Bank of America

In 1998, following the merger between Bank of America and NationsBank, the combined institution adopted the historic Bank of America brand. This rebranding effort was significant as it marked the consolidation of two major banking entities under a single, unified brand identity. The introduction of the Bank of America name built on the legacy and national recognition of the original California-based Bank of America, leveraging its strong consumer banking reputation. This strategic move was designed to create a cohesive corporate culture and branding strategy that would facilitate the merged company's expansion across diverse geographic markets and financial sectors.

On September 30, 1998, the merger between BankAmerica Corporation and NationsBank Corporation was finalized, creating the entity known today as Bank of America. The merger, valued at $62 billion, was the largest bank acquisition at that time. The transaction blended BankAmerica's national consumer banking footprint with NationsBank's commercial banking strength in the eastern United States. This historic merger created the first coast-to-coast banking franchise in the United States and positioned the new Bank of America as a global leader in financial services. The merger also introduced technological and operational efficiencies that enhanced the institution's scalability in various market segments.

On June 30, 2005, Bank of America announced the acquisition of MBNA Corporation, a major credit card company, for approximately $35 billion in cash and stock. The acquisition marked one of the largest such deals in the banking sector at the time, significantly boosting Bank of America's credit card business and making it one of the leading issuers of credit cards globally. This move was part of Bank of America's broader strategy to expand its consumer lending operations and provide a more diversified suite of financial products and services to its customer base. The acquisition of MBNA was seen as a strategic fit, leveraging MBNA's expertise in affinity and co-brand credit card partnerships.

On September 15, 2008, Bank of America Corporation announced that it would acquire Merrill Lynch & Co., Inc. in an all-stock transaction worth approximately $50 billion. This event marked a significant moment during the financial crisis of 2007-2008, as Merrill Lynch had been under severe financial strain due to its exposure to subprime mortgages. The acquisition was part of Bank of America's strategy to expand its investment banking operations and broaden its range of financial services. The merger allowed Bank of America to gain access to Merrill Lynch's extensive network of advisors and client base, strengthening its position in the global financial market. The deal was completed on January 1, 2009, making Bank of America the largest financial services company in the world at the time.

On December 2, 2009, Bank of America announced that it would repay all of the $45 billion it received from the U.S. government's Troubled Asset Relief Program (TARP). The repayment was a significant milestone for the bank, as it aimed to remove the restrictions and oversight that came with the TARP funds. Bank of America was one of the largest recipients of TARP funds during the financial crisis. The bank's management argued that repaying the funds would allow the company to regain its independence and improve its public image. The repayment was completed using proceeds from asset sales and capital raising. This decision marked a new phase in Bank of America's recovery strategy post the financial crisis.

In October 2010, Bank of America announced a nationwide suspension of foreclosures and the examination of foreclosure documents, amid concerns about the accuracy of the paperwork. This decision was made in response to increasing pressure and scrutiny over allegations of improper home repossessions and 'robo-signing,' where bank employees signed off on foreclosure documents without verifying the information. The halt affected all 50 states and was intended to ensure that foreclosure proceedings complied with legal requirements and did not unfairly impact homeowners. Bank of America's move was part of a broader industry-wide examination of foreclosure practices, highlighting the ongoing challenges facing banks in the aftermath of the housing crisis.

On August 21, 2014, Bank of America reached a record-breaking settlement with the U.S. Department of Justice (DOJ) for $16.65 billion. The settlement was the largest civil settlement with a single entity in American history at that time. It resolved claims related to the sale of toxic mortgage-backed securities that helped cause the 2008 financial crisis. The agreement included penalties and consumer relief, with $7 billion allocated toward consumer relief efforts such as loan modifications and forgiveness. This settlement reflected Bank of America's commitment to address its legacy issues from the financial crisis, allowing it to focus on its core businesses and improve its financial standing.

In July 2018, Bank of America officially ended its free checking option for eBanking customers, a decision that drew significant public backlash. The eBanking accounts, which did not charge a monthly maintenance fee as long as customers conducted online transactions and opted for electronic statements, were transitioned to accounts with monthly fees unless certain conditions were met. This change was part of Bank of America's shift toward a more uniform account structure and its effort to encourage customers to opt into newer digital account offerings. The move was criticized by consumers and advocacy groups, particularly affecting low-income and young customers who relied on the no-fee account option.

On May 15, 2020, Bank of America CEO Brian Moynihan advocated for a comprehensive economic recovery plan in response to the economic disruptions caused by the COVID-19 pandemic. Moynihan emphasized the importance of public and private sector collaboration to ensure a robust and equitable recovery. His call for action included recommendations for targeted financial assistance to small businesses, investment in infrastructure, and measures to support the most vulnerable populations impacted by the downturn. This proactive stance from one of the leading figures in the banking industry highlighted the role of financial institutions in shaping the post-pandemic economic landscape and supporting communities during challenging times.

On February 11, 2021, Bank of America announced a significant commitment of $1 billion over four years to address racial and economic inequality. This initiative was part of the bank's broader efforts to tackle systemic issues of racial inequality intensified by socio-economic challenges in minority communities. The pledged funds were dedicated to affordable housing, job training, small business support, and health services, particularly in communities disproportionately impacted by the pandemic. The announcement was in line with Bank of America's goal to promote sustainable economic growth and social progress through partnerships with public and private sector entities.