Bank out-of The usa Corp. (BAC) is just one of the prominent loan providers around the world, with more or less $step three.twenty-seven trillion in the property and you can a clientele of around 69 mil people and small enterprises. The organization caters to customers as well as private consumers, higher firms, high-net-well worth individuals, and you can governments. Financial regarding The united states is additionally one of several earliest loan providers in the us, with areas of the organization situated 240 in years past.

Today, the business divides its products and attributes to your four locations: Internationally Banking, Worldwide Areas, Individual Banking, and you may Around the world Wide range and you can Investment Management. In the 2023, Financial regarding The usa stated $ billion for the money and $ million inside net income. It has an industry capitalization from $ billion since .

Financial out of America’s biggest purchases depict work because of the providers to expand toward the brand new regions of financing and you may banking or even improve their reach contained in this existing companies. Below, we try looking in greater detail within half dozen out-of Lender out of America’s essential acquisitions. The firm does not offer a report about just how much profit or cash for every order currently contributes.

Merrill Lynch

• Buy price: $50 mil (all-inventory exchange)

Lender out of America’s acquisition of resource and wealth administration company Merrill Lynch during the 2008 is definitely the company’s biggest. Merrill Lynch is commercially mainly based when you look at the 1915 and you will setup along side 2nd century for the one of the largest monetary characteristics people inside the nation.

Financial regarding America’s acquisition of Merrill Lynch generated the bank you to definitely of your own biggest wealth management companies international, with about $1.8 trillion when you look at the customer possessions during the time of closing. not, Merrill Lynch’s financial support when you look at the collateralized debt burden (CDOs) or other state-of-the-art, high-risk lending products placed the firm at risk for failure throughout the fresh 2008 overall economy, threatening to get their mother for the insolvency. Bank away from The united states are obligated to bring lots of costs and make-offs pertaining to the deal within the further decades. The costs integrated Bank regarding America’s settlement out-of a great $2.4 mil group step suit connected with the purchase.

U.S. Faith

• Type of business: Private banking
• Buy rate: $step 3.3 million

You.S. Trust Corp. try based in the 1853 to include monetary properties private and you may business funds, which have a certain manage higher-net-well worth some one. It focused so you can America’s wealthiest families and industrialists. When Bank out-of The usa ordered the organization of Charles Schwab Corp. from inside the 2007, You.S. Trust treated more or less $94 billion in visitors property and you may 21,000 team.

The acquisition enabled Financial regarding America so you’re able to significantly grow the individual financial company by the merging You.S. Faith with several businesses to help make a much bigger providers that have $427 million altogether customer assets. In the process of obtaining U.S. Trust, Financial out-of The usa dissolved the earlier brand name and renamed the business since the You.S. Trust Bank out-of The usa Personal Money Government. It section became labeled as Financial out of America Personal Financial.

Countrywide Financial

• Particular organization: Financial features
• Order price: Just as much as $4 mil (all-stock transaction)

Countrywide same day loans Hazel Green AL Economic try situated in 1969 and in the end expanded to the premier founder of mortgage loans in the us. Regardless if Countrywide’s economic wellness deteriorated drastically from inside the 2008 financial crisis, Financial out-of America viewed the acquisition in order to drastically boost its condition home mortgage field. not, the deal notably increased Bank from America’s connection with mortgage financing much like the You.S. housing industry is collapsing.

Therefore, Nationwide turned among Bank of America’s (and the economic features world’s) terrible acquisitions. Fundamentally, the acquisition cost Financial regarding America over $34 billion from inside the user real estate losses and money reserved getting money to buyers, and $16.7 billion inside a fraud settlement linked to Nationwide and you can Merrill Lynch.

FleetBoston Financial

FleetBoston Financial is made in the 1999 from the merger out-of BankBoston and you will Fleet Monetary Class. The organization is located in The newest England and you can focused mostly with the providing financial attributes to have people about Northeast.

On acquisition of FleetBoston, Bank off The united states became inside the 2004 another-largest banking team in the usa, with 33 billion users and you may 2.5 billion providers website subscribers within the those nations international. As part of the buy, every Collection twigs at some point rebranded as the Bank out of America cities.

LaSalle Bank

Lender from The usa purchased ABN AMRO United states Carrying Co., the new mother team off LaSalle Bank, of ABN AMRO Carrying NV when you look at the later 2007. At the time of the acquisition, LaSalle got a hefty exposure in both consumer and commercial banking in the You.S. Midwest and particularly to Chi town and you may Detroit.

Financial out-of America’s purchase of LaSalle helped to help you notably increase their exposure in the area, including step one.cuatro mil merchandising users, more than 400 financial facilities, 264 practices, and you can tens of thousands of ATMs from the Chi town city, Michigan, and Indiana.

Axia Technologies

Axia Tech Inc. was established when you look at the 2015, making it one of the youngest companies acquired of the Financial of The united states. Axia brings a gateway and you may critical application service getting healthcare team so you can support stop-to-prevent costs.

Bank of America’s acquisition of a medical monetary tech team suggests that it is trying to transfer to this new punctual-expanding medical costs ) has made equivalent acquisitions. Within the 2019, JPMorgan obtained InstaMed, another medical repayments providers.