What type of company is bank of america

Geoffrey S. Chief Risk Officer. Thomas M. Chief Operations Exec. Rudolf A. Chief Accounting Officer. Matthew M. Pres of Global Corp. Aditya Bhasin. Commerce Union's business at the time spanned Tennessee and had a presence in Kentucky. The merger gave Sovran strongholds in both of those states.

Around the time Sovran Bank's foundations were being laid, the Citizens Bank of Savannah, Georgia, opened its doors in the temperate coastal city on November 2, The resulting organization became the state's largest financial institution. It began to spread rapidly across the state of Georgia. Citizens and Southern began opening offices in South Carolina in , but the company sold its operations there in when it anticipated federal rules preventing banks from owning branches in multiple states.

That acquisition, along with the purchase of Landmark Banks of Florida in , helped Citizens and Southern double its size within eighteen months during the mids. The banking environment, however, was in the midst of tremendous change.

Large banks were continuing to consolidate. As a result, smaller banks were under constant pressure to find new ways to improve their efficiency and productivity and reduce their workforces.

In addition, the nation as a whole experienced a downturn in the real estate market--an area responsible for much of an average bank's business.

Prior to reissuing his offer, McColl gathered with his advisors. I don't know when. I don't know how. Cooley handled the job himself, and several weeks later, he handed McColl a profile of Brown as well as a profile of McColl himself, as seen by Brown. Cooley told his boss that the keys to Brown's relationships with people were honesty, sincerity, warmth, and friendliness. To McColl's chagrin, however, each of those traits was opposite the characteristics that McColl portrayed to Brown.

From Brown's vantage point, McColl was arrogant, crude, and ungentlemanly. After hearing Cooley's report, McColl and several other advisors began an intense series of role-playing sessions. McColl was schooled to avoid the use of militaristic terms and other verbal and nonverbal examples of his usual aggressive style. His staff coached him to become softer, more receptive, and friendlier in his approach. The credit problems in the D.

News filtered down to the NCNB leaders that although both factions preferred to remain independent, a merger with NCNB was the second choice among those on both sides. With this knowledge, McColl renewed his merger efforts with Brown. The two banking leaders sat down in Brown's home to discuss the terms of the deal. Brown's concerns were predictable: he wanted to know about leadership, cuts in personnel and staff, the name of the new bank, and--most important--the price.

McColl supplied the right answers to all of Brown's questions. The merged bank would carry the name NationsBank, which eased concerns about the North Carolina flag flying over Georgia. Shortly after NCNB's Texas acquisitions, the marketing group began experimenting with new names that would better reflect the company's size and geographic diversity, as well as be more acceptable in new markets.

At that time, the company began working with the Naming Center in Dallas. The Naming Center enlisted the work of academic linguists who worked with Latin teachers and poets to develop names rather than generating them by computers. On the list of prospective names was the word "Nation. Ironically, NationsBank consistently scored as one of the most recognized and highly regarded names in banking, although it had never been used before.

The corporate identity firm of Seigel and Gale in New York then developed a graphic look for the word that would reinforce its characteristics. As for the issue of leadership, McColl wanted Brown to take the chairmanship, while he retained the title of CEO and president.

McColl also pulled a sheet of paper from his coat that illustrated an exchange of 0. Brown was receptive to the deal, but could not supply McColl with a firm answer. It was on June 25 that the news about the probable merger broke in the Charlotte community. Even the national media focused on the possibility of this mega-deal between these banks in the South.

The merger was approved by the Federal Reserve on November 29, , and NationsBank officially opened its doors on January 2, Together, they thrust each other to a position among the top three banking leaders in the United States. The new entity quickly went to work to establish its presence in its chosen corporate headquarter city of Charlotte. Already, NCNB's office buildings jutted into the southern skyline, but as NationsBank the company decided to build a new headquarters building.

The result of this goal was the new NationsBank Corporate Center, a pristine sixty-story tower designed by architect Cesar Pelli. At the time it was built, it became the tallest building in the Southeast, and NationsBank firmly established itself as one of the nation's financial heavyweights.

As tribute to the man who led this building effort, many Charlotte onlookers began to call the new Corporate Center the "Taj McColl. The new bank had more domestic deposits than New York's Citibank, market capitalization to rival J.

In addition to serving as a leader in the financial world, in the early s NationsBank served as a role model to the larger corporate community as well. Nationwide, it was known as a company that exercised not only sound management practices, but cultural consciousness as well.

Under McColl's leadership, NCNB had already established flexible hours for working parents and a pre-tax child care expense reimbursement fund. Maternity leave was extended to six months, and the concept was expanded to include time off for new fathers. These ground-breaking policies attracted the attention of the Wall Street Journal , which in its centennial issue edition in selected NCNB as one of twelve companies in the world to watch in the future. Fortune magazine also chose McColl as one of the year's twenty-five most fascinating business people--the only one selected from the banking industry--in its January issue.

The company's financial strength also served as a resource for the many communities it supported. Charlotte itself was one of the nation's fastest growing metropolitan areas, due largely to the growth and visibility of NationsBank. In , the company had 1, branch offices, which made it the second-largest branch network in America. As the banking industry continued to consolidate and change during the mids, NationsBank made several key purchases.

Louis, Missouri-based Boatmen's Bancshares Inc. McColl commented on the purchase in a St. Louis Business Journal article, claiming that "it brings NationsBank into contact with million Americans, 40 percent of the population. That's exciting to us. Also, I'm a classical strategist. It denies it to the enemy, the enemy being everyone else. Bank of America has not been involved in the preparation of the content supplied at the unaffiliated sites and does not guarantee or assume any responsibility for its content.

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