Bank of America,Expansion outside California

                  Pursuing the passage of the Standard bank Holding Company Act of 1956, BankAmerica Corporation was established with regards to owning and procedure of Bank of America as well as its subsidiaries.

Standard bank of America expanded outdoors California in 1983 with its acquisition of Seafirst Corporation of Seattle, California, and its wholly held banking subsidiary, Seattle-First Domestic Bank. Seafirst was at risk of seizure by the federal government after becoming insolvent due to several bad loans to the oil industry. BankAmerica continued to operate it is new subsidiary as Seafirst rather than Bank of America before the 98 merger with NationsBank.

BankAmerica experienced huge losses in 1986 and 1987 by the placement of a series of bad lending options in the Third Universe, particularly in Latin America. The company fired it is CEO, Sam Armacost. Nevertheless Armacost blamed the problems on his predecessor, A. W. (Tom) Clausen, Clausen was appointed to exchange Armacost. The losses led to a huge decline of BankAmerica stock, so that it is vulnerable to a hostile takeover. Initial Interstate Bancorp of Mis Angeles (which had came from from banks once owned or operated by BankAmerica), launched such a bid in later 1986, although BankAmerica rebuffed it, mostly by advertising operations. It sold it is FinanceAmerica subsidiary to The chrysler and the brokerage organization Charles Schwab and Company. back to Mr. Schwab. It also sold Loan company of America and Italia to Deutsche Bank. When ever of the 1987 stock exchange crash, BankAmerica's share price had fallen to $8, but by 1992 completely rebounded mightily to become one of the greatest gainers of that half-decade.
BankAmerica's next big acquisition came in 1992. The company acquired their California rival, Security Ocean Corporation and its part Security Pacific National Standard bank in California and other banks in Arizona, Florida, Oregon, and Washington (which Security Pacific had bought in several acquisitions in the late 1980s). This is, at the time, the major bank acquisition in history. Federal regulators, however, forced the sale of roughly half of Reliability Pacific's Washington subsidiary, the former Rainier Bank, as the combo of Seafirst and Security Pacific California would have given BankAmerica too large a talk about of the market in that state. The Wa branches were divided and sold to West 1 Bancorp (now U. H. Bancorp) and KeyBank. Later on that year, BankAmerica broadened into Nevada by acquiring Valley Bank of Nevasca.

In 1994, BankAmerica bought the Continental Illinois State Bank and Trust Corp. of Chicago, which experienced become federally owned included in the same oil industry ordeal emanating from Oklahoma City's Penn Square Bank, that had brought down numerous financial institutions including Seafirst. At the moment, no bank owned the time to accord out Continental, so the federal government operated the financial institution for practically a ten years. Illinois at that time regulated branch banking extremely heavily, so Bank of America Illinois was naturally a single-unit bank until the modern world. BankAmerica moved its national loaning department to Chicago in an effort to set up a financial beachhead in the region.