NationsBank
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NationsBank was one of the largest banking corporations in the United States, based in Charlotte, North Carolina. In 1998, it acquired BankAmerica to become Bank of America.
[edit] Corporate history
Commercial National Bank (CNB), the earliest forerunner of NationsBank, was formed in 1874.
In 1957, Commercial National merged with its longtime rival in Charlotte, American Trust Co., forming American Commercial Bank. American Commercial changed its name to North Carolina National Bank (NCNB) in 1960 after acquiring of Greensboro-based Security National Bank. In the early 70s, it reorganized as the leading subsidiary of NCNB Corporation.
NCNB expanded beyond North Carolina for the first time in 1982, when it purchased Lake City, Florida-based First National Bank of Lake City, its first interstate expansion. Hugh McColl became CEO of NCNB the following year.
In 1988, NCNB's assets grew to $60 billion after it bought the failed First Republic Bank of Dallas, Texas from the FDIC.
NCNB became NationsBank in 1991 after acquiring Atlanta-based C&S/Sovran Corp. Following the merger, the Bank's assets grew to $118 billion.
In 1996, NationsBank acquired St. Louis-based Boatmen's Bancshares for $9.6 billion. The combined bank became the largest in the American south, with assets of $225 billion, and 2,600 branches stretching from North Carolina to New Mexico.
The following year, NationsBank acquired Florida's largest bank, Jacksonville-based Barnett Bank, for $15.5 billion, growing the company's total assets to $284 billion.
In 1998, it acquired BankAmerica, San Francisco, California, and the whole unit took on the name of Bank of America. With this merger, all of NationsBank's holdings, including some of the tallest buildings in the nation (like Bank of America Plaza in Atlanta and the Bank of America Corporate Center in Charlotte) took Bank of America's name. Headquarters for the new enterprise were established in Charlotte.
