324:. Baybanks was founded in 1928 when a Massachusetts asset manager with controlling stakes in nine banks reorganized itself as Old Colony Trust. After successfully weathering the Great Depression, Old Colony Trust changed its name to Baystate Corporation. This reflected the widening scope of operations and services the firm provided throughout Massachusetts. In the 1950s and 1960s, Baystate engaged in an aggressive acquisitions strategy and bought more than 40 banks. In 1976 the bank's name was changed from Baystate to BayBanks, Inc. BayBanks derived 80 percent of its revenues from its retail business, with 31% of households in eastern Massachusetts, and 25% across the entire state, having at least one BayBanks account.
227:
909:
460:
235:
1353:
434:, in exchange for ItaĂş shares. The BankBoston name and trademarks were not part of the transaction and, as part of the sale agreement, cannot be used by Bank of America. In August 2006, ItaĂş purchased BankBoston assets in Chile and Uruguay. Operations in these countries continued to use the BankBoston brand until Banco Itau completed its takeover in Chile on February 27, 2007, and in Uruguay on March 23, 2007.
1365:
38:
374:
The combination of Fleet and BankBoston resulted in what was the eighth largest bank in the United States at the time, with assets of over $ 190 billion. Between the acquisitions by Fleet and BankBoston, the combined bank had consumed eight of the ten largest banks in New
England at the start of the
334:
The combined bank, rebranded BankBoston in 1996, was a major financial institution both domestically and internationally, due in part to the Latin
American holdings of Bank of Boston, where the old name was still used. Nonetheless, it would soon be subsumed by one of the many U.S. bank mergers that
287:
In 1970 the Bank of Boston reorganized under a new holding company, First
National Boston Corporation, and began a series of acquisitions of regional banks through the 1970s and 1980s. In 1978, the bank challenged a Massachusetts law limiting bank contributions to political issues. The U.S. Supreme
486:
maintains offices in Costa Rica, has representative offices in Mexico, Guatemala, El
Salvador, Colombia and Peru and has correspondent banking with Dresdner Bank Lateinamerika AG in Panama, Banco Latinoamericano de Exportaciones SA (BLADEX) in Panama, Bank of Nova Scotia in Panama, Chase Manhattan
162:
The history of BankBoston represents the combination of dozens of banks throughout the New
England region acquired over the course of more than two centuries. Among its notable predecessors were the Massachusetts Bank, the First National Bank of Boston, the Old Colony Trust Company and BayBank.
487:
Bank, Bank of New York, Citibank, Colonial Bank in Miami, First Union Bank in Miami, SunTrust Bank in Miami, Bank of
America in Miami, Barclays Bank PLC in Miami, Banco General (Overseas) in the Cayman Islands, HSBC Bank USA in New York, HSBC Bank PLC in Panama, and others.
242:
In 1903, The
Massachusetts Bank merged with The First National Bank of Boston amidst a wave of consolidation in the banking industry at the start of the 20th century. First National had been founded in 1859 as Safety Fund Bank, changing its name in 1864 when it joined the
171:
Bank of Boston traced its roots back to The
Massachusetts Bank founded in 1784. The Massachusetts Bank was the first federally chartered joint-stock owned bank in the United States and only the second bank to receive a charter in the United States, after the
319:
In 1995, Bank of Boston announced a merger with BayBank, another local financial institution. Although still smaller than its failed takeover targets earlier in the decade, BayBank had a strong retail banking operation, with 205 branches and over a thousand
414:, which was looking to expand its East Coast presence. Bank of America chose to unload Bank of Boston's historic Latin American assets (still branded as BankBoston), in order to focus on becoming one of the largest U.S. domestic banks.
315:
collapsed in early 1992. In 1994, Bank of Boston entered into discussions with Fleet about a potential merger but ultimately Fleet chose to merge with
Shawmut in 1995. This merger made Fleet the largest bank in Boston and New England.
354:
On 26 October 1999, Bank of New York gained BankBoston Panama as its subcustodian bank in Panama. Beginning in 1996, the 1973 established BankBoston Panama provided custody services to non-resident investors in Panama.
302:
By the 1990s, Bank of Boston was looking to make another large acquisition, hoping to make itself too rich to be acquired by a much larger player. However, the bank lost the bidding in 1991 for the failed
398:. The acquisition of Summit, New Jersey's largest remaining bank at the time, vaulted FleetBoston into the #1 market-share position in the state of New Jersey and provided critical mass in the
331:
although Fleet was still the larger bank overall. With the addition of BayBank's $ 11 billion of assets, the combined bank had total assets of over $ 62 billion at the end of 1996.
196:. The bank's founders were largely made up of merchants who wanted to use a U.S., rather than British bank to send money abroad. It was first headquartered at the old
294:. In 1982, the bank renamed itself Bank of Boston. In 1985 Bank of Boston acquired Connecticut-based Colonial Bancorp and in 1987 acquired BankVermont Corporation.
1088:
792:
417:
On 17 December 2004, Bank of
America sold its BankBoston (BKB) operations in Peru, Colombia, and Panama to the 1955 established Panamanian private equity bank
441:. With the finalization of the sale on April 3, 2007, the BankBoston brand ceased to exist in any branches (in 2012 an 80% stake was sold by Standard Bank to
276:
in 1933, which prohibited commercial banks from engaging in investment banking and securities dealing, First National Bank of Boston was forced to divest its
743:
371:
just a few years earlier. Fleet now dominated the New England market, yet saw the value in maintaining the old Bank of Boston brand in Latin America.
1416:
247:. After a year operating as The Massachusetts First National Bank of Boston, the combined firm dropped the usage of "Massachusetts" in the name.
207:
In 1786, the Massachusetts Bank financed the first U.S. trade mission to China, and in 1791, it financed the first voyage of an American ship to
154:
After the sale of its Latin American branches in 2006, BankBoston currently exists solely as a subsidiary private bank owned by Bank of America.
346:
for approximately $ 800 million. The transaction represented the second largest acquisition in company history, after the purchase of BayBank.
272:, the First National Bank of Boston continued to grow in 1929, purchasing the Old Colony Trust Company. However, following the passage of the
17:
1172:
1411:
705:
672:
1008:
860:
290:
1255:
442:
327:
Following the merger, the combined Bank of Boston did regain the title as the largest bank in the city of Boston from its rival
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1406:
1401:
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613:
1280:
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1240:
796:
437:
In December 2006, Argentina's central bank approved Bank of America's sale of BankBoston Argentina to South Africa's
367:(originally Providence Bank, founded in Rhode Island in 1791) acquired BankBoston in 1999, on the heels of acquiring
1368:
1227:
1215:
1205:
978:
581:"The Bank of New York Appoints BankBoston Panama as its Subcustodian in Panama, Expanding Network To 90 Countries"
1285:
1245:
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963:
1250:
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273:
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853:
244:
139:. One of its predecessor banks started in 1784, but the merged BankBoston was short-lived, being acquired by
448:
BankBoston currently exists solely as an international private bank, a subsidiary owned by Bank of America.
1083:
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930:
888:
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339:
1038:
998:
925:
883:
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200:, near Boston Common. The bank was the only bank in the city of Boston until the Union Bank (later the
269:
215:. Bank of Boston would later become the largest foreign bank in several major Latin American cities.
148:
1357:
1302:
1136:
1053:
988:
935:
846:
532:
321:
968:
343:
1063:
382:, adopted BankBoston's former Boston headquarters as its own. The bank had branches throughout
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391:
379:
173:
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8:
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304:
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112:
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Court sided with the bank that their First Amendment rights were being restricted, in
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218:
In 1864, The Massachusetts Bank was renamed the Massachusetts National Bank.
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558:
838:
545:
Hower, Ralph M., ed. (1937). "A History of Boston's Oldest Bank".
180:
and among its early account holders were such notable figures as
143:
in 1999. In 2005, FleetBoston was purchased by, and merged into,
1173:
American Security and Trust Company Building (Washington, D.C.)
124:
98:
37:
211:, establishing what would become a long-standing presence in
553:(6). The President and Fellows of Harvard College: 101–104.
297:
1058:
386:
and the mid-Atlantic states. In 2000, FleetBoston acquired
430:
sold all BankBoston's Brazilian assets to Brazilian bank
261:, in the frame of the international campaign supporting
250:
On December 24, 1927, Bank of Boston's headquarters in
614:"BofA offloading BKB ops in Panama, Colombia, Peru"
405:
1383:
221:
410:In 2004, FleetBoston in turn was purchased by
854:
1228:Bank of America Corporate Center (Charlotte)
547:Bulletin of the Business Historical Society
230:First National Bank of Boston logo, c. 1921
69:
861:
847:
131:, which was created by the 1996 merger of
1009:Farmers and Merchants Bank of Los Angeles
793:"Emerging Markets Economy, 26 March 2007"
298:Acquisition of BayBank to form BankBoston
291:First National Bank of Boston v. Bellotti
166:
1417:Defunct companies based in Massachusetts
233:
225:
533:"The North American Review, Volume 201"
443:Industrial and Commercial Bank of China
14:
1384:
1158:555 California Street (San Francisco)
984:Citizens & Southern National Bank
842:
544:
27:Bank in Massachusetts, US; bought out
1364:
538:
358:
868:
349:
338:In August 1998 BankBoston acquired
176:. The bank's charter was signed by
24:
1412:Defunct banks of the United States
254:, Argentina, were blown up by the
25:
1433:
1089:Provident Institution for Savings
642:[Corporate Information].
590:. 26 October 1999. Archived from
1363:
1352:
1351:
907:
675:[Organizational chart].
458:
311:, and its attempted merger with
36:
1019:First Republic Bank Corporation
964:Benj. Franklin Savings and Loan
823:
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771:
759:
477:
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513:Federal Reserve Bank of Boston
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406:Acquisition by Bank of America
13:
1:
1074:National Westminster Bank USA
1044:Gibraltar Savings Association
494:
222:First National Bank of Boston
18:First National Bank of Boston
1397:Banks disestablished in 2005
1392:Bank of America legacy banks
1084:North Carolina National Bank
1029:Fourth Financial Corporation
931:Bank of America, Los Angeles
889:Bank of America Private Bank
715:(in Spanish). Archived from
682:(in Spanish). Archived from
649:(in Spanish). Archived from
340:Robertson Stephens & Co.
238:Bank of Boston logo, c. 1982
7:
1059:MBNA/Maryland National Bank
830:Standard Bank, 3 April 2007
451:
335:proliferated in the 1990s.
10:
1438:
1422:Economic history of Boston
1039:Gibraltar Savings and Loan
926:Banc of America Securities
884:Bank of America Home Loans
274:Glass–Steagall legislation
157:
1407:Companies based in Boston
1402:Banks established in 1996
1347:
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1177:Bank of America Building
1150:
936:Bank of America NT&SA
916:
905:
876:
708:[Correspondent].
640:"InformaciĂłn Corporativa"
270:Wall Street Crash of 1929
149:Charlotte, North Carolina
108:
94:
84:
76:
64:
54:
44:
35:
1303:Hearst Tower (Charlotte)
1137:Western Savings and Loan
1054:Mercury Asset Management
989:Commercial National Bank
470:
1197:Bank of America Center
818:Boston Business Journal
344:BankAmerica Corporation
204:) was founded in 1792.
1272:Bank of America Tower
1232:Bank of America Plaza
1064:Michigan National Bank
1034:G. H. Walker & Co.
1004:E. A. Pierce & Co.
979:Central Bank and Trust
779:Business News Americas
239:
231:
167:The Massachusetts Bank
1117:Standard Federal Bank
1109:Security Pacific Bank
1069:Montgomery Securities
999:Countrywide Financial
974:Cassatt & Company
739:"BankBoston Building"
380:FleetBoston Financial
237:
229:
174:Bank of North America
141:FleetBoston Financial
89:FleetBoston Financial
68:February 7, 1784 (as
1142:White Weld & Co.
994:Continental Illinois
969:Boatmen's Bancshares
799:on 29 September 2007
259:Severino Di Giovanni
245:national bank system
123:was a bank based in
49:Bank holding company
1163:701 Brickell Avenue
946:Bank of New England
719:on 13 February 2005
686:on 13 February 2005
378:The merged entity,
305:Bank of New England
202:Bank of New England
32:
1099:Robertson Stephens
820:, 22 December 2006
620:. 17 December 2004
618:BNAmericas website
278:investment banking
263:Sacco and Vanzetti
240:
232:
113:Financial services
70:Massachusetts Bank
30:
1379:
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1168:Albuquerque Plaza
594:on 17 August 2000
359:Merger with Fleet
256:Italian anarchist
198:Manufactory House
118:
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16:(Redirected from
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795:. Archived from
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768:, 10 August 2006
766:Brazzil Magazine
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706:"Corresponsales"
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653:on 7 August 2021
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1256:Fort Lauderdale
1146:
1094:Rainier Bancorp
918:
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894:BofA Securities
872:
870:Bank of America
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509:"November 1999"
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145:Bank of America
80:October 1, 1999
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782:, 6 March 2007
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713:(bgeneral.com)
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1104:Seafirst Bank
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711:Banco General
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685:
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678:Banco General
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673:"Organigrama"
668:
652:
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645:Banco General
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439:Standard Bank
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1356:
1313:Museum Tower
1276:Jacksonville
1113:Shawmut Bank
1049:LaSalle Bank
956:Barnett Bank
950:
825:
817:
813:
801:. Retrieved
797:the original
787:
778:
773:
765:
761:
749:. Retrieved
742:
733:
721:. Retrieved
717:the original
709:
700:
688:. Retrieved
684:the original
676:
667:
655:. Retrieved
651:the original
643:
634:
622:. Retrieved
617:
608:
596:. Retrieved
592:the original
584:
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517:. Retrieved
515:. 1999-11-01
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479:
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402:metro area.
400:Philadelphia
377:
373:
369:Shawmut Bank
362:
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318:
313:Shawmut Bank
301:
289:
286:
282:First Boston
268:Despite the
267:
252:Buenos Aires
249:
241:
217:
206:
190:John Hancock
186:Samuel Adams
178:John Hancock
170:
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153:
136:
132:
120:
119:
95:Headquarters
1308:Miami Tower
1211:Los Angeles
1122:Sovran Bank
1079:NationsBank
917:Historical
384:New England
182:Paul Revere
55:Predecessor
1386:Categories
1322:Executives
1024:Fleet Bank
951:BankBoston
919:components
519:2023-03-21
495:References
432:Banco ItaĂş
396:New Jersey
365:Fleet Bank
329:Fleet Bank
309:Fleet Bank
194:Henry Knox
121:BankBoston
31:BankBoston
1334:Ken Lewis
1281:Manhattan
1261:St. Louis
1241:Charlotte
1201:Baltimore
1181:Baltimore
1151:Buildings
1132:Suretrade
877:Divisions
426:In 2006,
392:Princeton
280:arm, the
209:Argentina
85:Successor
1358:Category
751:6 August
723:6 August
690:6 August
657:6 August
624:6 August
598:6 August
452:See also
109:Products
45:Industry
1370:Commons
1286:Phoenix
1246:Chicago
1236:Atlanta
1216:Norfolk
1206:Houston
1191:Oakland
1186:Midland
960:Baybank
899:Merrill
803:6 April
588:website
567:3110492
535:, 1915.
375:1990s.
158:History
137:BayBank
77:Defunct
65:Founded
60:BayBank
1251:Dallas
747:. 2015
565:
125:Boston
99:Boston
1266:Tampa
1221:Tulsa
563:JSTOR
471:Notes
342:from
805:2007
753:2021
744:ICIJ
725:2021
692:2021
659:2021
626:2021
600:2021
322:ATMs
192:and
135:and
555:doi
445:).
390:of
307:to
147:of
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