How Bank of America Went From Neighborhood Bank to Global Behemoth

Today, Bank of America (BAC) is the second largest bank in the U.S. by assets. But, before becoming a global company, it was a small neighborhood bank in San Francisco founded by Amadeo Giannini in 1904. He established the Bank of Italy to serve working class citizens, particularly Italian Americans. Bank of Italy was renamed in 1930 to Bank of America National Trust and Savings Organization. From the beginning, BofA supported several public projects - including the construction of the Golden Gate Bridge which opened in 1937. The bank also used the latest technologies to enhance its services, creating the first computer to be used in banking in 1955. That same year it developed the string of numbers found at the bottom of checks today known as the bank's routing number. In 1969, BofA piloted its first ATM at the Stonestown branch in San Francisco. Today, BofA has more than 16,000 ATMs. In 1983, BofA began offering 'Home Banking' to give customers access to their accounts remotely through their PCs. And in 2008, the bank acquired Merrill Lynch, making BofA the world's largest wealth management corporation.