Bank of America

Bank of America is a publicly traded company having a good stock performance result. Bank of America is a fortune 500 stock listed company trading under BAC.

Its manifest destiny has been fulfilled as the nation's first coast to coast bank. BAC fattened up by purchasing northeastern banking behemoth FleetBoston in 2004 for almost 50 billion dollars. It is the second-largest bank in the US by assets after Citigrorup. The above said bank also boasts the country's most extensive branch network, with more than 5,800 locations covering some 30 states and the District of Columbia. Continuing a spree of major purchases, BAC bought credit card giant MBNA in early 2006. It also bought credit card transaction processor National Processing from National City in 2004.The bank made the largest goal to transforming communities ever announced by a financial institution to 350 billion dollars over 10 years.

Bank of America Corporation is a publicly traded company. Its headquarters is in Charlotte, NC.It operates in 29 states, the District of Columbia and 43 foreign countries. The corporation provides a diversified range of banking and non banking financial services and products domestically and internationally through 4 business segments like Global Consumer and Small Business Banking, Global Business and Financial Services, Global Capital Markets and Investment Banking, and Global Wealth and Investment Management.

BAC 2004 goal resulted in lending and





investing more than 38 billion dollars for affordable housing. They made 9.5 billion dollars in loans and investments for small business in 2004.More than 7.5 billion dollars made a mark in consumer loans. They provided more than 2.3 billion dollars in loans, investments.

In 2005, they again set new records for revenue on a fully taxable equivalent basis, 56.9 billion dollars, and net income, 16.5 billion dollars, representing growth of 15 percent and 18 percent, respectively, over last year. Diluted earnings per share increased to 4.04 dollars, an 11 percent rise over 2004. Return on average common shareholders’ equity rose to 16.51 percent from 16.47 percent.

The banks lending and investment goal includes to target the areas like a



ffordable housing where BAC


is finances homes and build housing stocks. It provides capital to small businesses through loans and investments, serving as a catalyst for economic revitalization in communities across the nation. The bank offers credit options and education for low- and moderate-income individuals under the roof of consumer loans department.Economic developmentvalues local partnerships and makes direct investments in neighborhoods through nonprofit organizations, community development corporations.