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Bank of America is the second largest bank in the United States.
All about Bank of America
Bank of America is the second largest bank in the United States, and you might also see it abbreviated either as BofA or BoA. Its headquarters are in Charlotte, North Carolina, and it's one of the biggest companies both in the country and in the entire world. Beyond everyday banking needs, it also has real estate services that helps their customers to buy homes with mortgages, home equity credit and loans, and refinancing.
Its main competitors are also its fellow members of the "Big Four" banks, which include Citigroup, Wells Fargo, and JP Morgan Chase. There are Bank of America locations in all of the 50 states, as well as in 40 countries around the world. They're estimated to have about 50 million business and consumer relationships.
The history of Bank of America
Bank of America's roots actually go back to a bank named Bank of Italy, which, despite its name, was founded in San Francisco. It catered to immigrants who were newly settled in the United States and provided them with banking services when other banks wouldn't.
In 1922, it bought out another bank and officially became Bank of America and Italy, and four years later was merged with Bank of America in Los Angeles, and started expanding quickly throughout California. It still goes by the same name today, and is one of the best known banks in the United States.
Bank of America: It's bigger than you might expect
Bank of America is one of the best known and biggest banks in the United States - but you still might be surprised at just how big this banking institution is!
For instance, did you know that Bank of America has clients in over 150 different countries? And those are some very important relationships, too; they've got relatinoships with 99% of the companies listed on the Fortune 500 list, as well as 83% of those on the Fortune Global 500 list.
They're also the largest wealth manager in the world, which happened after Bank of America acquired Merrill Lynch in 2008. In total, they have around 12.2% of U.S. deposits.
The largest shareholder in the company has about 2 million shares! His name is Kenneth D. Lewis.
It played an important role in the recovery from the Great Depression, as the bank financed some of the biggest publis works projects in the country.