' under the troubled assets relief program, and another $20 billion in January of 2009.

Bank of America announced it would repay the entire $45 billion they received from the government on December 2, 2009.

Being environmentally friendly is a choice of every American, and Bank of America feels it's part of their social responsibility to ensure this country is clean by going 'green'. The company built a multi-million dollar eco-friendly office tower in Manhattan and now offers employees incentives to purchase hybrid cars.

Some of the services Bank of America offers consumers are finance & insurance, retail banking, commercial banking, investment banking & management, private banking, private equity, mortgages and credit cards.

The company manages over $2.223 trillion dollars in assets and has an equity amount valued at $231.444 billion.

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