Bank of America: A Big Four
Bank of America traces it roots to San Francisco where it was founded in October 17, 1904, by Amadeo Gianini. It was known then as the Bank of Italy serving the needs of immigrants who often had a hard time dealing with existing American banks.
The 1906 earthquake that devastated San Francisco proved to be a blessing in disguise for Gianini as he was able to save all the bank deposits and began lending in a makeshift desk consisting of a few planks over two barrels. The Bank of Italy continued to grow and in 1928 merged with the Bank of America, Los Angeles. Eventually Gianini’s bank change its name to Bank of America.
As Bank of America grew it also acquired and merged with other banks and became one of the largest banks in the US. Then in 1998 it was Bank of America’s turn to acquired, this time by Nations Bank of Charlotte, North Carolina. NationsBank was the surviving entity but took the name of Bank of America as it was the better known name.
Today Bank of America is one of the Big Four banks in the US and it is also one of the largest companies in the world.