Bank of America Mergers are significant events in the history of the Bank. In fact, these mergers and acquisitions provided the base of the rapid growth of the bank and contributed enormously in achieving the position,which the Bank of America holds in today’s world. Bank of America went through a number of merger and acquisition deals to attain the present status. The important mergers and acquisitions are as follows:
Before 1998, today’s Bank of America was known as Nations Bank. In the year 1998, this Nations Bank made an acquisition deal with Bank America. This acquisition deal was the largest bank acquisition of that period. After this acquisition of Bank America by Nations Bank, the combined entity got the name, Bank of America. Although the deal was technically an acquisition, it was provided the structure of a Merger.
In the year 2004, Bank of America acquired National Processing Company, which was engaged in processing of VISA and MasterCard Transactions.
In the same year of 2004, Bank of America made an acquisition deal with FleetBoston Financial. This acquisition helped Bank of America to gain market share in the north-eastern part of USA.
In 2005, Bank of America declared that it was going to make an acquisition deal with MBNA. After getting the approval of Federal Reserve Board, the acquisition finally took place in January,2006. This acquisition helped Bank of America to get a strong foothold in the credit card market of USA.
In the year 2006, Bank of America declared that it would buy out The United States trust Company and the deal was finally executed in January, 2007.
In 2007, Bank of America made a historic acquisition deal by acquiring LaSalle Bank Corporation, LaSalle Corporate Finance and ABN Amro North America.
Recently, in January 2008, Bank of America has made an announcement that they are going to buy Countrywide Financial.
Last Updated on : 29th July 2013