Bank of America Corp. Minnesota

Bank of America is one of the largest commercial bank in the United States and offers both banking and non-banking financial services and products. With the slogan of being the “Bank of Opportunity” Bank of America flaunts itself as being the country’s most extensive branch network, with over 5,700 banking centers and 17,000 ATMs in around 30 states from the east to the west coast. Bank of America offers services to individuals and small businesses. Some of the core services include ATM and savings banking, credit card offers, investment banking and brokerage and asset management. Bank of America provides these services to over 55 million customers in the United States, Latin America, Europe and Canada. With headquarters in Charlotte, North Carolina, the bank chain employs about 203,000 people.

Customers are attracted to this company because of the range of services it offers. They can handle their banking needs, receive financial assistance and student loans, apply for low APR rated credit cards, and take out a mortgage all in one place.

The company operates through four business divisions. The largest being Global Consumer and Small Business Banking (GC&SBB), which deal primarily with consumer banking and credit card issuance. Global Corporate and Investment Banking (GCIB) provides mergers and acquisitions advisory, underwriting, capital markets, as well as sales and trading in fixed income and equities. The Global Wealth and Investment Management division manages assets of individuals and institutions.

Before 1998, Bank of America was known as NationsBank and before that, it was known as North Carolina National Bank. By 1998, NationsBank acquired a San Francisco-based BankAmerica and renamed the corporation “Bank of America”.

In order to continuously grow to greater numbers and success, Bank of America has made a few investments and merged with other banks to create a larger brand name.

In 2004, Bank of America acquired a Boston based financial institution called FleetBoston Financial. The merge cost $47 billion and was an all-stock deal to solidify Bank of America’s position to make it the largest FDIC-rated deposit market share in the US, surpassing a newly mergest JPMorgan Chase-Bank One. This acquisition gave Bank of America access to the northeastern market that it did not have prior to the merge.

One year later, in June 2005, Bank of America made another announcement that it would purchase MBNA, a major credit card provider. With approval from the Federal Reserve Board, the merge cost $35 billion in cash and stock. After the merge, the success of Bank of America was more prevalent, in that, the company became the leading credit card issuer at home and abroad. 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.

In November 2006, the company announced that they would acquire the US Trust Corporation from the Charles Schwab for $3.3 billion in cash. Also, Bank of America completed the sale of Bank of America (Asia) to China Construction Bank for consideration of $1.25 billion cash in December 2006.

Bank of America is continuingly emerging above its competitors who include: Citigroup, Wachovia Corporation and Wells Fargo.

Bank of America is also a sponsor of many national sports league. It is the official bank of the United States Olympic Teams, the National Football League (NFL), the National Hockey League (NHL), NASCAR, and both the Major and Minor Leagues of Baseball. Bank of America shows that it is the official bank by placing its slogans in hockey rinks and baseball parks around the nation. It also places ad campaigns that run during the World Series and uses the slogan “The Official Bank of Baseball”.

These sponsorships can also be forwarded to the customers. Bank of America offers credit cards featuring their favorite sports team’s logo on the face and also offers several reward systems when customers apply for the credit cards.

The company is comprised of very well trained and informed bankers, tellers, finance analysts, accountants and more. Customers, whether they are inquiring about individual banking needs or banking needs for their small business, are guaranteed to get full and friendly service. A lot of the products and services that Bank of America provides to customers can be easily found on its company website at www.bankofamerica.com. Customers can apply for credits cards, student loans, apply for jobs, and manage their own personal bank accounts directly from this website.

Trimble Hart Consulting, Inc.

952-525-2284
5775 Wayzata Blvd
Minneapolis, MN
www.trimblehart.com