North Carolina National Bank

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North Carolina National Bank (NCNB) was a bank based in Charlotte, North Carolina, prior to 1960 called American Commercial Bank. It was one of the top banking institutions. From 1974 to 1983, the bank was run by Chairman and Chief Executive Officer Tom Storrs.[1] What was NCNB forms the core of today's Bank of America.

History[edit]

In 1957 American Trust Co. (founded 1901)[2][3] and Commercial National Bank (founded 1876) merged to form American Commercial Bank in Charlotte, North Carolina. In 1960 American Commercial Bank merged with Greensboro-based Security National Bank to form North Carolina National Bank. While American Commercial was the nominal survivor, the merged bank gave up American Commercial's state charter to operate under the Greensboro bank's national charter. In 1969, it reorganized as a holding company, NCNB Corporation.

In 1986, NCNB announced plans for an 875-foot signature skyscraper in downtown Charlotte that would serve as its corporate headquarters. In 1991, while construction was underway, NCNB acquired C&S/Sovran Corp. of Atlanta and Norfolk and took the new name, NationsBank. The new skyscraper opened in 1992 as NationsBank Corporate Center.

In 1998 NationsBank acquired BankAmerica Corp. and took the name Bank of America which now operates in all 50 states. The transaction was run by Hugh McColl. [4][5] Bank of America retains NCNB/NationsBank's pre-1998 stock price history, and is headquartered at what is now Bank of America Corporate Center.

The former North Carolina National Bank Building at Burlington, North Carolina was added to the National Register of Historic Places in 1984.[6]

References[edit]

  1. ^ "Tom Storrs, CEO who helped build Bank of America, dies". Reuters. 12 February 2012.
  2. ^ The American Trust Company was a bank established in Charlotte in 1901.
  3. ^ Estate of J. Luther Snyder, George C. Snyder and American Trust Company, Executors Appellants, v. United States of America, Appellee., 285 F.2d 857 (4th Cir. 1961)
  4. ^ Martin, Mitchell (14 April 1998). "Nations Bank Drives $62 Billion Merger : A New BankAmerica:Biggest of U.S. Banks". New York Times. Retrieved 4 September 2015.
  5. ^ Benoit, David (10 June 2013). "BofA Legend Hugh McColl Sells Boutique Firm to Deloitte". Wall Street Journal Blogs. Retrieved 4 September 2015.
  6. ^ "National Register Information System". National Register of Historic Places. National Park Service. July 9, 2010.