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BOFA International history
BOFA International company history timeline
By November of 1987, Sovran was moving west by merging with Commerce Union, a 71-year-old bank holding company based in Nashville.
In 1987, BankAmerica set about restructuring its operations.
North Carolina National Bank moved into Maryland in 1987 with the purchase of CentraBank of Baltimore.
Another purchase was a subsidiary of GNA Securities that had operated an investment program in the bank's branches since 1988.
Fortune magazine also chose McColl as one of the year's twenty-five most fascinating business people--the only one selected from the banking industry--in its January 1989 issue.
In 1989, NCNB acquired full ownership of First RepublicBank in Texas.
Soon thereafter, C&S and Sovran merged in a deal finalized on September 1, 1990.
Real estate loans made up 32 percent of the bank's $34 billion portfolio at the end of 1990, with Washington, D.C., accounting for 21 percent of the real estate total.
After purchasing its major competitor in California, Security Pacific Corporation, in 1991, Bank of America became the first bank to offer coast-to-coast operations in the United States.
Seeking to expand its operations beyond its branches in seven western states, the bank added branches in two more states with the 1991 acquisitions of ABQ and Sandia Federal Savings banks of New Mexico, and Village Green National Bank in Houston.
1991: NationsBank Corp. is formed from the merger of NCNB and C&S/Sovran Corp.
After nine months of preparation, the merger of BankAmerica Corp. and Security Pacific Corp. became final on April 22, 1992.
Domestic expansion continued in 1993 with the acquisition of First Gibraltar of Texas and with an agreement to make a $1 million equity investment in Founders National Bank, the only African-American-owned bank on the West Coast.
In 1994, the company had 1,800 branch offices, which made it the second-largest branch network in America.
In 1996, the company announced the $9.6 billion acquisition of St Louis, Missouri-based Boatmen's Bancshares Inc.
2001: Kenneth D. Lewis is named chairman and CEO; the company focuses on brand recognition.
The company also went to work on its brand image, increasing its 2002 advertising budget to $145 million--an increase of 50 percent over the previous year.
The firm enlarged its credit-card business by acquiring National Processing, a transaction-processing firm, in 2004, and its merger with MBNA Corporation in 2006 made Bank of America a leading issuer of credit cards. It expanded into New England with the acquisition of FleetBoston Financial Corporation in 2004, and by the early 21st century it was operating more than 5,500 bank branches in more than 20 United States states and conducting corporate and investment banking in numerous countries worldwide.
^ "Bank of America invests in China". BBC. 2005-06-17. http://news.bbc.co.uk/2/hi/business/4102670.stm.
To gain a strong position in the wealth-management business, Bank of America in 2007 acquired United States Trust Corporation, an investment firm that manages investments for high-net-worth individuals.
^ "Bank of America to buy Countrywide for $4 billion". Reuters (via Yahoo! News). January 11, 2008. http://news.yahoo.com/s/nm/20080111/bs_nm/countrywide_bankofamerica_dc_14.
^ "Former Compass CEO Jones returns to Balch and Bingham" by Crystal Jarvis, April 18, 2008.
^ Bank of America (2008-09-15). "Bank of America Buys Merrill Lynch Creating Unique Financial Services Firm". Press release. http://www.bankofamerica.com/merrill/index.cfm?template=press_release. [dead link]
As the global financial crisis emerged in 2008, numerous institutions began to struggle, notably Countrywide Financial, the largest American mortgage lender, and Merrill Lynch & Co., Inc.
In January 2009 Bank of America announced that it would receive $20 billion in United States government aid and an additional $118 billion in guarantees against bad assets incurred as a result of the acquisition of Merrill Lynch.
^ Tully, Shawn (February 27, 2009). "Will the banks survive?". Fortune Magazine/CNN Money. http://money.cnn.com/2009/02/27/news/economy/tully_banks.fortune/index.htm?source=yahoo_quote.
^ Winkler, Rolfe (August 21, 2009). "Big banks still hold regulators hostage". Reuters, via Forbes.com. http://www.forbes.com/feeds/afx/2009/08/21/afx6803343.html.
^ a b c d e "Bank of America Says Three Directors Quit as Exodus Totals 10" by David Mildenberg, Bloomberg.com, August 1, 2009.
^ Barr, Greg (2009-03-11). "BofA now country's biggest bank". Houston Business Journal. http://www.bizjournals.com/houston/stories/2009/03/09/daily29.html?surround=lfn.
^ Washington Post, "BoA fined $137 million for fraud," 8 December 2010.
^ Kapne, Suzanne (December 23, 2010). "Hundreds of anti-BofA websites registered". Financial Times. http://www.ft.com/cms/s/0/3993f69e-0e2b-11e0-86e9-00144feabdc0.html#axzz19tXSHwD4.
In 2012 it agreed to pay $2.43 billion to settle a class-action suit involving allegations that the company had failed to disclose to investors the true financial health of Merrill Lynch.
In 2013 the United States government sued Bank of America for financial fraud, and the following year the company agreed to pay $16.65 billion.
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BOFA International competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Passport Health Communications | 1996 | $9.8M | 350 | - |
| Data Ventures | 1999 | $200,000 | 1 | - |
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| Hartford Technologies | 1931 | $7.9M | 20 | - |
| IDSC Holdings LLC | 1999 | $780.0M | 4,000 | - |
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| NewMarket | 1887 | $2.8B | 1,842 | 21 |
| Federated Group | 1927 | $280,000 | 5 | 9 |
| LeapFrog | 1995 | $339.1M | 579 | 2 |
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BOFA International may also be known as or be related to BOFA INTERNATIONAL LTD, BOFA International and Bofa International Ltd.