Financial Organizations: Bank of America

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Bank of America

Bank of America Corp ranks in the 21th place in fortune 500, falling back from a previous rank of 13th place. Known as one of the American largest company of its kind in the world. This was one of the first commercial bank to be open for public and was open five years before the first president, George Washington, was establish in office. The company provides loans, credit cards, consumer and business banking.

Bank of America, was founded by Amadeo Peter Giannini and opened for business on July 5th, 1784. It was known as the Massachusetts Bank, which was signed by John Hancock for the bank’s charter providing authorization to operate, who was the Governor of Massachusetts at the time. Massachusetts Bank was one of the three commercial banks in 1784. In 1958, the first credit card was introduced as BankAmerica card, and licensed to other banks across the US. “In the later half of the 20th century the bank expanded outside its home state into the Pacific Northwest and the Southwest as well as the emerging Latin American and Asian markets.” (BankAmerica Corp) NationsBank of Boston and BayBank was merged with Massachusetts Bank in 1996 and in 1999 acquired by Fleet Bank. In 1998, NationsBank created the first coast to coast retail banking franchise soon after the name was changed to Bank of America Corp.

Bank of America states, “Our mission is to offer lending and investment products that; Serve low-and moderate-income individuals and families; Improve underserved low- and moderate-income communities; Create sustainable practices for the long haul” (Bank of America). In 1904, the CEO, Giannini, of Bank of Italy took some risks by issuing character loans, which was later acquired by NationsBank. This risk paid off...

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...great benefits and better convenience I believe Bank of America will continue to be successful and have a greater advantage over other banks.

Works Cited

"BankAmerica Corp." Bank of America. Bank of America Corporation. Member FDIC, n.d. Web. 9 Apr. 2014.

"Bank of America Mission Statement." About.com Retail Industry. About.come, n.d. Web. 10 Apr. 2014.

"Brian T. Moynihan, Chief Executive Officer, Bank of America." Newsroom. Bank of America Corporation, n.d. Web. 10 Apr. 2014.

Moynihan, Brian T. "Corporate Governance." Bank of America. Bank of America Corporation, n.d. Web. 11 Apr. 2014.

Mora, Victor. "Will Bank of America Surpass The Competition?" Wall St. Cheat Sheet. Wall St. Cheat Sheet, 29 June 2013. Web. 12 Apr. 2014.

"Quarterly Earnings." Bank of America Investor Relations. Bank of America Corporation, n.d. Web. 11 Apr. 2014.

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