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  • U.S.
    1784

    Massachusetts Bank was chartered

    U.S.
    1784

    The eastern portion of the Bank of America franchise can be traced to 1784 when Massachusetts Bank was chartered—the first iteration of FleetBoston, which Bank of America acquired in 2004.




  • Charlotte, North Carolina, U.S.
    1874

    Commercial National Bank was founded in Charlotte

    Charlotte, North Carolina, U.S.
    1874

    In 1874, Commercial National Bank was founded in Charlotte. That bank merged with American Trust Company in 1958 to form American Commercial Bank.




  • San Francisco, California, U.S.
    Monday Oct 17, 1904

    Bank of Italy "San Francisco"

    San Francisco, California, U.S.
    Monday Oct 17, 1904

    From a naming perspective, the history of Bank of America dates back to October 17, 1904, when Amadeo Pietro Giannini founded the Bank of Italy in San Francisco.




  • Chicago, Illinois, U.S.
    1910

    Continental Illinois National Bank & Trust

    Chicago, Illinois, U.S.
    1910

    The central portion of the franchise dates to 1910, when Commercial National Bank and Continental National Bank of Chicago merged in 1910 to form Continental & Commercial National Bank, which evolved into Continental Illinois National Bank & Trust.




  • New York, U.S.
    1918

    Bancitaly Corporation acquired the stocks of various banks located in New York City and certain foreign countries

    New York, U.S.
    1918

    In 1918, another corporation, Bancitaly Corporation, was organized by A. P. Giannini, the largest stockholder of which was Stockholders Auxiliary Corporation. This company acquired the stocks of various banks located in New York City and certain foreign countries.




  • New York, U.S.
    1918

    The Bank of America, Los Angeles opened a Delegation in New York

    New York, U.S.
    1918

    In 1918, the Bank (Bank of America, Los Angeles) opened a Delegation in New York in order to follow American political, economic and financial affairs more closely.




  • Los Angeles, California, U.S.
    1923

    Bank of America name first appeared

    Los Angeles, California, U.S.
    1923

    The Bank of America name first appeared in 1923, with the formation of Bank of America, Los Angeles.


  • U.S.
    Tuesday Mar 01, 1927

    The combined bank operates under Federal Charter 13044, which was granted to Giannini's Bank of Italy

    U.S.
    Tuesday Mar 01, 1927

    While NationsBank was the nominal survivor, the merged bank took the better-known name of Bank of America. Hence, the holding company was renamed Bank of America Corporation, while NationsBank, N.A. merged with Bank of America NT&SA to form Bank of America, N.A. as the remaining legal bank entity. The combined bank operates under Federal Charter 13044, which was granted to Giannini's Bank of Italy on March 1, 1927.


  • San Francisco, California, U.S.
    1928

    "Bank of America, Los Angeles" was acquired by Bank of Italy of San Francisco

    San Francisco, California, U.S.
    1928

    In 1928, "Bank of America, Los Angeles" was acquired by Bank of Italy of San Francisco, which took the Bank of America name two years later. The two banks merged in 1928 and consolidated it with other bank holdings to create what would become the largest banking institution in the country. Giannini merged his bank with Bank of America, Los Angeles, headed by Orra E. Monnette.


  • California, U.S.
    1929

    The Bank had 453 banking offices in California

    California, U.S.
    1929

    By 1929, the bank had 453 banking offices in California with aggregate resources of over US$1.4 billion.


  • U.S.
    Monday Nov 03, 1930

    Bank of America National Trust and Savings Association

    U.S.
    Monday Nov 03, 1930

    Bank of Italy was renamed on November 3, 1930, to Bank of America National Trust and Savings Association, which was the only such designated bank in the United States at that time. Giannini and Monnette headed the resulting company, serving as co-chairs.


  • U.S.
    1953

    Separation of Transamerica Corporation and Bank of America

    U.S.
    1953

    Giannini sought to build a national bank, expanding into most of the western states as well as into the insurance industry, under the aegis of his holding company, Transamerica Corporation. In 1953 regulators succeeded in forcing the separation of Transamerica Corporation and Bank of America under the Clayton Antitrust Act.


  • U.S.
    1956

    Bank of America

    U.S.
    1956

    The passage of the Bank Holding Company Act of 1956 prohibited banks from owning non-banking subsidiaries such as insurance companies. Bank of America and Transamerica were separated, with the latter company continuing in the insurance sector. However, federal banking regulators prohibited Bank of America's interstate banking activity, and Bank of America's domestic banks outside California were forced into a separate company that eventually became First Interstate Bancorp, later acquired by Wells Fargo and Company in 1996.


  • U.S.
    1958

    BankAmericard

    U.S.
    1958

    New technologies also allowed the direct linking of credit cards with individual bank accounts. In 1958, the bank introduced the BankAmericard, which changed its name to Visa in 1977.


  • Charlotte, North Carolina, U.S.
    1960

    Commercial National Bank became North Carolina National Bank

    Charlotte, North Carolina, U.S.
    1960

    Two years later Commercial National Bank became North Carolina National Bank when it merged with the Security National Bank of Greensboro.


  • New York, U.S.
    1966

    Master Charge

    New York, U.S.
    1966

    A coalition of regional bankcard associations introduced Interbank in 1966 to compete with BankAmericard. Interbank became Master Charge in 1966 and then MasterCard in 1979.


  • U.S.
    1986

    BankAmerica experienced huge losses

    U.S.
    1986

    BankAmerica experienced huge losses in 1986 and 1987 due to the placement of a series of bad loans in the Third World, particularly in Latin America.


  • Charlotte, North Carolina, U.S.
    1986

    First Interstate Bancorp launched such a bid in the fall of 1986

    Charlotte, North Carolina, U.S.
    1986

    The losses resulted in a huge decline of BankAmerica stock, making it vulnerable to a hostile takeover. First Interstate Bancorp of Los Angeles (which had originated from banks once owned by BankAmerica), launched such a bid in the fall of 1986, although BankAmerica rebuffed it, mostly by selling operations.


  • Charlotte, North Carolina, U.S.
    1991

    NationsBank

    Charlotte, North Carolina, U.S.
    1991

    In 1991, North Carolina National Bank merged with C&S/Sovran Corporation of Atlanta and Norfolk to form NationsBank.


  • U.S.
    1992

    Largest bank acquisition in history

    U.S.
    1992

    BankAmerica's next big acquisition came in 1992. The company acquired Security Pacific Corporation and its subsidiary Security Pacific National Bank in California and other banks in Arizona, Idaho, Oregon, and Washington, which Security Pacific had acquired in a series of acquisitions in the late 1980s. This represented, at the time, the largest bank acquisition in history.


  • Chicago, Illinois, U.S.
    1994

    BankAmerica acquired the Continental Illinois National Bank and Trust Co.

    Chicago, Illinois, U.S.
    1994

    In 1994, BankAmerica acquired the Continental Illinois National Bank and Trust Co. of Chicago. At the time, no bank possessed the resources to bail out Continental, so the federal government operated the bank for nearly a decade. Illinois then regulated branch banking extremely heavily, so Bank of America Illinois was a single-unit bank until the 21st century. BankAmerica moved its national lending department to Chicago in an effort to establish a financial beachhead in the region.


  • New York City, New York, U.S.
    1997

    BankAmerica lent hedge fund D. E. Shaw & Co.

    New York City, New York, U.S.
    1997

    In 1997, BankAmerica lent hedge fund D. E. Shaw & Co. $1.4 billion in order to run various businesses for the bank. However, D.E. Shaw suffered significant losses after the 1998 Russia bond default.


  • San Francisco, California, U.S.
    1997

    BankAmerica acquired Robertson Stephens

    San Francisco, California, U.S.
    1997

    In addition, in 1997, BankAmerica acquired Robertson Stephens, a San Francisco–based investment bank specializing in high technology for $540 million. Robertson Stephens was integrated into BancAmerica Securities and the combined subsidiary was renamed "BancAmerica Robertson Stephens".


  • U.S.
    Oct, 1998

    NationsBank of Charlotte acquired BankAmerica

    U.S.
    Oct, 1998

    NationsBank of Charlotte acquired BankAmerica in October 1998 in what was the largest bank acquisition in history at that time.


  • U.S.
    1998

    Bank of America possessed combined assets of $570 billion

    U.S.
    1998

    In 1998, Bank of America possessed combined assets of $570 billion, as well as 4,800 branches in 22 states. Despite the size of the two companies, federal regulators insisted only upon the divestiture of 13 branches in New Mexico, in towns that would be left with only a single bank following the combination.


  • U.S.
    2001

    McColl stepped down and named Ken Lewis

    U.S.
    2001

    NationsBank president, chairman, and CEO Hugh McColl took on the same roles with the merged company in 1998. In 2001, McColl stepped down and named Ken Lewis as his successor.


  • U.S.
    2004

    Bank of America announced it would purchase Boston-based bank FleetBoston Financial

    U.S.
    2004

    In 2004, Bank of America announced it would purchase Boston-based bank FleetBoston Financial for $47 billion in cash and stock. By merging with Bank of America, all of its banks and branches were given the Bank of America logo. At the time of the merger, FleetBoston was the seventh-largest bank in the United States with $197 billion in assets, over 20 million customers, and revenue of $12 billion. Hundreds of FleetBoston workers lost their jobs or were demoted, according to The Boston Globe.


  • U.S.
    2004

    Bank of America pledged $750 million over a ten-year period for community development lending and affordable housing programs

    U.S.
    2004

    In 2004, the bank pledged $750 million over a ten-year period for community development lending and affordable housing programs.


  • Wilmington, Delaware, U.S.
    Thursday Jun 30, 2005

    Bank of America announced it would purchase credit card giant MBNA

    Wilmington, Delaware, U.S.
    Thursday Jun 30, 2005

    On June 30, 2005, Bank of America announced it would purchase credit card giant MBNA for $35 billion in cash and stock. The Federal Reserve Board gave final approval to the merger on December 15, 2005, and the merger closed on January 1, 2006. The acquisition of MBNA provided Bank of America a leading domestic and foreign credit card issuer. The combined Bank of America Card Services organization, including the former MBNA, had more than 40 million U.S. accounts and nearly $140 billion in outstanding balances. Under Bank of America, the operation was renamed FIA Card Services.


  • Beijing, China
    2005

    Bank of America acquired a 9% stake in China Construction Bank

    Beijing, China
    2005

    In 2005, Bank of America acquired a 9% stake in China Construction Bank, one of the Big Four banks in China, for $3 billion.


  • São Paulo, Brazil
    2006

    Bank of America sold BankBoston's operations to Brazilian bank Banco Itaú

    São Paulo, Brazil
    2006

    Bank of America operated under the name BankBoston in many other Latin American countries, including Brazil. In 2006, Bank of America sold BankBoston's operations to Brazilian bank Banco Itaú, in exchange for Itaú shares. The BankBoston name and trademarks were not part of the transaction and, as part of the sale agreement, cannot be used by Bank of America (ending the BankBoston brand).


  • São Paulo, Brazil
    Aug, 2006

    Bank of America and Banco Itaú (Investimentos Itaú S.A.) entered into an acquisition agreement through which Itaú agreed to acquire BankBoston's operations

    São Paulo, Brazil
    Aug, 2006

    In May 2006, Bank of America and Banco Itaú (Investimentos Itaú S.A.) entered into an acquisition agreement through which Itaú agreed to acquire BankBoston's operations in Brazil and was granted an exclusive right to purchase Bank of America's operations in Chile and Uruguay. The deal was signed in August 2006 under which Itaú agreed to purchase Bank of America's operations in Chile and Uruguay.


  • New York City, New York, U.S.
    Monday Nov 20, 2006

    Bank of America announced the purchase of The United States Trust Company

    New York City, New York, U.S.
    Monday Nov 20, 2006

    On November 20, 2006, Bank of America announced the purchase of The United States Trust Company for $3.3 billion, from the Charles Schwab Corporation. US Trust had about $100 billion of assets under management and over 150 years of experience. The deal closed on July 1, 2007.


  • U.S.
    Thursday Aug 23, 2007

    The Company announced a $2 billion repurchase agreement for Countrywide Financial

    U.S.
    Thursday Aug 23, 2007

    On August 23, 2007, the company announced a $2 billion repurchase agreement for Countrywide Financial. This purchase of preferred stock was arranged to provide a return on investment of 7.25% per annum and provided the option to purchase common stock at a price of $18 per share.


  • Charlotte, North Carolina, U.S.
    Tuesday Sep 04, 2007

    Bank of America won approval from the Federal Reserve to acquire LaSalle Bank Corporation from ABN AMRO

    Charlotte, North Carolina, U.S.
    Tuesday Sep 04, 2007

    On September 14, 2007, Bank of America won approval from the Federal Reserve to acquire LaSalle Bank Corporation from ABN AMRO for $21 billion. With this purchase, Bank of America possessed $1.7 trillion in assets. A Dutch court blocked the sale until it was later approved in July. The acquisition was completed on October 1, 2007.


  • Calabasas, California, U.S.
    Monday Dec 31, 2007

    Countrywide provided mortgage servicing for nine million mortgages valued at $1.4 trillion

    Calabasas, California, U.S.
    Monday Dec 31, 2007

    The acquisition was seen as preventing potential bankruptcy for Countrywide. Countrywide, however, denied that it was close to bankruptcy. Countrywide provided mortgage servicing for nine million mortgages valued at $1.4 trillion as of December 31, 2007.


  • U.S.
    Friday Jan 11, 2008

    Bank of America announced that it would buy Countrywide Financial

    U.S.
    Friday Jan 11, 2008

    On January 11, 2008, Bank of America announced that it would buy Countrywide Financial for $4.1 billion.


  • U.S.
    Jan, 2008

    Doubled interest rate

    U.S.
    Jan, 2008

    In January 2008, Bank of America began notifying some customers without payment problems that their interest rates were more than doubled, up to 28%. The bank was criticized for raising rates on customers in good standing, and for declining to explain why it had done so.


  • Washington D.C., U.S.
    Mar, 2008

    Federal Bureau of Investigation report

    Washington D.C., U.S.
    Mar, 2008

    In March 2008, it was reported that the Federal Bureau of Investigation (FBI) was investigating Countrywide for possible fraud relating to home loans and mortgages.


  • U.S.
    Monday May 05, 2008

    LaSalle Bank and LaSalle Bank Midwest branches adopted the Bank of America

    U.S.
    Monday May 05, 2008

    LaSalle Bank and LaSalle Bank Midwest branches adopted the Bank of America name on May 5, 2008.


  • U.S.
    Jul, 2008

    Bank of America purchased Countrywide Financial

    U.S.
    Jul, 2008

    This news did not hinder the acquisition, which was completed in July 2008, giving the bank a substantial market share of the mortgage business, and access to Countrywide's resources for servicing mortgages.


  • New York City, New York, U.S.
    Thursday Jan 01, 2009

    Bank of America purchased Merrill Lynch

    New York City, New York, U.S.
    Thursday Jan 01, 2009

    Around the same time, Bank of America was reportedly also in talks to purchase Lehman Brothers, however a lack of government guarantees caused the bank to abandon talks with Lehman. Lehman Brothers filed for bankruptcy the same day Bank of America announced its plans to acquire Merrill Lynch. This acquisition made Bank of America the largest financial services company in the world. Shareholders of both companies (Bank of America and Merrill Lynch) approved the acquisition on December 5, 2008, and the deal closed January 1, 2009.


  • U.S.
    Friday Jan 16, 2009

    Bank of America received $20 billion in the federal bailout from the U.S. government

    U.S.
    Friday Jan 16, 2009

    Bank of America received $20 billion in the federal bailout from the U.S. government through the Troubled Asset Relief Program (TARP) on January 16, 2009, and a guarantee of $118 billion in potential losses at the company.


  • U.S.
    Friday Jan 16, 2009

    Massive Losses

    U.S.
    Friday Jan 16, 2009

    The bank, in its January 16, 2009, earnings release, revealed massive losses at Merrill Lynch in the fourth quarter, which necessitated an infusion of money that had previously been negotiated with the government as part of the government-persuaded deal for the bank to acquire Merrill. Merrill recorded an operating loss of $21.5 billion in the quarter, mainly in its sales and trading operations, led by Tom Montag. The bank also disclosed it tried to abandon the deal in December after the extent of Merrill's trading losses surfaced, but was compelled to complete the merger by the U.S. government. The bank's stock price sank to $7.18, its lowest level in 17 years, after announcing earnings and the Merrill mishap. The market capitalization of Bank of America, including Merrill Lynch, was then $45 billion, less than the $50 billion it offered for Merrill just four months earlier, and down $108 billion from the merger announcement.


  • New York City, New York, U.S.
    Sunday Mar 15, 2009

    Bank of America received an additional $5.2 billion in government bailout money according to The New York Times

    New York City, New York, U.S.
    Sunday Mar 15, 2009

    According to an article in The New York Times published on March 15, 2009, Bank of America received an additional $5.2 billion in government bailout money, channeled through American International Group.


  • Washington D.C., U.S.
    2009

    An offer he can't refuse

    Washington D.C., U.S.
    2009

    Bank of America CEO Kenneth Lewis testified before Congress that he had some misgivings about the acquisition of Merrill Lynch and that federal officials pressured him to proceed with the deal or face losing his job and endangering the bank's relationship with federal regulators. Lewis' statement is backed up by internal emails subpoenaed by Republican lawmakers on the House Oversight Committee. In one of the emails, Richmond Federal Reserve President Jeffrey Lacker threatened that if the acquisition did not go through, and later Bank of America were forced to request federal assistance, the management of Bank of America would be "gone". Other emails, read by Congressman Dennis Kucinich during the course of Lewis' testimony, state that Mr. Lewis had foreseen the outrage from his shareholders that the purchase of Merrill would cause, and asked government regulators to issue a letter stating that the government had ordered him to complete the deal to acquire Merrill. Lewis, for his part, states he didn't recall requesting such a letter. The acquisition made Bank of America the number one underwriter of global high-yield debt, the third-largest underwriter of global equity, and the ninth largest adviser on global mergers and acquisitions. As the credit crisis eased, losses at Merrill Lynch subsided, and the subsidiary generated $3.7 billion of Bank of America's $4.2 billion in profit by the end of quarter one in 2009, and over 25% in quarter 3 2009.


  • Collecchio, Italy
    Jul, 2009

    Parmalat SpA sued Bank of America for $10 billion

    Collecchio, Italy
    Jul, 2009

    Parmalat SpA is a multinational Italian dairy and food corporation. Following Parmalat's 2003 bankruptcy, the company sued Bank of America for $10 billion, alleging the bank profited from its knowledge of Parmalat's financial difficulties. The parties announced a settlement in July 2009, resulting in Bank of America paying Parmalat $98.5 million in October 2009.


  • U.S.
    Monday Aug 03, 2009

    Bank of America agreed to pay a $33 million fine

    U.S.
    Monday Aug 03, 2009

    On August 3, 2009, Bank of America agreed to pay a $33 million fine, without admission or denial of charges, to the U.S. Securities and Exchange Commission (SEC) over the non-disclosure of an agreement to pay up to $5.8 billion of bonuses at Merrill. The bank approved the bonuses before the merger but did not disclose them to its shareholders when the shareholders were considering approving the Merrill acquisition, in December 2008.


  • U.S.
    Monday Sep 14, 2009

    The Judge rejected the settlement and told the parties to prepare for trial to begin no later than February

    U.S.
    Monday Sep 14, 2009

    On September 14, the judge rejected the settlement and told the parties to prepare for trial to begin no later than February 1, 2010. The judge focused much of his criticism on the fact that the fine in the case would be paid by the bank's shareholders, who were the ones that were supposed to have been injured by the lack of disclosure. He wrote, "It is quite something else for the very management that is accused of having lied to its shareholders to determine how much of those victims' money should be used to make the case against the management go away," ... "The proposed settlement," the judge continued, "suggests a rather cynical relationship between the parties: the S.E.C. gets to claim that it is exposing wrongdoing on the part of the Bank of America in a high-profile merger; the bank's management gets to claim that they have been coerced into an onerous settlement by overzealous regulators. And all this is done at the expense, not only of the shareholders but also of the truth".


  • U.S.
    Sep, 2009

    Ann Minch, posted a video on YouTube criticizing the bank

    U.S.
    Sep, 2009

    In September 2009, a Bank of America credit card customer, Ann Minch, posted a video on YouTube criticizing the bank for raising her interest rate. After the video went viral, she was contacted by a Bank of America representative who lowered her rate. The story attracted national attention from television and internet commentators.


  • U.S.
    Oct, 2009

    5-gigabyte hard drive

    U.S.
    Oct, 2009

    In October 2009, Julian Assange of WikiLeaks claimed that his organization possessed a 5-gigabyte hard drive formerly used by a Bank of America executive and that Wikileaks intended to publish its contents.


  • U.S.
    Wednesday Dec 02, 2009

    Bank of America announced it would repay the entire $45 billion it received in TARP and exit the program

    U.S.
    Wednesday Dec 02, 2009

    On December 2, 2009, Bank of America announced it would repay the entire $45 billion it received in TARP and exit the program, using $26.2 billion of excess liquidity along with $18.6 billion to be gained in "common equivalent securities" (Tier 1 capital). The bank announced it had completed the repayment on December 9.


  • U.S.
    Friday Jan 01, 2010

    Brian Moynihan became President

    U.S.
    Friday Jan 01, 2010

    Ken Lewis, who had lost the title of Chairman of the Board, announced that he would retire as CEO effective December 31, 2009, in part due to controversy and legal investigations concerning the purchase of Merrill Lynch. Brian Moynihan became President and CEO effective January 1, 2010, and afterward, credit card charge offs and delinquencies declined in January. Bank of America also repaid the $45 billion it had received from the Troubled Assets Relief Program.


  • U.S.
    2010

    Defrauding

    U.S.
    2010

    In 2010, the U.S. government accused the bank of defrauding schools, hospitals, and dozens of state and local government organizations via misconduct and illegal activities involving the investment of proceeds from municipal bond sales. As a result, the bank agreed to pay $137.7 million, including $25 million to the Internal Revenue Service and $4.5 million to the state attorney general, to the affected organizations to settle the allegations.


  • Arizona, U.S.
    2010

    Arizona launched an investigation into Bank of America

    Arizona, U.S.
    2010

    In 2010 the state of Arizona launched an investigation into Bank of America for misleading homeowners who sought to modify their mortgage loans. According to the attorney general of Arizona, the bank "repeatedly has deceived" such mortgagors. In response to the investigation, the bank has given some modifications on the condition that the homeowners remove some information criticizing the bank online.


  • New Jersey, U.S.
    Nov, 2010

    Forbes published an interview with Assange

    New Jersey, U.S.
    Nov, 2010

    In November 2010, Forbes published an interview with Assange in which he stated his intent to publish information that would turn a major U.S. bank "inside out".


  • U.S.
    Dec, 2010

    No longer service requests to transfer funds to WikiLeaks

    U.S.
    Dec, 2010

    In December 2010, Bank of America announced that it would no longer service requests to transfer funds to WikiLeaks, stating that "Bank of America joins in the actions previously announced by MasterCard, PayPal, Visa Europe, and others and will not process transactions of any type that we have reason to believe are intended for WikiLeaks... This decision is based upon our reasonable belief that WikiLeaks may be engaged in activities that are, among other things, inconsistent with our internal policies for processing payments".


  • U.S.
    Aug, 2011

    Bank of America was sued for $10 billion by the American International Group

    U.S.
    Aug, 2011

    In August 2011, Bank of America was sued for $10 billion by the American International Group. Another lawsuit filed in September 2011 pertained to $57.5 billion in mortgage-backed securities Bank of America sold to Fannie Mae and Freddie Mac.


  • U.S.
    Aug, 2011

    WikiLeaks claimed that 5 GB of Bank of America leaks was part of the deletion of over 3500 communications by Daniel Domscheit-Berg

    U.S.
    Aug, 2011

    Sometime before August 2011, WikiLeaks claimed that 5 GB of Bank of America leaks was part of the deletion of over 3500 communications by Daniel Domscheit-Berg, a now ex-WikiLeaks volunteer.


  • U.S.
    2011

    Bank of America began conducting personnel reductions of an estimated 36,000 people

    U.S.
    2011

    During 2011, Bank of America began conducting personnel reductions of an estimated 36,000 people, contributing to intended savings of $5 billion per year by 2014.


  • U.S.
    Nov, 2011

    Bank of America announced plans to divest most of its stake in the China Construction Bank

    U.S.
    Nov, 2011

    In November 2011, Bank of America announced plans to divest most of its stake in the China Construction Bank.


  • Washington D.C., U.S.
    Dec, 2011

    Justice Department announced a $335 million settlement with Bank of America over discriminatory lending practice at Countrywide Financial

    Washington D.C., U.S.
    Dec, 2011

    In December 2011, the Justice Department announced a $335 million settlement with Bank of America over discriminatory lending practices at Countrywide Financial. Attorney General Eric Holder said a federal probe found discrimination against qualified African-American and Latino borrowers from 2004 to 2008. He said that minority borrowers who qualified for prime loans were steered into higher-interest-rate subprime loans.


  • New Jersey, U.S.
    Dec, 2011

    Forbes ranked Bank of America's financial wealth 91st out of the nation's largest 100 banks

    New Jersey, U.S.
    Dec, 2011

    In December 2011, Forbes ranked Bank of America's financial wealth 91st out of the nation's largest 100 banks and thrift institutions.


  • U.S.
    Dec, 2011

    Bank of America agreed to pay $335 million to settle a federal government claim that Countrywide Financial had discriminated against Hispanic and African-American homebuyers from 2004 to 2008

    U.S.
    Dec, 2011

    That December, Bank of America agreed to pay $335 million to settle a federal government claim that Countrywide Financial had discriminated against Hispanic and African-American homebuyers from 2004 to 2008, prior to being acquired by BofA.


  • U.S.
    Thursday Feb 09, 2012

    It was announced that the five largest mortgage servicers agreed to a historic settlement with the federal government and 49 states

    U.S.
    Thursday Feb 09, 2012

    On February 9, 2012, it was announced that the five largest mortgage servicers (Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo) agreed to a historic settlement with the federal government and 49 states.


  • U.S.
    Sep, 2012

    BofA settled out of court for $2.4 billion in a class-action lawsuit filed by BofA shareholders who felt they were misled about the purchase of Merrill Lynch

    U.S.
    Sep, 2012

    In September 2012, BofA settled out of court for $2.4 billion in a class-action lawsuit filed by BofA shareholders who felt they were misled about the purchase of Merrill Lynch.


  • U.S.
    Friday Sep 28, 2012

    Bank of America settled the class-action lawsuit over the Merrill Lynch acquisition

    U.S.
    Friday Sep 28, 2012

    On September 28, 2012, Bank of America settled the class-action lawsuit over the Merrill Lynch acquisition and will pay $2.43 billion.


  • U.S.
    2012

    Bank of America cut ties to the American Legislative Exchange Council

    U.S.
    2012

    In 2012, Bank of America cut ties to the American Legislative Exchange Council (ALEC).


  • New York City, New York, U.S.
    Wednesday Oct 24, 2012

    Top federal prosecutor in Manhattan filed a lawsuit alleging that Bank of America fraudulently cost American taxpayers more than $1 billion

    New York City, New York, U.S.
    Wednesday Oct 24, 2012

    On October 24, 2012, the top federal prosecutor in Manhattan filed a lawsuit alleging that Bank of America fraudulently cost American taxpayers more than $1 billion when Countrywide Financial sold toxic mortgages to Fannie Mae and Freddie Mac. The scheme was called 'Hustle', or High-Speed Swim Lane.


  • U.S.
    Wednesday Oct 24, 2012

    American federal prosecutors filed a $1 billion civil lawsuit against Bank of America for mortgage fraud under the False Claims Act

    U.S.
    Wednesday Oct 24, 2012

    On October 24, 2012, American federal prosecutors filed a $1 billion civil lawsuit against Bank of America for mortgage fraud under the False Claims Act, which provides for possible penalties of triple the damages suffered. The government asserted that Countrywide, which was acquired by Bank of America, rubber-stamped mortgage loans to risky borrowers and forced taxpayers to guarantee billions of bad loans through Fannie Mae and Freddie Mac. The suit was filed by Preet Bharara, the United States attorney in Manhattan, the inspector general of FHFA, and the special inspector for the Troubled Asset Relief Program.


  • U.S.
    2012

    Bank of America cut around 16,000 jobs in a quicker fashion

    U.S.
    2012

    Bank of America cut around 16,000 jobs in a quicker fashion by the end of 2012 as revenue continued to decline because of new regulations and a slow economy. This put a plan one year ahead of time to eliminate 30,000 jobs under a cost-cutting program, called Project New BAC.


  • Beijing, China
    Sep, 2013

    Bank of America sold its remaining stake in the China Construction Bank for as much as $1.5 billion

    Beijing, China
    Sep, 2013

    In September 2013, Bank of America sold its remaining stake in the China Construction Bank for as much as $1.5 billion, marking the firm's full exit from the country.


  • Michigan, U.S.
    Apr, 2014

    Bank of America sold two dozen branches in Michigan to Huntington Bancshares

    Michigan, U.S.
    Apr, 2014

    In April and May 2014, Bank of America sold two dozen branches in Michigan to Huntington Bancshares. The locations were converted to Huntington National Bank branches in September.


  • U.S.
    Aug, 2014

    $17 billion deal to settle claims against it relating to the sale of toxic mortgage-linked securities

    U.S.
    Aug, 2014

    In August 2014, Bank of America agreed to a near–$17 billion deal to settle claims against it relating to the sale of toxic mortgage-linked securities including subprime home loans, in what was believed to be the largest settlement in U.S. corporate history. The bank agreed with the U.S. Justice Department to pay $9.65 billion in fines, and $7 billion in relief to the victims of the faulty loans which included homeowners, borrowers, pension funds, and municipalities.


  • U.S.
    Wednesday May 06, 2015

    Bank of America announced it would reduce its financial exposure to coal companies

    U.S.
    Wednesday May 06, 2015

    On May 6, 2015, Bank of America announced it would reduce its financial exposure to coal companies. The announcement came following pressure from universities and environmental groups. The new policy was announced as part of the bank's decision to continue to reduce credit exposure over time to the coal mining sector.


  • U.S.
    2015

    Bank of America began expanding organically

    U.S.
    2015

    In 2015, Bank of America began expanding organically, opening branches in cities where it previously did not have a retail presence. They started that year in Denver, followed by Minneapolis–Saint Paul and Indianapolis, in all cases having at least one of its Big Four competitors, with Chase Bank being available in Denver and Indianapolis, while Wells Fargo is available in Denver and the Twin Cities.


  • New York City, New York, U.S.
    Monday May 23, 2016

    Intentional breach of contract

    New York City, New York, U.S.
    Monday May 23, 2016

    On May 23, 2016, the Second U.S. Circuit Court of Appeals ruled that the finding of fact by the jury that low-quality mortgages were supplied by Countrywide to Fannie Mae and Freddie Mac in the "Hustle" case supported only "intentional breach of contract", not a fraud. The action, for civil fraud, relied on provisions of the Financial Institutions Reform, Recovery, and Enforcement Act. The decision turned on lack of intent to defraud at the time the contract to supply mortgages was made.


  • Charlotte, North Carolina, U.S.
    Apr, 2018

    Bank of America announced that it would stop providing financing to makers of military-style weapons

    Charlotte, North Carolina, U.S.
    Apr, 2018

    In April 2018, Bank of America announced that it would stop providing financing to makers of military-style weapons such as the AR-15 rifle.


  • U.S.
    Tuesday Apr 09, 2019

    The Company announced the minimum wage will be increased

    U.S.
    Tuesday Apr 09, 2019

    On April 9, 2019, the company announced the minimum wage will be increased beginning May 1, 2019, to $17.00 an hour until it reaches a goal of $20.00 an hour in 2021.


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