Bank Of America Rode Tiny Roots To The Top
Ted Griffith reports for the Wilmington (DE) News Journal on the history, growth and future of Bank of America following its recent acquisition of MBNA.
Whether it's the best in banking is a matter of opinion, but Bank of America is indisputably the biggest when it comes to deposits, branches and now -- thanks to its purchase of Wilmington-based MBNA Corp. -- credit cards.Also included is a look at former Bank of America CEO Hugh McColl who was responsible for many of the acquisitions that Bank of America did over the years.
MBNA may be the last U.S. bank acquired by Bank of America. That's because Bank of America is bumping up against a federal cap that prohibits a bank from exceeding, through acquisitions, a 10 percent share of the nation's total deposits. MBNA focused on credit card banking, but it also accepted deposits, amassing about $28 billion. The addition of MBNA's deposits put Bank of America close to the $600 billion mark in deposits, or 10 percent of the estimated $6 trillion U.S. total.
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