Bank of America: Heritage Wall on display at Bank of America Tower, New York City.
New York City Heritage Wall Copy:
Our earliest legacy bank, the Massachusetts Bank, was founded in 1784. Governor John Hancock signed its charter, James Bowdoin served as its first president, and Paul Revere was one of its early customers.
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John Aikman Stewart, founder of U.S. Trust, America’s oldest trust company, held close relationships with U.S. presidents from Abraham Lincoln to Calvin Coolidge. U.S. Trust served as corporate trustee for the securities that financed major industries and infrastructure projects, including the construction of many of America’s railroads.
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During the War of 1812, the British attacked Washington, D.C., setting fire to the White House and Capitol. Bank of the Metropolis, our first legacy bank in Washington, survived the fires and helped fund the rebuilding of our nation’s capital.
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On January 6, 1914, Charles E. Merrill & Co. came into existence, opening an office at
7 Wall Street. The following year, Merrill persuaded Edmund Lynch to join him and officially changed the name to Merrill Lynch & Company.
7 Wall Street. The following year, Merrill persuaded Edmund Lynch to join him and officially changed the name to Merrill Lynch & Company.
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In 1904, A.P. Giannini opened Bank of Italy, our first legacy bank in San Francisco. Bank of Italy served the needs of the city’s growing immigrant population.
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In 1908, Bank of Italy took the risk of investing in the burgeoning motion picture
industry, helping launch many Hollywood studios and providing financing for hundreds of films. We continue to play a leading role in film financing.
industry, helping launch many Hollywood studios and providing financing for hundreds of films. We continue to play a leading role in film financing.
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In 1911, we provided our first loan to the California wine industry. We went on to finance many of the state’s leading wineries – a proud legacy that continues today.
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When architect Joseph Strauss proposed a design for an innovative bridge over San Francisco Bay, financing was nowhere to be found – until, in 1932, Bank of America stepped up and took the first issue of bonds to finance the Golden Gate Bridge. It was the largest public works project of the time.
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In 1931, we opened our first office in London, the financial capital of Europe, with
thirteen employees.
thirteen employees.
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In 1956, MICR (Magnetic Ink Character Recognition) and ERMA (the Electronic Recording Method of Accounting) ushered in the dawn of modern banking. MICR’s numeric font at the bottom of checks enabled computerized tracking and accounting of checking activities, while ERMA automated the processing of checks and account management.
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In addition to financing Walt Disney’s classic films, Bank of America helped fund the 1954 construction of Disneyland. In 1986, we provided financing for Walt Disney’s first theme park outside of the U.S. – Tokyo Disneyland.
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Beginning in the 1950s, Merrill Lynch brought Wall Street to Main Street. Believing that informed consumers could become intelligent investors, Merrill Lynch provided educational outreach through mass-market media, mobile offices and portable investment kiosks.
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In the decades following World War II, we accelerated our international expansion dramatically, opening offices throughout Asia, Europe and the Americas.
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Merrill Lynch secured its reputation as an institutional investor when, in 1956, it helped
take Ford Motor Company public, giving the firm its first billion-dollar year in underwriting.
take Ford Motor Company public, giving the firm its first billion-dollar year in underwriting.
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In 1958, we introduced BankAmericard, which quickly became the first nationally
accepted bank credit card. It would later become an independent company, changing
its name to VISA®.
accepted bank credit card. It would later become an independent company, changing
its name to VISA®.
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In 1960, we received a patent for an Automatic Receiving Teller. Capable of accepting
deposits, it was a predecessor to the modern ATM.
deposits, it was a predecessor to the modern ATM.
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In 1998, NationsBank and BankAmerica merged to create Bank of America. Led by CEO Hugh McColl, Bank of America became the country’s first coast-to-coast bank.
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In 2008, Merrill Lynch became a part of Bank of America.
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In 2013, Bank of America Merrill Lynch became the first corporate issuer of a green bond. Today, we remain the leading underwriter of corporate green bonds globally.