Bank of America (BofA) began life in 1874 in Charlotte, North Carolina as Commercial Financial Bank. Today, this financial institution is the third largest commercial bank in the United States of America and is still based out of Charlotte. It's stock is traded on the New York Stock Exchange under the symbol BAC.
The bank as it exists today is the product of numerous mergers and acquisitions over the last century. Amongst the banking institutions that currently form Bank of America (BofA) include Bank of Italy (USA), NationsBank, American Commercial Bank, Security National Bank, First RepublicBank, C&S/Sovran Corp, First National Bank of Lake City, Maryland National Bank, American Security Bank, Boatmen's Bancshares, Barnett Bank, Continental Illinois National Bank and Trust Company and FleetBoston Financial. Bank of America made a huge jump in the personal debt market by recently purchased the credit card major MBNA in a $35 billion deal that sees it as a strong overall banking player.
It has good positions in personal savings/banking, mortagages, small business banking, commercial lending, dealer services, real estate, institutional investing, insurance, international finance and credit cards. As of 2005, the Bank of America Corporation holding company has over $1.2 Trillion in assets worldwide.