Texas is the second largest state in the United States by both area and population. Geographically located in the South Central region of the country, Texas shares borders with the U. S. states of Louisiana to the east, Arkansas to the northeast, Oklahoma to the north, New Mexico to the west, the Mexican states of Chihuahua, Nuevo León, Tamaulipas to the southwest, while the Gulf of Mexico is to the southeast. Houston is the most populous city in Texas and the fourth largest in the U. S. while San Antonio is the second-most populous in the state and seventh largest in the U. S. Dallas–Fort Worth and Greater Houston are the fourth and fifth largest metropolitan statistical areas in the country, respectively. Other major cities include Austin, the second-most populous state capital in the U. S. and El Paso. Texas is nicknamed "The Lone Star State" to signify its former status as an independent republic, as a reminder of the state's struggle for independence from Mexico; the "Lone Star" can be found on the Texan state seal.
The origin of Texas's name is from the word taysha. Due to its size and geologic features such as the Balcones Fault, Texas contains diverse landscapes common to both the U. S. Southern and Southwestern regions. Although Texas is popularly associated with the U. S. southwestern deserts, less than 10% of Texas's land area is desert. Most of the population centers are in areas of former prairies, grasslands and the coastline. Traveling from east to west, one can observe terrain that ranges from coastal swamps and piney woods, to rolling plains and rugged hills, the desert and mountains of the Big Bend; the term "six flags over Texas" refers to several nations. Spain was the first European country to claim the area of Texas. France held a short-lived colony. Mexico controlled the territory until 1836 when Texas won its independence, becoming an independent Republic. In 1845, Texas joined the union as the 28th state; the state's annexation set off a chain of events that led to the Mexican–American War in 1846.
A slave state before the American Civil War, Texas declared its secession from the U. S. in early 1861, joined the Confederate States of America on March 2nd of the same year. After the Civil War and the restoration of its representation in the federal government, Texas entered a long period of economic stagnation. Four major industries shaped the Texas economy prior to World War II: cattle and bison, cotton and oil. Before and after the U. S. Civil War the cattle industry, which Texas came to dominate, was a major economic driver for the state, thus creating the traditional image of the Texas cowboy. In the 19th century cotton and lumber grew to be major industries as the cattle industry became less lucrative, it was though, the discovery of major petroleum deposits that initiated an economic boom which became the driving force behind the economy for much of the 20th century. With strong investments in universities, Texas developed a diversified economy and high tech industry in the mid-20th century.
As of 2015, it is second on the list of the most Fortune 500 companies with 54. With a growing base of industry, the state leads in many industries, including agriculture, energy and electronics, biomedical sciences. Texas has led the U. S. in state export revenue since 2002, has the second-highest gross state product. If Texas were a sovereign state, it would be the 10th largest economy in the world; the name Texas, based on the Caddo word táyshaʼ "friend", was applied, in the spelling Tejas or Texas, by the Spanish to the Caddo themselves the Hasinai Confederacy, the final -s representing the Spanish plural. The Mission San Francisco de los Tejas was completed near the Hasinai village of Nabedaches in May 1690, in what is now Houston County, East Texas. During Spanish colonial rule, in the 18th century, the area was known as Nuevo Reino de Filipinas "New Kingdom of the Philippines", or as provincia de los Tejas "province of the Tejas" also provincia de Texas, "province of Texas", it was incorporated as provincia de Texas into the Mexican Empire in 1821, declared a republic in 1836.
The Royal Spanish Academy recognizes both spellings and Texas, as Spanish-language forms of the name of the U. S. State of Texas; the English pronunciation with /ks/ is unetymological, based in the value of the letter x in historical Spanish orthography. Alternative etymologies of the name advanced in the late 19th century connected the Spanish teja "rooftile", the plural tejas being used to designate indigenous Pueblo settlements. A 1760s map by Jacques-Nicolas Bellin shows a village named Teijas on Trinity River, close to the site of modern Crockett. Texas is the second-largest U. S. state, with an area of 268,820 square miles. Though 10% larger than France and twice as large as Germany or Japan, it ranks only 27th worldwide amongst country subdivisions by size. If it were an independent country, Texas would be the 40th largest behind Zambia. Texas is in the south central part of the United States of America. Three of its borders are defined by rivers; the Rio Grande forms a natural border with the Mexican states of Chihuahua, Nuevo León, Tamaulipas to the south.
The Red River forms a natural border with Arkansas to the north. The Sabine River forms a natural border with Louisiana to the east; the Texas Panhandle has an eastern border with Oklahoma at 100° W, a northern border with Oklahoma at 36°30' N and a western
Governor of Texas
The Governor of Texas is the head of the executive branch of Texas's government and the commander-in-chief of the state's military forces. The governor has the power to either approve or veto bills passed by the Texas Legislature, to convene the legislature; the governor may grant pardons in cases other than impeachment or in the case of treason, with permission by the legislature. The current Governor is Greg Abbott; the state's first constitution in 1845 established the office of governor, to serve for two years, but no more than four years out of every six. The 1861 secessionist constitution set the term start date at the first Monday in the November following the election; the 1866 constitution, adopted just after the American Civil War, increased terms to 4 years, but no more than 8 years out of every 12, moved the start date to the first Thursday after the organization of the legislature, or "as soon thereafter as practicable". The Reconstruction constitution of 1869 removed the limit on terms, Texas remains one of 14 states with no gubernatorial term limit.
The present constitution of 1876 shortened terms back to two years, but a 1972 amendment increased it again to four years. The gubernatorial election is held every four years on the first Tuesday after the first Monday in November and does not coincide with the presidential elections; the governor is sworn in on the third Tuesday of January every four years along with the lieutenant governor, so Abbott and current Lieutenant Governor Dan Patrick both took office on January 20, 2015. Despite the lack of term limits, no Texas governor in the 19th or 20th centuries served more than seven and a half consecutive years in office or eight years total service. Former Governor Rick Perry, who served from 2000 to 2015, has now surpassed both these records, becoming the first Texas governor to serve three consecutive four-year terms; when Perry won the general election on November 2, 2010, he joined Shivers, Price Daniel, John Connally as the only Texas governors elected to three terms. In case of a vacancy in the office of governor, the lieutenant governor becomes governor.
This rule was added only in a 1999 amendment, prior to which the lieutenant governor only acted as governor, except during the time of the 1861 constitution, which said that the lieutenant governor would be styled "Governor of the State of Texas" in case of vacancy. One governor of Texas won his party's nomination and was elected President of the United States: George W. Bush in 2000 and 2004 Two governors sought the nomination of their party, but were unsuccessful: John Connally in 1980 Rick Perry in 2012 and 2016 List of Governors of Texas List of Texas Governors and Presidents List of Presidents of the Republic of Texas List of Lieutenant Governors of Texas
American Civil War
The American Civil War was a war fought in the United States from 1861 to 1865, between the North and the South. The Civil War is the most studied and written about episode in U. S. history. As a result of the long-standing controversy over the enslavement of black people, war broke out in April 1861 when secessionist forces attacked Fort Sumter in South Carolina shortly after Abraham Lincoln had been inaugurated as the President of the United States; the loyalists of the Union in the North proclaimed support for the Constitution. They faced secessionists of the Confederate States in the South, who advocated for states' rights to uphold slavery. Among the 34 U. S. states in February 1861, secessionist partisans in seven Southern slave states declared state secessions from the country and unveiled their defiant formation of a Confederate States of America in rebellion against the U. S. Constitutional government; the Confederacy grew to control over half the territory in eleven states, it claimed the additional states of Kentucky and Missouri by assertions from exiled native secessionists without territory or population.
These were given full representation in the Confederate Congress throughout the Civil War. The two remaining slave holding states of Delaware and Maryland were invited to join the Confederacy, but nothing substantial developed; the Confederate States was never diplomatically recognized by the government of the United States or by that of any foreign country. The states that remained loyal to the U. S. were known as the Union. The Union and the Confederacy raised volunteer and conscription armies that fought in the South over the course of four years. Intense combat left 620,000 to 750,000 people dead, more than the number of U. S. military deaths in all other wars combined. The war ended when General Robert E. Lee surrendered to General Ulysses S. Grant at the Battle of Appomattox Court House. Confederate generals throughout the southern states followed suit. Much of the South's infrastructure was destroyed the transportation systems; the Confederacy collapsed, slavery was abolished, four million black slaves were freed.
During the Reconstruction Era that followed the war, national unity was restored, the national government expanded its power, civil rights were granted to freed black slaves through amendments to the Constitution and federal legislation. In the 1860 presidential election, led by Abraham Lincoln, supported banning slavery in all the U. S. territories. The Southern states viewed this as a violation of their constitutional rights and as the first step in a grander Republican plan to abolish slavery; the three pro-Union candidates together received an overwhelming 82% majority of the votes cast nationally: Republican Lincoln's votes centered in the north, Democrat Stephen A. Douglas' votes were distributed nationally and Constitutional Unionist John Bell's votes centered in Tennessee and Virginia; the Republican Party, dominant in the North, secured a plurality of the popular votes and a majority of the electoral votes nationally. He was the first Republican Party candidate to win the presidency.
However, before his inauguration, seven slave states with cotton-based economies declared secession and formed the Confederacy. The first six to declare secession had the highest proportions of slaves in their populations, with an average of 49 percent. Of those states whose legislatures resolved for secession, the first seven voted with split majorities for unionist candidates Douglas and Bell, or with sizable minorities for those unionists. Of these, only Texas held a referendum on secession. Eight remaining slave states continued to reject calls for secession. Outgoing Democratic President James Buchanan and the incoming Republicans rejected secession as illegal. Lincoln's March 4, 1861, inaugural address declared that his administration would not initiate a civil war. Speaking directly to the "Southern States", he attempted to calm their fears of any threats to slavery, reaffirming, "I have no purpose, directly or indirectly to interfere with the institution of slavery in the United States where it exists.
I believe I have no lawful right to do so, I have no inclination to do so." After Confederate forces seized numerous federal forts within territory claimed by the Confederacy, efforts at compromise failed and both sides prepared for war. The Confederates assumed that European countries were so dependent on "King Cotton" that they would intervene, but none did, none recognized the new Confederate States of America. Hostilities began on April 1861, when Confederate forces fired upon Fort Sumter. While in the Western Theater the Union made significant permanent gains, in the Eastern Theater, the battle was inconclusive during 1861–1862. In September 1862, Lincoln issued the Emancipation Proclamation, which made ending slavery a war goal. To the west, by summer 1862 the Union destroyed the Confederate river navy much of its western armies, seized New Orleans; the successful 1863 Union siege of Vicksburg split the Confederacy in two at the Mississippi River. In 1863, Robert E. Lee's Confederate incursion north ended at the Battle of Gettysburg.
Western successes led to Ulysses S. Grant's command of all Union armies in 1864. Inflicting an ever-tightening naval blockade of Confederate ports, the Union marshaled the resources and manpower to attack the Confederacy from all directions, leading to the fall of Atlanta to William T. Sherman and his march to th
U.S. Route 79
U. S. Route 79 is a United States highway; the route is considered and labeled as a north-south highway, but it is more of a diagonal northeast-southwest highway. The highway's northern/eastern terminus is in Russellville, Kentucky, at an intersection with U. S. Highway 68 and KY 80, its southern/western terminus is in Round Rock, Texas, at an intersection with Interstate 35, ten miles north of Austin. US 79, US 68, Interstate 24/US 62 are the primary east–west access points for the Land Between the Lakes recreation area straddling the Kentucky/Tennessee border. US 79 begins at Interstate 35's Exit #253 north of Austin in Round Rock; the route travels eastward through Hutto and Taylor to Rockdale, where it intersects US 77. In Milano, US 79 begins a concurrency with US 190 until Hearne, Texas; the route continues through Franklin and Jewett before reaching Buffalo, where it intersects Interstate 45 at its Exit #178. US 79 has a brief duplex with US 84 that begins near Oakwood and continues through Palestine before separating.
The route continues to the northeast through Jacksonville, where it has a junction with US 69, Henderson, where it crosses US 259. The highway travels due east to Carthage, where it meets US 59, before resuming a northeasterly direction and crossing into Louisiana near Panola. US 79 is entwined with two tragedies of country music. Johnny Horton was killed by a drunk driver on the highway near Milano in 1960 and Jim Reeves, killed in a plane crash in 1964, is buried and memorialized on US 79 in his hometown of Carthage. US 79 joins US 80 near Greenwood, the two routes are cosigned through Shreveport. US 79/80 continue into Bossier City; the routes parallel Interstate 20 through the old Bossier City Entertainment District until Minden, where the two routes separate: US 80 continues eastward, while US 79 turns to the northeast toward Homer. In Homer, the route resumes a more northerly direction, traveling through Haynesville before crossing the Arkansas border about 7 miles south of Emerson, Arkansas.
US 79 continues northward from Louisiana into Emerson and Magnolia, where it has a brief concurrency with US 82 through the city. From here, the route turns to the northeast, through Camden, where it intersects US 278, Fordyce, in which it has a brief concurrency with US 167. East of Kingsland, the highway travels in a more northerly direction as it prepares to enter the Pine Bluff metropolitan area. In Pine Bluff, U. S. 79 joins the Interstate 530 freeway. After the freeway ends, US 79 and US 63, with which it is cosigned, leave the city toward the north; the two routes stay joined until Stuttgart. US 79 continues to the east and northeast, through Marianna and Hughes, before turning due north to an intersection with Interstate 40 near Jennette. US 79 joins I-40 and the two routes stay cosigned through the concurrency with Interstate 55 in West Memphis, before US 79 joins I-55 to cross the Mississippi River at the Memphis & Arkansas Bridge into Memphis. U. S. Route 79 enters Memphis with U. S. Route 70, U.
S. Route 64 and Tennessee State Route 1, travelling east along E. H. Crump Boulevard, turns north on Third Street and travels through Downtown Memphis along both Second and Third Streets, it continues east on Union Avenue, north along East Parkway, east along Summer Avenue. At Stage Road in Bartlett, it continues along Summer Avenue with US 70 while US 64 turns east along Stage Rd. From here, US 79 continues north from Bartlett, passing through the rest of Shelby County as a 4-lane undivided highway. In Arlington, the road narrows to 2 lanes and passes through Fayette County, Tipton County, Haywood County until Brownsville, Tennessee. In Brownsville, U. S 79, along with U. S. 70 and SR 1, goes to the south along a bypass. On the east side of the city, U. S. 70 and SR 1 turn east while US 79 and 70A continue to the northeast, passing through Crockett and Gibson Counties. The section from Milan, Tennessee to the Carroll County line was widened to 4 lanes. U. S. 70A splits off from US 79 near Atwood, Tennessee and US 79 continues to the northeast into Henry County, passing through the city of Paris and crosses the Tennessee River.
The portion from McKenzie, Tennessee to the Tennessee River is 4-lanes, plans are in the works to widen the portion in between this section and the Milan section. The section from Brownsville to the Tennessee River is part of the "Austin Peay Memorial Highway". Once US 79 comes into Stewart County, it passes to the south of the Land Between the Lakes recreation area and crosses the Cumberland River; the portion between the rivers is known as Donelson Parkway. It enters Montgomery County and the city of Clarksville, Tennessee; this portion between Dover and Clarksville is known as Dover Road. One through Clarksville, US 79 enters Kentucky. Wilma Rudolph Boulevard is the name given to the portion of U. S. Route 79 in Clarksville, Tennessee between the Interstate 24 in Clarksville to the Red River bridge near the Kraft Street intersection; this section of Highway 79 in Clarksville was called the Guthrie Highway, for nearby Guthrie, but in 1994, the name was changed to honor Wilma Rudolph, an Olympic runner from Clarksville, who won three gold medals in the 1960 Rome Summer Olympic Games.
Between Clarksville and Dover, the road is known as "Dover Road". US 7
Baptists are Christians distinguished by baptizing professing believers only, doing so by complete immersion. Baptist churches generally subscribe to the tenets of soul competency/liberty, salvation through faith alone, scripture alone as the rule of faith and practice, the autonomy of the local congregation. Baptists recognize two ordinances: baptism and the Lord's supper. Diverse from their beginning, those identifying as Baptists today differ from one another in what they believe, how they worship, their attitudes toward other Christians, their understanding of what is important in Christian discipleship. Historians trace the earliest "Baptist" church to 1609 in Amsterdam, Dutch Republic with English Separatist John Smyth as its pastor. In accordance with his reading of the New Testament, he rejected baptism of infants and instituted baptism only of believing adults. Baptist practice spread to England, where the General Baptists considered Christ's atonement to extend to all people, while the Particular Baptists believed that it extended only to the elect.
Thomas Helwys formulated a distinctively Baptist request that the church and the state be kept separate in matters of law, so that individuals might have freedom of religion. Helwys died in prison as a consequence of the religious conflict with English dissenters under King James I. In 1638, Roger Williams established the first Baptist congregation in the North American colonies. In the 18th and 19th centuries, the First and Second Great Awakening increased church membership in the United States. Baptist missionaries have spread their faith to every continent. Baptist historian Bruce Gourley outlines four main views of Baptist origins: the modern scholarly consensus that the movement traces its origin to the 17th century via the English Separatists, the view that it was an outgrowth of Anabaptist traditions, the perpetuity view which assumes that the Baptist faith and practice has existed since the time of Christ, the successionist view, or "Baptist successionism", which argues that Baptist churches existed in an unbroken chain since the time of Christ.
Modern Baptist churches trace their history to the English Separatist movement in the 1600s, the century after the rise of the original Protestant denominations. This view of Baptist origins has the most historical support and is the most accepted. Adherents to this position consider the influence of Anabaptists upon early Baptists to be minimal, it was a time of considerable religious turmoil. Both individuals and churches were willing to give up their theological roots if they became convinced that a more biblical "truth" had been discovered. During the Protestant Reformation, the Church of England separated from the Roman Catholic Church. There were some Christians who were not content with the achievements of the mainstream Protestant Reformation. There were Christians who were disappointed that the Church of England had not made corrections of what some considered to be errors and abuses. Of those most critical of the Church's direction, some chose to stay and try to make constructive changes from within the Anglican Church.
They are described by Gourley as cousins of the English Separatists. Others decided they must leave the Church because of their dissatisfaction and became known as the Separatists. Historians trace the earliest Baptist church back to 1609 in Amsterdam, with John Smyth as its pastor. Three years earlier, while a Fellow of Christ's College, Cambridge, he had broken his ties with the Church of England. Reared in the Church of England, he became "Puritan, English Separatist, a Baptist Separatist," and ended his days working with the Mennonites, he began meeting in England with 60–70 English Separatists, in the face of "great danger." The persecution of religious nonconformists in England led Smyth to go into exile in Amsterdam with fellow Separatists from the congregation he had gathered in Lincolnshire, separate from the established church. Smyth and his lay supporter, Thomas Helwys, together with those they led, broke with the other English exiles because Smyth and Helwys were convinced they should be baptized as believers.
In 1609 Smyth first baptized himself and baptized the others. In 1609, while still there, Smyth wrote a tract titled "The Character of the Beast," or "The False Constitution of the Church." In it he expressed two propositions: first, infants are not to be baptized. Hence, his conviction was that a scriptural church should consist only of regenerate believers who have been baptized on a personal confession of faith, he rejected the Separatist movement's doctrine of infant baptism. Shortly thereafter, Smyth left the group, layman Thomas Helwys took over the leadership, leading the church back to England in 1611. Smyth became committed to believers' baptism as the only biblical baptism, he was convinced on the basis of his interpretation of Scripture that infants would not be damned should they die in infancy. Smyth, convinced that his self-baptism was invalid, applied with the Mennonites for membership, he died while waiting for membership, some of his followers became Mennonites. Thomas Helwys and others kept their Baptist commitments.
The modern Baptist denomination is an outgrowth of Smyth's movement. Baptists rejected the name Anabaptist. McBeth writes that as late as the 18th century, many Baptists referred to themselves as "the Christians commonly—though falsely—called Anabaptists."Another milestone in the early dev
The United States of America known as the United States or America, is a country composed of 50 states, a federal district, five major self-governing territories, various possessions. At 3.8 million square miles, the United States is the world's third or fourth largest country by total area and is smaller than the entire continent of Europe's 3.9 million square miles. With a population of over 327 million people, the U. S. is the third most populous country. The capital is Washington, D. C. and the largest city by population is New York City. Forty-eight states and the capital's federal district are contiguous in North America between Canada and Mexico; the State of Alaska is in the northwest corner of North America, bordered by Canada to the east and across the Bering Strait from Russia to the west. The State of Hawaii is an archipelago in the mid-Pacific Ocean; the U. S. territories are scattered about the Pacific Ocean and the Caribbean Sea, stretching across nine official time zones. The diverse geography and wildlife of the United States make it one of the world's 17 megadiverse countries.
Paleo-Indians migrated from Siberia to the North American mainland at least 12,000 years ago. European colonization began in the 16th century; the United States emerged from the thirteen British colonies established along the East Coast. Numerous disputes between Great Britain and the colonies following the French and Indian War led to the American Revolution, which began in 1775, the subsequent Declaration of Independence in 1776; the war ended in 1783 with the United States becoming the first country to gain independence from a European power. The current constitution was adopted in 1788, with the first ten amendments, collectively named the Bill of Rights, being ratified in 1791 to guarantee many fundamental civil liberties; the United States embarked on a vigorous expansion across North America throughout the 19th century, acquiring new territories, displacing Native American tribes, admitting new states until it spanned the continent by 1848. During the second half of the 19th century, the Civil War led to the abolition of slavery.
By the end of the century, the United States had extended into the Pacific Ocean, its economy, driven in large part by the Industrial Revolution, began to soar. The Spanish–American War and World War I confirmed the country's status as a global military power; the United States emerged from World War II as a global superpower, the first country to develop nuclear weapons, the only country to use them in warfare, a permanent member of the United Nations Security Council. Sweeping civil rights legislation, notably the Civil Rights Act of 1964, the Voting Rights Act of 1965 and the Fair Housing Act of 1968, outlawed discrimination based on race or color. During the Cold War, the United States and the Soviet Union competed in the Space Race, culminating with the 1969 U. S. Moon landing; the end of the Cold War and the collapse of the Soviet Union in 1991 left the United States as the world's sole superpower. The United States is the world's oldest surviving federation, it is a representative democracy.
The United States is a founding member of the United Nations, World Bank, International Monetary Fund, Organization of American States, other international organizations. The United States is a developed country, with the world's largest economy by nominal GDP and second-largest economy by PPP, accounting for a quarter of global GDP; the U. S. economy is post-industrial, characterized by the dominance of services and knowledge-based activities, although the manufacturing sector remains the second-largest in the world. The United States is the world's largest importer and the second largest exporter of goods, by value. Although its population is only 4.3% of the world total, the U. S. holds 31% of the total wealth in the world, the largest share of global wealth concentrated in a single country. Despite wide income and wealth disparities, the United States continues to rank high in measures of socioeconomic performance, including average wage, human development, per capita GDP, worker productivity.
The United States is the foremost military power in the world, making up a third of global military spending, is a leading political and scientific force internationally. In 1507, the German cartographer Martin Waldseemüller produced a world map on which he named the lands of the Western Hemisphere America in honor of the Italian explorer and cartographer Amerigo Vespucci; the first documentary evidence of the phrase "United States of America" is from a letter dated January 2, 1776, written by Stephen Moylan, Esq. to George Washington's aide-de-camp and Muster-Master General of the Continental Army, Lt. Col. Joseph Reed. Moylan expressed his wish to go "with full and ample powers from the United States of America to Spain" to seek assistance in the revolutionary war effort; the first known publication of the phrase "United States of America" was in an anonymous essay in The Virginia Gazette newspaper in Williamsburg, Virginia, on April 6, 1776. The second draft of the Articles of Confederation, prepared by John Dickinson and completed by June 17, 1776, at the latest, declared "The name of this Confederation shall be the'United States of America'".
The final version of the Articles sent to the states for ratification in late 1777 contains the sentence "The Stile of this Confederacy shall be'The United States of America'". In June 1776, Thomas Jefferson wrote the phrase "UNITED STATES OF AMERICA" in all capitalized letters in the headline of his "original Rough draught" of the Declaration of Independence; this draft of the document did not surface unti
Bank of America
The Bank of America Corporation is an American multinational investment bank and financial services company based in Charlotte, North Carolina with central hubs in New York City, Hong Kong and Toronto. Bank of America was formed through NationsBank's acquisition of BankAmerica in 1998, it is the second largest banking institution in the United States, after JP Morgan Chase. As a part of the Big Four, it services 10.73% of all American bank deposits, in direct competition with Citigroup, Wells Fargo, JPMorgan Chase. Its primary financial services revolve around commercial banking, wealth management, investment banking. Founded as the Bank of Italy by Amadeo Pietro Giannini in 1904, it provided Italian immigrants who faced service discrimination various banking options. Headquartered in San Francisco, Giannini renamed his bank Banca d'America e d'Italia in 1922, expanded further into California; the passage of landmark federal banking legislation facilitated rapid growth in the 1950s establishing a prominent market share.
After suffering a significant loss after the 1998 Russian bond default, BankAmerica, as it was known, was acquired by the Charlotte-based NationsBank for US$62 billion. Following what was the largest bank acquisition in history, the Bank of America Corporation was founded. Through a series of mergers and acquisitions, it built upon its commercial banking business by establishing Merrill Lynch for wealth management and Bank of America Merrill Lynch for investment banking in 2008 and 2009, respectively. Since both divisions carry the "Merrill Lynch" signage, the former is referred to as "Merrill Lynch Wealth Management" to differentiate itself from the latter. Both Bank of America Merrill Lynch and Merrill Lynch Wealth Management retain large market shares in their respective offerings; the investment bank is considered within the "Bulge Bracket" as the third largest investment bank in the world, as of 2018. Its wealth management side manages US$1.081 trillion in assets under management as the second largest wealth manager in the world, after UBS.
In commercial banking, Bank of America operates—but does not maintain retail branches–in all 50 states of the United States, the District of Columbia and more than 40 other countries. Its commercial banking footprint encapsulates 46 million consumer and small business relationships at 4,600 banking centers and 15,900 automated teller machines; the bank's large market share, business activities, economic impact has led to numerous lawsuits and investigations regarding both mortgages and financial disclosures dating back to the 2008 financial crisis. Its corporate practices of servicing the middle class and wider banking community has yielded a substantial market share since the early 20th century; as of August 2018, Bank of America has a $313.5 billion market capitalization, making it the 13th largest company in the world. As the sixth largest American public company, it garnered $102.98 billion in sales as of June 2018. Bank of America was ranked #24 on the 2018 Fortune 500 rankings of the largest United States corporations by total revenue.
Bank of America was named the "World's Best Bank" by the Euromoney Institutional Investor in their 2018 Awards for Excellence. The Bank of America name first appeared with the formation of Bank of America, Los Angeles. In 1928, it was acquired by Bank of Italy of San Francisco, which took the Bank of America name two years later; the eastern portion of the Bank of America franchise traces its roots to 1792, with the founding of the Providence Bank in Providence, Rhode Island–the earliest forerunner of FleetBoston. In 1874, Commercial National Bank was founded in Charlotte; that bank merged with American Trust Company in 1958 to form American Commercial Bank. Two years it became North Carolina National Bank when it merged with Security National Bank of Greensboro. In 1991, it merged with C&S / Sovran Corporation of Norfolk to form NationsBank; 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 & Commercial National Bank, which evolved into Continental Illinois National Bank & Trust.
The history of Bank of America dates back to October 17, 1904, when Amadeo Pietro Giannini founded the Bank of Italy in San Francisco. The Bank of Italy served the needs of many immigrants settling in the United States at that time, providing services denied to them by the existing U. S. banks which discriminated against them and denied service to all but the wealthiest. Giannini was raised by his mother and stepfather Lorenzo Scatena after his father was fatally shot over a pay dispute with an employee; when the 1906 San Francisco earthquake struck, Giannini was able to save all deposits out of the bank building and away from the fires. Because San Francisco's banks were in smoldering ruins and unable to open their vaults, Giannini was able to use the rescued funds to commence lending within a few days of the disaster. From a makeshift desk consisting of a few planks over two barrels, he lent money to those who wished to rebuild. In 1922, Bank of America, Los Angeles was established with Giannini as a minority investor.
This bank was headed by Orra E. Monnette. Between 1923 and 1930, when the two organizations operated separately. Giannini established Bank of Italy. In 1986, Deutsche Bank AG acquired 100% of Banca d'America e d'Italia, a bank established in Naples in 1917 following the name-change of Banca dell'Italia Meridionale with the latter established in 1918. In 1918 another corporation, Bancitaly Corporation, was organized by A. P. Giannini, the largest stockholder of which was