What is the full form of BoA?
The full form of BoA is the Bank of America Corporation. BoA is an international investment bank of America and its headquarters is located in Charlotte, North Carolina, with central hubs in New York City, Hong Kong, London, Toronto & Dallas. Bank of America, based in San Francisco, was established in 1998 via the acquisition of BankAmerica by NationsBank. After JPMorgan Chase, it is the second biggest financial system in the united states and is the eighth largest bank institution in the globe.
BoA is one of the United States’ four largest banking institutions. In competing directly with Citigroup, JPMorgan Chase & Wells Fargo, it provides roughly 10.73 % of all American bank deposits. Its main financial institutions concentrate on commercial banking, investment banking, & wealth management.
A brief history of BoA
- In 1923, with the establishment of BoA, in Los Angeles, the Bank of America name first appeared.
- It was purchased in 1928 by Bank of Italy of San Francisco, that 2 years later took the title of BoA.
- The eastern part of the BoA franchise can be linked to 1784, the first version of FleetBoston, that BoA purchased in 2004, once Massachusetts Bank was chartered.
- Commercial National Bank was established in Charlotte in 1874.
- In 1958, the bank merged to create American Commercial Bank with American Trust Company.
- After two years, when it combined with Greensboro Security National Bank, it became the National Bank of North Carolina.
- In 1991, it merged to create NationsBank with C&S or Sovran Corporation of Atlanta & Norfolk.
- The central part of the franchise dates back to 1910 since Chicago’s Commercial National Bank & Continental National Bank combined in 1910 to create the Continental & Commercial National Bank, which grew into the National Bank & Trust of Continental Illinois.