Bank of America bailout bio

Bank of America headquarters

Bank of America traces its origins to the founding of the Massachusetts Bank in 1783, however it was the 1998 acquisition of BankAmerica by NationsBank that actually gave birth to the name Bank of America. This was followed by the 2004 acquisition of FleetBoston and 2005 purchase of credit card giant MBNA. 2008 has also been a growth year for the Charlotte, NC-based banking giant. In January BofA acquired faltering mortgage lender Countrywide Financial for $4 billion and followed up with the blockbuster $50 billion acquisition of Merrill Lynch, the New York-based investment bank. The Merrill Lynch acquisition followed closely on the heels of the failure of Lehman Brothers, another storied investment bank.

Bank of America is the second largest commercial bank according to the Fortune 500 ranking. Earlier this year, American Banker awarded Bank of America President and CEO Ken Lewis the Banker of the Year award. Some have argued that the 2008 purchases have catapulted Charlotte, NC to a new financial center in the U.S. even with the purchase of the other Charlotte-based banking giant Wachovia by Wells Fargo.

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**Bailout Bank Bio: Bank of America**
Federal Equity Investment	$15 billion
Total Revenue	$124.32 billion (2007)
Net Income	$14.98 billion (2007)
Number of Employees	247,024
Corporate Headquarters	Charlotte, North Carolina
Business Sector	Banking
Officers and Directors	Kenneth D. Lewis, Chairman of the Board President, Chief Executive Officer Other Officers and Directors
Corporate Website	ww.bankofamerica.com
Executive Compensation	Bank of America