What is the full form of BoA?
The BoA full form is the Bank of America Corporation. BoA is an American worldwide investment bank with headquarters in Charlotte, North Carolina, and major hubs in New York, Hong Kong, London, Toronto, and Dallas. Bank of America, headquartered in San Francisco, was founded in 1998 after NationsBank acquired BankAmerica. It is the second-largest financial system in the United States and the eighth-largest bank institution in the world after JPMorgan Chase.
BoA is one of the four largest banks in the United States. In direct competition with Citigroup, JPMorgan Chase, and Wells Fargo, it supplies approximately 10.73% of all bank deposits in the United States. Commercial banking, investment banking, and wealth management are the primary focuses of its primary financial institutions.
Read Other Full Forms
A brief history of BoA
- The Bank of America name appeared for the first time in 1923 when BoA was founded in Los Angeles.
- It was acquired in 1928 by the Bank of Italy of San Francisco, which changed its name to BoA two years later.
- The eastern portion of the BoA franchise may be traced back to 1784, the original iteration of FleetBoston that BoA acquired in 2004 when Massachusetts Bank was established.
- Charlotte’s Commercial National Bank was founded in 1874.
- In 1958, the bank combined with American Trust Company to form American Commercial Bank.
- When it merged with Greensboro Security National Bank two years later, it became the National Bank of North Carolina.
- In 1991, it merged with C&S or Sovran Corporation of Atlanta & Norfolk to form NationsBank.
- Since Chicago’s Commercial National Bank and Continental National Bank merged in 1910 to form the Continental & Commercial National Bank, which expanded into the National Bank & Trust of Continental Illinois, the franchise’s core dates back to 1910.
