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in our last bank of america video we covered how bank of america's heritage shaped young america through the 1800s today we moved through the timeline of the 1900s but before we begin today's history lesson don't forget to hit like and subscribe to show your support for the channel alright let's get into it and i promise no pop quizzes the bank of america name first appeared in 1923 with the formation of bank of america los angeles in 1928 it was acquired by bank of italy of san francisco which changed the name of bank of america two years later the central portion of the franchise dates to 1910 when commercial national bank and continental national bank of chicago merged in 1910 to form continental and commercial national bank which then evolved into continental illinois national bank and trust from a naming perspective the history of bank of america begins in 1904 that year innovative banker amadeo pietro gianini founded the bank of italy of san francisco the bank wrote an important entry in the financial history ledger bank of italy in san francisco opened the country's first woman-based bank the women's banking department for the first time in american history women had access to their own accounts where they could manage their finances without the involvement of their spouses as well as educate themselves on financial literacy equality then led to equity and by 1927 the women's banking department had more than 20 000 account holders in a misogynistic society where women were stereotypically expected to stay in the kitchen and make sandwiches bank of america helped women get better bread the following year the bank of los angeles was founded and managed by famed attorney aura e minette he merged with the san francisco bank and consolidated the merger with other bank holdings in order to create what would become the largest banking institution in the country known now as bank of america two years later bank of italy was renamed to bank of america national trust and savings association which was the only such designated bank in the united states at the time giannini and monette stayed on board as co-chairs the successful merge led the bank on the road to successful status and by 1929 the bank had 453 banking offices in california with aggregate resources over 1.4 billion over 15 billion dollars in today's money giannini sought to build a national bank expanding into the most western states as well as into the insurance industry under the name of his holding company transamerica corporation and you can't speak of 1929 without mentioning of course black tuesday for those that don't know that's the nickname for october 29 1929 when the new york stock exchange collapsed spiraling the stock market and symbolizing the start of the great depression obviously most people weren't prepared charlie merrill was president of bank of america and he correctly predicted the stock bubble on wall street bursting and as such felt people were holding too much debt against equity merrill advised clients to reduce holdings and repurpose portfolios with risk aversion in mind and either lighten the portfolio or pay off debt as a result merrill lynch's clients who heeded his advice made it through the crash and fared better than those who didn't act on his letters or advice this leads us into the 30s where bank of america partnered not with a banker but a mouse the most famous mouse to be exact in 1938 disney released the world's first feature-length animated movie snow white in the seven dwarves the movie was made possible by financing from bank of america the now iconic motion picture shattered box office records drawing critical acclaim and grossing 184.9 million dollars or 3.17 billion dollars in today's money the revolutionary hit sparked a relationship between disney and bank of america that evolved into the financing of fellow disney classics such as bambi cinderella dumbo fantasia peter pan and pinocchio later the relationship exited the theater and entered the construction zone of disneyland and later disney world both of which bank of america financed at a cost of 17 million dollars bank of america also financed the famed christmas movie it's a wonderful life and helped columbia pictures united artists mgm and warner brothers during the depression let's fast forward to much better financial times of the 1950s having a stable position in a global economy ravaged by warfare american industries boomed more families became middle class establishing post-war careers and the money and population grew in fact so much money was circulating that california's branch of bank of america possessed more checks than any other bank in the world back then checks had to be done by hand leading to the manual clearing of over a billion checks per year my hand hurts just thinking about that and it wasn't until 1955 with the introduction of the electronic recording method of accounting that computers were finally able to process checks future president ronald reagan led a conference to show exactly what the electronic recording method could do and processed approximately 33 000 accounts in the time it would take an average human bookkeeper to do 245 it handled read and sorted a wide variety of paper checks at high speeds managing 600 checks per minute which reduced the check processing time by 80 percent on the business side in 1953 regulators succeeded in forcing the separation of transamerica corporation and bank of america under the clinton antitrust act the passage of the bank holding company act of 1956 prohibited banks from owning non-banking subsidiaries such as insurance companies bank of america and transamerica were separated transamerica continued working in the insurance industry however federal banking regulators prohibited bank of america's interstate banking activity and bank of america's domestic banks outside of california were forced into a separate company that eventually became first interstate bank corp which would then be acquired by wells fargo in 1996. new technologies also allowed the direct linking of credit cards with individual bank accounts in 1958 the bank introduced the bank of mary card which changed his name to visa in 1977 introducing credit cards to the public an alliance of other california banks introduced mastercharge now mastercard in 1966 to compete with bank of mary card three years later as the summer of love kissed 1969 goodbye and fall started bank of america became the first bank in the nation to develop its own proprietary atm for customers to use although it was initially a failure with only 500 users the benefits of after hour banking services and access to bank accounts at shopping locations such as grocery stores and shopping malls grewed into a success bank of america expanded outside of california in 1983 with its acquisition orchestrated in part by stephen mcglinn of seafish corporation of seattle washington and its wholly owned banking subsidiary seattle first national bank c first was at risk of seizure by the federal government after becoming insolvent due to a series of bad loans to the oil industry bank of america experienced huge losses in 1986 and 1987 due to the placement of a series of bad loans in third world countries particularly in latin america the company fired ceo sam armacost in 1986 and although armacos blamed the problems on his predecessor a.w clowson was appointed to replace arma coast the loss has resulted in a huge decline of bank of america stock to eight dollars per share in 1987. it's worth noting that this year in particular is infamous in financial history for a rapid worldwide stock crash in october now known as black friday the steep decline exposed the company to a hostile takeover first interstate bank corp of los angeles which had originated from banks once owned by bank of america launched a bid in 1986 but bank of america stood its ground by selling operations it sold its finance america subsidiary to chrysler and the brokerage firm charles schwab back to the original owners it also sold bank of america and italy to deutsche bank by 1992 it had rebounded mightily to 51.38 dollars per share to become one of the biggest gainers of the time period why one reason was bank of america's big acquisition that same year the company acquired security pacific corporation and its subsidiary security pacific national bank in california other banks in arizona idaho oregon and washington owned by security pacific supplemented the deal this represented at the time the largest overall bank acquisition in history federal regulators however forced the sale of roughly half of security pacific's washington subsidiary the former raynor bank has a combination of seafirst and security pacific washington would have given bank of america two largest share of the market in that state the washington branches were divided and sold to key bank and west one bancorp now called u.s bancorp in 1994 bank of america acquired the continental illinois national bank and tresco chicago at the time no bank had the resources to bail out continental so the federal government operated the bank for nearly a decade illinois then ramped up regulations for branch banking bank of america moved its national lending department to chicago in an effort to establish a financial hub in the region these mergers helped bank of america corporation to once again become the largest u.s bank holding company in terms of deposits but the company fell to second place in 1997 behind north carolina's nation's bank corporation and the third in 1998 behind first union corp on the capital market side the acquisition of continental illinois helped bank of america to build a leveraged finance organization and distribution business which allowed the firm's existing broker-dealer bank america securities originally named ba securities to become a full-service franchise in addition in 1997 bank of america acquired robertson stevens a san francisco-based investment bank specializing in high technology for 540 million dollars in 1997 bank of america lent hedge fund d.e shawnko 1.4 billion dollars in order to run various businesses for the bank however d.e shaw suffered significant losses after the 1998 russian bond default nation's bank of charlotte acquired bank of america in october 1998 for 37 billion dollars that was the then largest bank acquisition in history the merged bank took the name of bank of america hence the holding company known as bank america was renamed to bank of america corporation while nations bank n a merged with bank of america and t and sa to form bank of america na as the remaining legal bank entity however the merged company was and still is headquartered in charlotte and retains nation bank's pre-1998 stock price history it was also around this time that the famous bank of america logo was developed in 1998 bank of america possessed combined assets of 570 billion dollars as well as 4 800 branches in 22 states i hope you've enjoyed this long walk down bank of america's gold paved memory lane the bank certainly had a major impact on america's 20th century history you can make a positive impact on this channel by hitting the like button and smashing subscribe to never miss another video of business content including our next bank of america video covering the 21st century thank you all for watching