Bank of America is one of the world’s largest financial institutions. It serves individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. It can provide convenient service because it 5,800 retail banking offices, more than 16,700 ATMs and online banking with more than 14 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses.
Loans Funded Bank of America
- Home Equity Loans
- Refinance Loans
- 2nd Mortgages
- Debt Consolidation Loans
Currently Bank of America offers 30 year and 15 year fixed mortgage rates, and Adjustable Rate Mortgages. Bank of America also offers 3-5 year Balloon mortgage loans.
Bank of America serves clients in 150 countries and has relationships with 97 percent of the U.S. Fortune 500 companies and 79 percent of the Global Fortune 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Bank of America is based in Charlotte, North Carolina and was founded in 1784. It is the second-oldest bank in the United States. The Bank of America merged with Charlotte-based NationsBank in 1998. As a part of the merger, NationsBank took on the Bank of America name. Before the merger Bank of America was based in San Francisco. The purchase of BankAmerica Corp. by NationsBank Corporation was the largest bank acquisition in history at that time. The deal was structured as a merger.
In January 2006, Bank of America and MBNA merged. With that merger it became the largest issuer of credit cards in the US. The assimilated former MBNA entity will be called Bank of America Card Services, and will also incorporate Bank of America’s existing credit card operations. The combined Bank of America Card Services organization will have more than 40 million active U.S. accounts and nearly $140 billion in managed outstanding balances. Bank of America is the world’s leader in active debit cards.
The Banker, one of the world’s leading financial journals, ranked Bank of America as the number 3 bank among US banks in 2005 and number 2 in 2004. The ranking was based on pre-tax profit figures for common stock, non-cumulative preference stock, share premium reserve, disclosed reserves including retaining earnings, minority interests and funds for general banking risk.
With $1,110,457 million in assets Bank of America was ranked 3 in asset size. For Soundness (capital/asset ratio) Bank of America ranked 187 in 2005 and 180 in 2004. Bank of America pre-tax profits were reported as $21,221 million. It ranked 77 for performance based on return on assets.
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