Bank of America
About Bank of America
Originally the Bank of Italy, founded by A P Giannini in San Francisco in 1904 to serve immigrants. Giannini lent money to rebuild San Francisco after the 1906 earthquake. The bank pioneered branch banking, consumer loans, and credit cards. Bank of Italy became Bank of America in 1930. Under Giannini it financed the Golden Gate Bridge and the film Gone with the Wind. Bank of America acquired NationsBank, MBNA, Countrywide, and Merrill Lynch. It became the largest US bank by deposits. The 2008 acquisition of Merrill Lynch nearly bankrupted Bank of America. The bank paid 40 billion in fines related to the financial crisis and mortgages.
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