126-450: The Upstate, historically known as the Upcountry , is a region of the U.S. state of South Carolina , comprising the northwesternmost area of the state. Although loosely defined among locals, the general definition includes the 10 counties of the commerce-rich I-85 corridor in the northwest corner of South Carolina. This definition coincided with the Greenville-Spartanburg-Anderson, SC Combined Statistical Area , as first defined by
252-451: A Jim Crow society occurred because the state's white and black leaders were willing to accept slow change, rather than being utterly unwilling to accept change at all. Other South Carolina political figures, like Sen. Strom Thurmond , on the other hand, were among the nation's most radical and effective opponents of social equality and integration. During the mid-to-late 20th century, South Carolina started to see economic progress first in
378-661: A Hostile Act", and within weeks South Carolina became the first state to secede . On April 12, 1861, Confederate batteries began shelling the Union Fort Sumter in Charleston Harbor, and the American Civil War began. In November of that year, the Union attacked Port Royal Sound and soon occupied Beaufort County and the neighboring Sea Islands . For the rest of the war, this area served as
504-501: A Union base and staging point for other operations. Whites abandoned their plantations, leaving behind about ten thousand enslaved people. Several Northern charities partnered with the federal government to help these people run the cotton farms themselves under the Port Royal Experiment . Workers were paid by the pound harvested and thus became the first enslaved people freed by the Union forces to earn wages. Although
630-434: A cruel injustice and the source of endless litigation, of scandal, horror, feud, and bloodshed to undertake to annul or forbid marriage for a remote, perhaps obsolete trace of Negro blood. The doors would be open to scandal, malice and greed; to statements on the witness stand that the father or grandfather or grandmother had said that A or B had Negro blood in their veins. Any man who is half a man would be ready to blow up half
756-468: A dozen or more separate small tribes summered on the coast harvesting oysters and fish, and cultivating corn, peas and beans. Travelling inland as much as 50 miles (80 km) mostly by canoe, they wintered on the coastal plain, hunting deer and gathering nuts and fruit. The names of these tribes survive in place names like Edisto Island , Kiawah Island , and the Ashepoo River . The Spanish were
882-492: A federal court ordered the change. As of 2022, South Carolina had one of the lowest percentages among all states of women in state legislature, at 17.6% (only five states had a lower percentage; the national average is 30.7%; with the highest percentage being in Nevada at 61.9%). The state can be divided into three natural geographic areas which then can be subdivided into five distinct cultural regions. The natural environment
1008-422: A financial beachhead in the region. These mergers helped BankAmerica Corporation to once again become the largest U.S. bank holding company in terms of deposits, but the company fell to second place in 1997 behind North Carolina's fast-growing NationsBank Corporation , and to third in 1998 behind First Union Corp. On the capital markets side, the acquisition of Continental Illinois helped BankAmerica to build
1134-428: A leveraged finance origination- and distribution business, which allowed the firm's existing broker-dealer, BancAmerica Securities (originally named BA Securities), to become a full-service franchise. In addition, in 1997, BankAmerica acquired Robertson Stephens , a San Francisco–based investment bank specializing in high technology for $ 540 million. Robertson Stephens was integrated into BancAmerica Securities, and
1260-417: A new constitution in 1895 which effectively disenfranchised almost all blacks and many poor whites by new requirements for poll taxes , residency, and literacy tests that dramatically reduced the voter rolls. By 1896, only 5,500 black voters remained on the voter registration rolls, although they constituted a majority of the state's population. The 1900 census demonstrated the extent of disenfranchisement:
1386-569: A northwest to southeast orientation. The eastern portion of the coastal plain contains many salt marshes and estuaries , as well as natural ports such as Georgetown and Charleston . The natural areas of the coastal plain are part of the Middle Atlantic coastal forests ecoregion . The Sandhills or Carolina Sandhills is a 10–35 mi (16–56 km) wide region within the Atlantic Coastal Plain province, along
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#17327933977751512-560: A number of industry groups in Europe, as well as cutting numerous banking and sales and trading positions in North America and Asia prior to its merger with Merrill Lynch. On October 3, 2008, Bank of America announced that John Thain would lead the combined Bank of America/ Merrill Lynch Global Corporate and Investment Banking enterprise. Thain was forced out by Bank of America Chairman Kenneth D. Lewis on January 22, 2009, because of
1638-405: A separate company that eventually became First Interstate Bancorp , later acquired by Wells Fargo and Company in 1996. Only in the 1980s, with a change in federal banking legislation and regulation, could Bank of America again expand its domestic consumer banking activity outside California. New technologies also allowed the direct linking of credit cards with individual bank accounts. In 1958,
1764-612: A series of acquisitions in the late 1980s. This represented, at the time, the largest bank acquisition in history. Federal regulators, however, forced the sale of roughly half of Security Pacific's Washington subsidiary, the former Rainier Bank , as the combination of Seafirst and Security Pacific Washington would have given BankAmerica too large a share of the market in that state. The Washington branches were divided and sold to West One Bancorp (now U.S. Bancorp ) and KeyBank . Later that year, BankAmerica expanded into Nevada by acquiring Valley Bank of Nevada. In 1994, BankAmerica acquired
1890-630: A significant amount of work for Financial Sponsors, or private equity firms, often financing leveraged transactions. On the product side, the firm employed M&A senior bankers throughout the industry coverage groups. BAS also had a stand-alone Mergers & Acquisitions Group, consisting of bankers that transact M&A deals across all industries, as well as a Transaction Development Group, which aimed to identify and market transaction opportunities. The unit also had sizeable fixed income, currency and commodities divisions. During 2007–2008, BAS significantly downsized its international operations, eliminating
2016-609: A substantial presence in the Upstate; several large corporations have established regional, national, or continental headquarters in the area. Greenville is the largest city in the region; it has a population of 72,227 and an urban-area population of 387,271, and it is the base of most commercial activity. Greer and Spartanburg are next in population. Ten counties are included in the Upstate of South Carolina: Greenville , Spartanburg , Anderson , Pickens , Oconee , Greenwood , Laurens , Cherokee , Union , Abbeville . As of 2023,
2142-441: A thriving textile industry . The state also converted its main agricultural base from cotton, to more profitable crops. It would attract large military bases during World War I , through its majority Democratic congressional delegation, part of the one-party Solid South following disfranchisement of blacks. In the late 19th century, South Carolina would implement Jim Crow laws which enforced racial segregation policies until
2268-801: Is a state in the Southeastern region of the United States . It borders North Carolina to the north and northeast, the Atlantic Ocean to the southeast, and Georgia to the southwest and south across the Savannah River . Along with North Carolina, it makes up the Carolinas region of the East Coast . South Carolina is the 40th-largest and 23rd-most populous U.S. state with a recorded population of 5,118,425 according to
2394-442: Is a principal city in its μSA. If students from Clemson University are included, Clemson has close to 30,000 residents. CDP's: Berea , Five Forks , Gantt , Parker , Boiling Springs Communities in the Upstate with under 10,000 residents include: Cities: Towns: Seneca is a principal city in its μSA. According to the 2010 Census, no town in the Upstate has a population greater than 6000. CDPs: The following table shows
2520-579: Is a replica of the 1909 Bank of Italy branch bank in History Park in San Jose, and the 1925 Bank of Italy Building is an important downtown landmark. Giannini sought to build a national bank, expanding into most of the western states as well as into the insurance industry , under the aegis of his holding company, Transamerica Corporation . In 1953 regulators succeeded in forcing the separation of Transamerica Corporation and Bank of America under
2646-624: Is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina , with investment banking and auxiliary headquarters in Manhattan . The bank was founded by the merger of NationsBank and Bank of America in 1998. It is the second-largest banking institution in the United States and
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#17327933977752772-819: 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 (AUM) as the second largest wealth manager in the world , after UBS . In commercial banking, Bank of America operates, but does not necessarily maintain, retail branches in all 50 states of the United States, Washington, D.C. , and over 40 other countries. Its commercial banking footprint encapsulates 46 million consumer and small business relationships at 4,600 banking centers and 16,000 automated teller machines (ATMs). The bank's large market share, business activities, and economic impact has led to numerous lawsuits and investigations regarding both mortgages and financial disclosures dating back to
2898-979: Is divided from east to west by the Atlantic coastal plain , the Piedmont , and the Blue Ridge Mountains . Culturally, the coastal plain is split into the Lowcountry and the Pee Dee region. While, the upper Piedmont region is referred to as the Piedmont and the lower Piedmont region is referred to as the Midlands. The area surrounding the Blue Ridge Mountains is known as the Upstate . The Atlantic Coastal Plain makes up two-thirds of
3024-878: Is located in Spartanburg County, with an investment of $ 3.7 billion. • Fujifilm located their first manufacturing facility in the U.S. in Greenwood County. • Michelin North America's headquarters is located in Greenville, along with seven manufacturing plants, R&D facility, and test track located in the Upstate. Michelin employs more than 7,800 in South Carolina. • Walgreens has their southeastern distribution center located in Anderson County, which employs mentally disabled workers as nearly 40% of their workforce. The Upstate
3150-414: Is served by two major interstate highways, I-85 and I-26 . Other major interstate spurs include I-185 , I-385 , and I-585 . The major airport in the region is Greenville-Spartanburg International Airport , located nearly halfway between Greenville and Spartanburg in suburban Greer. Greenville, Spartanburg, Anderson, Clemson, Pickens, Union, and Gaffney each have smaller airfields. Amtrak service along
3276-464: Is water. The Atlantic Coastal plain consists of sediments and sedimentary rocks that range in age from Cretaceous to Present. The terrain is relatively flat and the soil is composed predominantly of sand, silt, and clay. Areas with better drainage make excellent farmland, though some land is swampy. An unusual feature of the coastal plain is a large number of low-relief topographic depressions named Carolina bays . The bays tend to be oval, lining up in
3402-453: The 2008 financial crisis . Its corporate practices of servicing the middle class and wider banking community have 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
3528-509: The 2020 census . In 2019 , its GDP was $ 213.45 billion. South Carolina is composed of 46 counties . The capital is Columbia with a population of 136,632 in 2020; while its most populous city is Charleston with a 2020 population of 150,227. The Greenville-Spartanburg-Anderson, SC Combined Statistical Area is the most populous combined metropolitan area in the state, with an estimated 2023 population of 1,590,636. South Carolina derives its name from King Charles I of England , who
3654-482: The Atlantic coastal plain , the Piedmont , and the Blue Ridge Mountains located in the northwestern part of Upstate South Carolina . The state predominantly experiences a humid subtropical climate characterized by hot, humid summers and mild winters. In the Upstate region, the climate shifts to a subtropical highland type. The eastern coastal plain is dotted with numerous salt marshes and estuaries . The southeastern Lowcountry of South Carolina includes parts of
3780-816: The Bank of America Tower , a $ 1 billion, 58-story skyscraper, at Bryant Park in New York City that was completed in 2009. Prior to that, BAS in New York had offices in various locations due to the numerous mergers that had taken place over the previous decade, including space at 9 West 57th Street, 1 World Trade Center , 1633 Broadway, 40 East 52nd Street, 335 Madison Avenue, and 100 West 33rd Street. In 2001, McColl stepped down as CEO and named Ken Lewis as his successor. In 2004, Bank of America announced it would purchase Boston-based bank FleetBoston Financial for $ 47 billion in cash and stock. By merging with Bank of America, all of its banks and branches were given
3906-463: The Bank of Italy , in San Francisco. In 1922, Bank of America, Los Angeles was established with Giannini as a minority investor. The two banks merged in 1928 and consolidated with other bank holdings to create what would become the largest banking institution in the country. In 1918, another corporation, Bancitaly Corporation, was organized by A. P. Giannini, the largest stockholder of which
Upstate South Carolina - Misplaced Pages Continue
4032-592: The Clayton Antitrust Act . The passage of the Bank Holding Company Act of 1956 prohibited banks from owning non-banking subsidiaries such as insurance companies. Bank of America and Transamerica were separated, with the latter company continuing in the insurance sector. However, federal banking regulators prohibited Bank of America's interstate banking activity, and Bank of America's domestic banks outside California were forced into
4158-514: The Continental Illinois National Bank and Trust Co. of Chicago. At the time, no bank possessed the resources to bail out Continental, so the federal government operated the bank for nearly a decade. Illinois then regulated branch banking extremely heavily, so Bank of America Illinois was a single-unit bank until the 21st century. BankAmerica moved its national lending department to Chicago in an effort to establish
4284-598: The Crescent Line stops in Spartanburg, Greenville, and Clemson. The Upstate region is served by three regional newspapers: The Greenville News , the (Spartanburg) Herald-Journal , and the Anderson Independent-Mail , each of which serves its individual city and surrounding area. The Post and Courier recently opened expansion newsrooms in Greenville and Spartanburg for coverage of
4410-482: The Fundamental Constitutions of Carolina , which laid the basis for the future colony. His utopia was inspired by John Locke , an English philosopher and physician, widely regarded as one of the most influential of Enlightenment thinkers and commonly known as the "Father of Liberalism". The Carolina slave trade, which included both trading and direct raids by colonists, was the largest among
4536-675: The Justice Department announced a $ 335 million settlement with Bank of America over discriminatory lending practice at Countrywide Financial. Attorney General Eric Holder said a federal probe found discrimination against qualified African-American and Latino borrowers from 2004 to 2008. He said that minority borrowers who qualified for prime loans were steered into higher-interest-rate subprime loans . On September 14, 2008, Bank of America announced its intention to purchase Merrill Lynch & Co., Inc. in an all-stock deal worth approximately $ 50 billion. Merrill Lynch
4662-942: The National Association of Securities Dealers . The use of " Banc " in the BAS's name was indicative of the fact that the company was not a bank , and its deposits and other holdings were not insured by the Federal Deposit Insurance Corporation . The subsidiary was founded in 1998 following a strategy pioneered by Citigroup that combines corporate lending with investment banking advice and services. During its years of operation its strongest investment banking groups included high-yield debt underwriting and Leveraged Finance, in addition to industry coverage groups such as Healthcare, Consumer & Retail, Global Industries, Media & Telecom, Financial Institutions, Real Estate and Gaming. BAS also did
4788-638: The Sea Islands , a series of barrier islands along the Atlantic Ocean. There is evidence of human activities in the area dating to about 50,000 years ago. At the time Europeans arrived, marking the end Pre-Columbian era around 1600, there were many separate Native American tribes, the largest being the Cherokee and the Catawba , with a total population being up to 20,000. Up the rivers of
4914-480: The inland margin of this province. The Carolina Sandhills are interpreted as eolian (wind-blown) sand sheets and dunes that were mobilized episodically from approximately 75,000 to 6,000 years ago. Most of the published luminescence ages from the sand are coincident with the last glaciation, a time when the southeastern United States was characterized by colder air temperatures and stronger winds. Much of Piedmont consists of Paleozoic metamorphic and igneous rocks, and
5040-547: The 1950s, passage of landmark federal banking legislation facilitated rapid growth, quickly establishing a prominent market share. After suffering a significant loss after the 1998 Russian bond default , BankAmerica, as it was then known, was acquired by the Charlotte-based NationsBank for US$ 62 billion. Following what was then the largest bank acquisition in history , the Bank of America Corporation
5166-548: The 1960s. During the early-to-mid part of the 20th century, millions of African Americans left South Carolina and other southern states for jobs, opportunities, and relative freedom in U.S. cities outside the former Confederate states. In total from 1910 to 1970, 6.5 million blacks left the South in the Great Migration . By 1930, South Carolina had a white majority population for the first time since 1708. South Carolina
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5292-512: The 2007 race. The deal increased Bank of America's presence in Illinois , Michigan , and Indiana by 411 branches, 17,000 commercial bank clients, 1.4 million retail customers, and 1,500 ATMs. Bank of America became the largest bank in the Chicago market with 197 offices and 14% of the deposit share, surpassing JPMorgan Chase . LaSalle Bank and LaSalle Bank Midwest branches adopted
5418-666: The 782,509 African American citizens comprised more than 58% of the state's population, but they were essentially without any political representation in the Jim Crow society. The 1895 constitution overturned local representative government, reducing the role of the counties to agents of state government, effectively ruled by the General Assembly, through the legislative delegations for each county. As each county had one state senator, that person had considerable power. The counties lacked representative government until home rule
5544-481: The Bank of America logo. At the time of merger, FleetBoston was the seventh largest bank in United States with $ 197 billion in assets, over 20 million customers and revenue of $ 12 billion. Hundreds of FleetBoston workers lost their jobs or were demoted, according to The Boston Globe . On June 30, 2005, Bank of America announced it would purchase credit card giant MBNA for $ 35 billion in cash and stock. The Federal Reserve Board gave final approval to
5670-484: The Bank of America name on May 5, 2008. During the subprime mortgage crisis , the bank, under Ken Lewis , made two major acquisitions that would shape the future of the company for the next couple years coming out of the crisis. Specifically the bank was sued by many different parties and made to pay tens of billions of dollars. On August 23, 2007, the company announced a $ 2 billion repurchase agreement for Countrywide Financial . This purchase of preferred stock
5796-656: The BankBoston name and trademarks were not part of the transaction, as part of the sale agreement, they cannot be used by Bank of America in Brazil, Chile or Uruguay following the transactions. Hence, the BankBoston name has disappeared from Brazil, Chile and Uruguay. The Itaú stock received by Bank of America in the transactions has allowed Bank of America's stake in Itaú to reach 11.51%. Banco de Boston de Brazil had been founded in 1947. On November 20, 2006, Bank of America announced
5922-529: The British colonies in North America. Between 1670 and 1715, between 24,000 and 51,000 captive Native Americans were exported from South Carolina – more than the number of Africans imported to the colonies of the future United States during the same period. Additional enslaved Native Americans were exported from South Carolina to other U.S. colonies. The historian Alan Gallay says, "the trade in Indian slaves
6048-527: The Confederate Army, and are now landowners and taxpayers. Those men served creditably, and it would be unjust and disgraceful to embarrass them in this way. It is a scientific fact that there is not one full-blooded Caucasian on the floor of this convention. Every member has in him a certain mixture of ... colored blood. The pure-blooded white has needed and received a certain infusion of darker blood to give him readiness and purpose. It would be
6174-847: The Greenville–Spartanburg–Anderson CSA includes all ten counties in the Upstate. Within the CSA are a total of two metropolitan statistical areas and three micropolitan statistical areas . As of the 2020 Census, the Greenville–Spartanburg–Anderson CSA had a population of 1,511,105. The following population rankings are based on the 2010 Census. Greenville , Spartanburg , Anderson , Greer , Mauldin , and Greenwood , The OMB labels all these cities as principal cities in their respective MSAs and μSA. Cities: Easley , Simpsonville CDPs: Taylors , Wade Hampton Cities: Clemson , Gaffney , and Fountain Inn, South Carolina . Gaffney
6300-574: The Office of Management and Budget (OMB) in 2015. In 2023, the OMB issued its most updated definition of the CSA that coincides again with the 10-county region. The region's population was 1,487,610 as of 2020. Situated between Atlanta and Charlotte , the Upstate is the geographical center of the Charlanta megaregion . After BMW 's initial investment, foreign companies, including others from Germany, have
6426-628: The U.S. Constitution , and free trade . In 1832, the Ordinance of Nullification declared federal tariff laws unconstitutional and not to be enforced in the state, leading to the Nullification Crisis . The federal Force Bill was enacted to use whatever military force necessary to enforce federal law in the state, bringing South Carolina back into line. An 1831 House Report from the Committee on Military Affairs noted that Before
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#17327933977756552-679: The Union. However, South Carolina did not regain representation in Congress until that date. Until the 1868 presidential election , South Carolina's legislature, not the voters, chose the state's electors for the presidential election. South Carolina was the last state to choose its electors in this manner. During Reconstruction, South Carolina maintained a majority-black government, which lasted until approximately 1876 when Democrats and former Confederates committed voter fraud to regain power. On October 19, 1871, President Ulysses S. Grant suspended habeas corpus in nine South Carolina counties under
6678-484: The United States at that time. Giannini and Monnette headed the resulting company, serving as co-chairs. Giannini introduced branch banking shortly after 1909 legislation in California allowed for branch banking in the state, establishing the bank's first branch outside San Francisco in 1909 in San Jose. By 1929 the bank had 453 banking offices in California with aggregate resources of over US$ 1.4 billion. There
6804-629: The United States, and in May 1788, South Carolina ratified the United States Constitution , becoming the eighth state to enter the union. During the American Revolutionary War (1775–1783), about a third of combat action took place in South Carolina, more than any other state. Inhabitants of the state endured being invaded by British forces and an ongoing civil war between loyalists and partisans that devastated
6930-619: The Upstate topography and traditional community relations to resist service in the Confederate ranks. At the end of the war in early 1865, the troops of General William Tecumseh Sherman marched across the state devastating plantations and most of Columbia. South Carolina would be readmitted to the Union on July 9, 1868. In Texas vs. White (1869), the Supreme Court ruled the ordinances of secession (including that of South Carolina) were invalid, and thus those states had never left
7056-479: The Upstate, including Clemson. The Upstate is part of the vastly larger Greenville-Spartanburg-Anderson- Asheville designated market area , which extends into western North Carolina and northeastern Georgia . These television stations serve the region: 34°43′N 82°11′W / 34.717°N 82.183°W / 34.717; -82.183 South Carolina South Carolina ( / ˌ k ær ə ˈ l aɪ n ə / KARR -ə- LY -nə )
7182-719: The Western Hemisphere. The majority of business and commerce in the Upstate takes place in Greenville County. Greenville has the largest concentration of businesses and financial institutions in its downtown area. In fact, the Greenville-Spartanburg-Anderson MSA was ranked seventh in the nation by site consultants considering the top markets for economic development. Many financial institutions have regional offices located in downtown Greenville. These include Bank of America and
7308-419: The acquisition did not go through, and later Bank of America were forced to request federal assistance, the management of Bank of America would be "gone". Other emails, read by Congressman Dennis Kucinich during the course of Lewis' testimony, state that Mr. Lewis had foreseen the outrage from his shareholders that the purchase of Merrill would cause, and asked government regulators to issue a letter stating that
7434-480: The acquisition of Merrill Lynch and that federal official pressured him to proceed with the deal or face losing his job and endangering the bank's relationship with federal regulators. Lewis's statement is backed up by internal emails subpoenaed by Republican lawmakers on the House Oversight Committee. In one of the emails, Richmond Federal Reserve President Jeffrey Lacker threatened that if
7560-543: The acquisition on December 5, 2008, and the deal closed January 1, 2009. Bank of America had planned to retain various members of the then Merrill Lynch's CEO, John Thain 's management team after the merger. However, after Thain was removed from his position, most of his allies left. The departure of Nelson Chai , who had been named Asia-Pacific president, left just one of Thain's hires in place: Tom Montag, head of sales and trading. The bank, in its January 16, 2009, earnings release, revealed massive losses at Merrill Lynch in
7686-547: The acquisition, which was completed in July 2008, giving the bank a substantial market share of the mortgage business, and access to Countrywide's resources for servicing mortgages. The acquisition was seen as preventing a potential bankruptcy for Countrywide. Countrywide, however, denied that it was close to bankruptcy. Countrywide provided mortgage servicing for nine million mortgages valued at $ 1.4 trillion as of December 31, 2007. This purchase made Bank of America Corporation
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#17327933977757812-555: The authority of the Ku Klux Klan Act . Led by Grant's Attorney General Amos T. Akerman , hundreds of Klansmen were arrested while 2,000 Klansmen fled the state. This was done to suppress Klan violence against African-American and white voters in the South. In the mid-to-late 1870s, white Democrats used paramilitary groups such as the Red Shirts to intimidate and terrorize black voters. They regained political control of
7938-1234: The automotive, life sciences, plastics, and photonics industries. Clemson University , BMW, IBM , Microsoft , and Michelin have combined their resources to create Clemson University International Center for Automotive Research , a research park that specializes in the development of automotive technology. These corporations have a major presence in the Upstate: Adidas , Advance America , Bank of America , BMW of North America , Bon Secours St. Francis Health System Bon Secours | Bringing Health Care and Good Help to Those in Need , Bosch North America , Denny's Restaurants , Dunlop Sport , Ernst & Young , Fluor Corporation , Freightliner , GE Vernova , Prisma Health [1] , IBM , Kemet Corporation , Liberty Corporation , Spartanburg Regional Healthcare System , Michelin of North America , Microsoft , Milliken & Company , Spartanburg Regional Health System , Spectrum Communications , SunTrust , Ovation Brands , Perrigo Company of South Carolina , Techtronic Industries , Toronto-Dominion Bank , and Verizon . • BMW's only North American manufacturing plant
8064-576: The backcountry. It is estimated 25,000 slaves (30% of those in South Carolina) fled, migrated or died during the war. America's first census in 1790 put the state's population at nearly 250,000. By the 1800 census, the population had increased 38 per cent to nearly 340,000 of which 146,000 were slaves. At that time South Carolina had the largest population of Jews in the sixteen states of the United States, mostly based in Savannah and Charleston,
8190-521: The bank introduced the BankAmericard, which changed its name to Visa in 1977. A coalition of regional bankcard associations introduced Interbank in 1966 to compete with BankAmericard. Interbank became Master Charge in 1966 and then Mastercard in 1979. From February 1970 through September 1971, there were 66 attacks on Bank of America branches in California, including 53 bombings or fire-bombings, and 13 arson fires. There were "few injuries" and
8316-550: The bar, and its commander apparently meditating an attack upon the forts, the quantity of gunpowder in the harbor, belonging to the United States, was not more than sufficient to have enabled the garrison to fire a single round. In the United States presidential election of 1860 , voting was sharply divided, with the South voting for the Southern Democrats and the North for Abraham Lincoln 's Republican Party . Lincoln
8442-586: The brokerage firm Charles Schwab and Co. back to Mr. Schwab . It also sold Bank of America and Italy to Deutsche Bank . By the time of the 1987 stock-market crash , BankAmerica's share price had fallen to $ 8, but by 1992 it had rebounded mightily to become one of the biggest gainers of that half-decade. BankAmerica's next big acquisition came in 1992. The company acquired Security Pacific Corporation and its subsidiary Security Pacific National Bank in California and other banks in Arizona , Idaho , Oregon , and Washington , which Security Pacific had acquired in
8568-606: The colossal losses visited on B of A due to its acquisition of Merrill Lynch. With Thain's departure, Brian Moynihan became president of Global Banking and Global Wealth and Investment Management. After the merger was closed, the SEC Registration of Banc of America Securities was terminated in January 2011. BAS operated from a number of offices across the world, with major offices in New York, New York , Charlotte, North Carolina , Chicago, Illinois , San Francisco, California , Tokyo , Frankfurt , London , and Mumbai . The bulk of its investment banking operations eventually moved to
8694-435: The combined subsidiary was renamed "BancAmerica Robertson Stephens". In 1997, BankAmerica lent investment management firm D. E. Shaw & Co. $ 1.4 billion to run various businesses for the bank. However, D.E. Shaw suffered significant loss after the 1998 Russia bond default . NationsBank of Charlotte acquired BankAmerica in 1998 in what was the largest bank acquisition in history at that time. While NationsBank
8820-417: The commencement of the war with Great Britain, and for a long time afterwards, the State of South Carolina was almost destitute of any of the means of military protection, excepting as such could be furnished by her own resources. In the harbor of Charleston alone were there any forts, and these were in so feeble a condition, that at a period, when a British squadron was engaged in sounding the depth of water off
8946-562: The convention realized prominent white families with some African ancestry could be affected by such legislation. In terms similar to a debate in Virginia in 1853 on a similar proposal (which was dropped), George Dionysius Tillman said in opposition: If the law is made as it now stands respectable families in Aiken , Barnwell , Colleton , and Orangeburg will be denied the right to intermarry among people with whom they are now associated and identified. At least one hundred families would be affected to my knowledge. They have sent good soldiers to
9072-721: The eastern coastal plain lived about a dozen tribes of Siouan background. Along the Savannah River were the Apalachee , Yuchi , and the Yamasee . Further west were the Cherokee, and along the Catawba River , the Catawba. These tribes were village-dwellers, relying on agriculture as their primary food source. The Cherokee lived in wattle and daub houses made with wood and clay, roofed with wood or thatched grass. About
9198-417: The eighth state to ratify the U.S. Constitution . As a slave state , it was the first to vote for secession from the Union on December 20, 1860. Following the American Civil War , South Carolina was readmitted to the Union on July 9, 1868. In the early to mid-20th century, South Carolina experienced significant economic development with the establishment of numerous textile mills and factories throughout
9324-446: The first Europeans in the area. From June 24 to July 14, 1521, they explored the land around Winyah Bay . On October 8, 1526, they founded San Miguel de Gualdape , near present-day Georgetown, South Carolina . It was the first European settlement in what is now the contiguous United States . Established with five hundred settlers, it was abandoned eight months later by one hundred and fifty survivors. In 1540, Hernando de Soto explored
9450-506: The fourth quarter, which necessitated an infusion of money that had previously been negotiated with the government as part of the government-persuaded deal for the bank to acquire Merrill. Merrill recorded an operating loss of $ 21.5 billion in the quarter, mainly in its sales and trading operations, led by Tom Montag. The bank also disclosed it tried to abandon the deal in December after the extent of Merrill's trading losses surfaced, but
9576-419: The government had ordered him to complete the deal to acquire Merrill. Lewis, for his part, states he didn't recall requesting such a letter. The acquisition made Bank of America the number one underwriter of global high-yield debt , the third largest underwriter of global equity and the ninth largest adviser on global mergers and acquisitions. As the credit crisis eased, losses at Merrill Lynch subsided, and
9702-497: The growth of several cities, including the capital, Columbia . The larger rivers are navigable up to the fall line, providing a trade route for mill towns. The northwestern part of Piedmont is also known as the Foothills. The Cherokee Parkway is a scenic driving route through this area. This is where Table Rock State Park is located. Bank of America The Bank of America Corporation (often abbreviated BofA or BoA )
9828-411: The healthcare sector, while the pharmaceutical corporation of Bausch & Lomb has set up regional operations alongside smaller recently developed local companies such as IRIX Manufacturing and Pharmaceutical Associates. The Upstate is also home to a large number of private-sector and university-based research including R&D facilities for Michelin, Fuji, and GE Vernova and research centers to support
9954-429: The landscape has relatively low relief. Due to the changing economics of farming, much of the land is now reforested in loblolly pine for the lumber industry. These forests are part of the Southeastern mixed forests ecoregion. At the southeastern edge of Piedmont is the fall line , where rivers drop to the coastal plain. The fall line was an important early source of water power. Mills built to this resource encouraged
10080-490: The largest financial services company in the world. Temasek Holdings , the largest shareholder of Merrill Lynch & Co., Inc., briefly became one of the largest shareholders of Bank of America, with a 3% stake. However, taking a loss Reuters estimated at $ 3 billion, the Singapore sovereign wealth fund sold its whole stake in Bank of America in the first quarter of 2009. Shareholders of both companies approved
10206-696: The latter being the country's fifth largest city. In the Antebellum period (before the Civil War) the state's economy and population grew. Cotton became an important crop after the invention of the cotton gin . While nominally democratic, from 1790 until 1865, wealthy male landowners were in control of South Carolina. For example, a man was not eligible to sit in the State House of Representatives unless he possessed an estate of 500 acres of land and 10 Negroes, or at least 150 pounds sterling. Columbia ,
10332-693: The leading mortgage originator and servicer in the U.S., controlling 20–25% of the home loan market. The deal was structured to merge Countrywide with the Red Oak Merger Corporation, which Bank of America created as an independent subsidiary. It has been suggested that the deal was structured this way to prevent a potential bankruptcy stemming from large losses in Countrywide hurting the parent organization by keeping Countrywide bankruptcy remote . Countrywide Financial has changed its name to Bank of America Home Loans . In December 2011,
10458-476: The major institutions of higher education in the Upstate. In 2008, U.S. News ranked Furman as the 37th-best liberal arts college, Wofford College as the 59th-best, and Presbyterian College as the 101st-best. Also, they ranked Clemson University as the 67th-best national university. According to the Bob Jones University, its Museum and Gallery constitutes the largest collection of religious art in
10584-533: The merged company was and still is headquartered in Charlotte, and retains NationsBank's pre-1998 stock price history. All U.S. Securities and Exchange Commission (SEC) filings before 1998 are listed under NationsBank, not Bank of America. NationsBank president, chairman, and CEO Hugh McColl , took on the same roles with the merged company. In 1998, Bank of America possessed combined assets of $ 570 billion, as well as 4,800 branches in 22 U.S. states. Despite
10710-452: The merger on December 15, 2005, and the merger closed on January 1, 2006. The acquisition of MBNA provided Bank of America a leading domestic and foreign credit card issuer. The combined Bank of America Card Services organization, including the former MBNA, had more than 40 million U.S. accounts and nearly $ 140 billion in outstanding balances. Under Bank of America, the operation was renamed FIA Card Services. Bank of America operated under
10836-507: The name BankBoston in many other Latin American countries, including Brazil. In May 2006, Bank of America and Banco Itaú (Investimentos Itaú S.A.) entered into an acquisition agreement, through which Itaú agreed to acquire BankBoston's operations in Brazil, and was granted an exclusive right to purchase Bank of America's operations in Chile and Uruguay , in exchange for Itaú shares. The deal
10962-571: The new state capital was founded in the center of the state, and the State Legislature first met there in 1790. The town grew after it was connected to Charleston by the Santee Canal in 1800, one of the first canals in the United States. As dissatisfaction of the planters ruling class with the federal government grew, in the 1820s John C. Calhoun became a leading proponent of states' rights , limited government , nullification of
11088-512: The now-defunct Wachovia . Other major industries of commerce in the Upstate include the auto industry, which is concentrated mainly along the corridor between Greenville and Spartanburg around the BMW manufacturing facility in Greer. The other major industry in the Upstate is the healthcare and pharmaceuticals. Greenville Hospital System and Bon Secours St. Francis Health System are the area's largest in
11214-579: The oldest branch of the Bank of America franchise can be traced to 1784, when Massachusetts Bank was chartered, the first federally chartered joint-stock owned bank in the United States. Another branch of its history goes back to the U.S.-based Bank of Italy , founded by Amadeo Pietro Giannini in 1904, which provided various banking options to Italian immigrants who faced service discrimination . Headquartered in San Francisco, California , Giannini acquired Banca d'America e d'Italia , in 1922. In
11340-470: The problems on his predecessor, A. W. (Tom) Clausen , Clausen was appointed to replace Armacost. The losses resulted in a huge decline of BankAmerica stock, making it vulnerable to a hostile takeover . First Interstate Bancorp of Los Angeles (which had originated from banks once owned by BankAmerica), launched such a bid in the fall of 1986, although BankAmerica rebuffed it, mostly by selling operations. It sold its FinanceAmerica subsidiary to Chrysler and
11466-686: The property damage cost about $ 500,000, 80% of which was from the burning of the Isla Vista branch during a February 1970 riot. Following passage of the Bank Holding Company Act of 1956 by the U.S. Congress , BankAmerica Corporation was established for the purpose of owning and operating Bank of America and its subsidiaries. In 1983, Bank of America expanded outside California , through acquisition, orchestrated in part by Stephen McLin of Seafirst Corporation in Seattle , and its wholly owned banking subsidiary, Seattle-First National Bank. Seafirst
11592-429: The proprietors' rule, seeking more direct representation. In 1712, the former Province of Carolina split into North and South Carolina. In 1719, South Carolina was officially made a royal colony . South Carolina prospered from the fertility of the lowcountry and the harbors, such as at Charleston . It allowed religious toleration, encouraging settlement, and trade in deerskin, lumber, and beef thrived. Rice cultivation
11718-639: The purchase of The United States Trust Company for $ 3.3 billion, from the Charles Schwab Corporation . US Trust had about $ 100 billion of assets under management and over 150 years of experience. The deal closed July 1, 2007. On September 14, 2007, Bank of America won approval from the Federal Reserve to acquire LaSalle Bank Corporation from ABN AMRO for $ 21 billion. With this purchase, Bank of America possessed $ 1.7 trillion in assets. A Dutch court blocked
11844-687: The region and the main town of Cofitachequi , where he captured the queen of the Maskoki (Muscogee) and the Chelaque (Cherokee) who had welcomed him. In 1562 French Huguenots established a settlement at what is now the Charlesfort-Santa Elena archaeological site on Parris Island . Many of these settlers preferred a natural life far from civilization and the atrocities of the Wars of Religion . The garrison lacked supplies, however, and
11970-477: The sale until it was later approved in July. The acquisition was completed on October 1, 2007. Many of LaSalle's branches and offices had already taken over smaller regional banks within the previous decade, such as Lansing and Detroit-based Michigan National Bank . The acquisition also included the Chicago Marathon event, which ABN AMRO acquired in 1996. Bank of America took over the event starting with
12096-498: The second-largest bank in the world by market capitalization , both after JPMorgan Chase . Bank of America is one of the Big Four banking institutions of the United States. It serves about 10 percent of all American bank deposits, in direct competition with JPMorgan Chase, Citigroup , and Wells Fargo . Its primary financial services revolve around commercial banking , wealth management , and investment banking. Through mergers,
12222-518: The size of the two companies, federal regulators insisted only upon the divestiture of 13 branches in New Mexico , in towns that would be left with only a single bank following the combination. These branches were sold to BOK Financial Corporation , which operates them under the name "Bank of Albuquerque". The broker-dealer, NationsBanc Montgomery Securities, was named Banc of America Securities in 1998. Banc of America Securities LLC ( BAS ),
12348-586: The soldiers (as in the France Antarctique ) soon ran away. The French returned two years later but settled in present-day Florida rather than South Carolina. Sixty years later, in 1629, King Charles I of England established the province of Carolana , an area covering what is now South and North Carolina , Georgia and Tennessee . Carolana was granted to Sir Robert Heath , who intended to allow French Huguenots to settle there; however, King Charles refused to grant permission to settle to anyone who
12474-589: The state under conservative white " Redeemers " and pro-business Bourbon Democrats . In 1877, the federal government withdrew its troops as part of the Compromise of 1877 that ended Reconstruction. The state became a hotbed of racial and economic tensions during the Populist and Agrarian movements of the 1890s. A Republican-Populist biracial coalition took power away from White Democrats temporarily. To prevent that from happening again, Democrats gained passage of
12600-412: The state was not a major battleground, the war ruined the state's economy. More than 60,000 soldiers from South Carolina served in the war, with the state losing an estimated 18,000 troops. Though no regiments of Southern Unionists were formed in South Carolina due to a smaller unionist presence, the Upstate region of the state would be a haven for Confederate Army deserters and resisters, as they used
12726-503: The state. Its eastern border is the Sea Islands , a chain of tidal and barrier islands . The border between the lowcountry and the upcountry is defined by the Atlantic Seaboard fall line , which marks the limit of navigable rivers. Altogether, the state has a total area of 32,020.49 square miles (82,932.7 km ), of which 30,060.70 square miles (77,856.9 km ) is land and 1,959.79 square miles (5,075.8 km ) (6.12%)
12852-526: The state. The civil rights movement during the mid-20th century played a crucial role in dismantling segregation and discriminatory laws in the state. Following World War II , South Carolina's economic diversification accelerated, leading to a broader range of industries. By the early 21st century, the state's economy had evolved to include sectors such as aerospace , agribusiness , automotive manufacturing , and tourism. South Carolina features three primary geographic regions stretching from east to west:
12978-528: The subsidiary generated $ 3.7 billion of Bank of America's $ 4.2 billion in profit by the end of quarter one in 2009, and over 25% in quarter 3 2009. On September 28, 2012, Bank of America settled the class-action lawsuit over the Merrill Lynch acquisition and will pay $ 2.43 billion. This was one of the first major securities class action lawsuits stemming from the financial crisis of 2007–2008 to settle. Many major financial institutions had
13104-559: The textile industry and then in manufacturing. Tourism also started to form into a major industry within the state during the 20th century, especially in areas such as Myrtle Beach and Charleston . As the 21st century progresses, South Carolina has attracted new business by having a 5% corporate income tax rate, no state property tax , no local income tax, no inventory tax, no sales tax on manufacturing equipment, industrial power or materials for finished products; no wholesale tax, and no unitary tax on worldwide profits. South Carolina
13230-400: The world with dynamite to prevent or avenge attacks upon the honor of his mother in the legitimacy or purity of the blood of his father. The state postponed such a one-drop law for years. Virginian legislators adopted a one-drop law in 1924, forgetting that their state had many people of mixed ancestry among those who identified as white. Early in the 20th century, South Carolina developed
13356-402: Was Stockholders Auxiliary Corporation. This company acquired the stocks of various banks located in New York City and certain foreign countries. In 1928, Giannini merged his bank with Bank of America, Los Angeles , headed by Orra E. Monnette . Bank of Italy was renamed on November 3, 1930, to Bank of America National Trust and Savings Association , which was the only such designated bank in
13482-474: 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 can be traced to 1784, when Massachusetts Bank was chartered, 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. This bank became FleetBoston , with which Bank of America merged in 2004. In 1874, Commercial National Bank
13608-551: Was anti-slavery, did not acknowledge the right to secession , and would not yield federal property in Southern states. Southern secessionists believed Lincoln's election meant long-term doom for their slavery-based agrarian economy and social system. Lincoln was elected president on November 6, 1860. The state House of Representatives three days later passed the "Resolution to Call the Election of Abraham Lincoln as U.S. President
13734-521: Was arranged to provide a return on investment of 7.25% per annum and provided the option to purchase common stock at a price of $ 18 per share. On January 11, 2008, Bank of America announced that it would buy Countrywide Financial for $ 4.1 billion. In March 2008, it was reported that the Federal Bureau of Investigation (FBI) was investigating Countrywide for possible fraud relating to home loans and mortgages. This news did not hinder
13860-515: Was at risk of seizure by the federal government after becoming insolvent due to a series of bad loans to the oil industry . BankAmerica continued to operate its new subsidiary as Seafirst rather than Bank of America until the 1998 merger with NationsBank. BankAmerica experienced huge losses in 1986 and 1987 due to the placement of a series of bad loans in the Third World . The company fired its CEO, Sam Armacost , in 1986. Though Armacost blamed
13986-628: Was at the center of the English empire's development in the American South. The trade in Indian slaves was the most important factor affecting the South in the period 1670 to 1715". In the 1670s, English planters from Barbados established themselves near what is now Charleston. Settlers from all over Europe built rice plantations in the South Carolina Lowcountry , east of the Atlantic Seaboard fall line . Plantation labor
14112-439: Was at the time within days of collapse, and the acquisition effectively saved Merrill from bankruptcy. Around the same time Bank of America was reportedly also in talks to purchase Lehman Brothers , however a lack of government guarantees caused the bank to abandon talks with Lehman. Lehman Brothers filed for bankruptcy the same day Bank of America announced its plans to acquire Merrill Lynch. This acquisition made Bank of America
14238-565: Was compelled to complete the merger by the U.S. government. The bank's stock price sank to $ 7.18, its lowest level in 17 years, after announcing earnings and the Merrill mishap. The market capitalization of Bank of America, including Merrill Lynch, was then $ 45 billion, less than the $ 50 billion it offered for Merrill just four months earlier, and down $ 108 billion from the merger announcement. Bank of America CEO Kenneth Lewis testified before Congress that he had some misgivings about
14364-612: Was developed on a large scale on the back of slave labor. By the second half of the 1700s, South Carolina was one of the richest of the Thirteen Colonies . On March 26, 1776, the colony adopted the Constitution of South Carolina , electing John Rutledge as the state's first president. In February 1778, South Carolina became the first state to ratify the Articles of Confederation , the initial governing document of
14490-464: Was done by African slaves who formed the majority of the population by 1720. Another cash crop was the indigo plant , a plant source of blue dye, developed by Eliza Lucas . Meanwhile, Upstate South Carolina , west of the Fall Line, was settled by small farmers and traders, who due to resource competition fought a number of wars with confederated Native American tribes westward. Colonists overthrew
14616-709: Was founded in Charlotte. That bank merged with American Trust Company in 1958 to form American Commercial Bank. Two years later 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 Atlanta and 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 (1870–1949) founded
14742-423: 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, and since renamed BofA Securities. Both Bank of America and Merrill Lynch Wealth Management retain large market shares in their respective offerings. The investment bank
14868-499: Was instrumental in establishing the English colony, with Carolus being the Latin equivalent of "Charles". The Province of South Carolina was officially created in 1712. As one of the original Thirteen Colonies , it transitioned to a royal colony in 1719. Throughout the American Revolutionary War , South Carolina witnessed significant military engagement, hosting over 200 battles and skirmishes. On May 23, 1788, South Carolina became
14994-715: Was not a member of the Anglican Church , leading to the failure of the colony. In 1663, King Charles II created the Province of Carolina by granting the same land to eight Lords Proprietors in return for their financial and political assistance in restoring him to the throne in 1660. Anthony Ashley Cooper , one of the Lord Proprietors, planned the Grand Model for the Province of Carolina and wrote
15120-532: Was one of several states that initially rejected the Nineteenth Amendment (1920) giving women the right to vote. The South Carolina legislature later ratified the amendment on July 1, 1969. The struggle of the civil rights movement took place in South Carolina, as they did in other Southern states and elsewhere within the country. South Carolina would experience a much less violent movement than other Deep South states. This tranquil transition from
15246-447: Was one of the first states to stop paying for "early elective" deliveries of babies , under either Medicaid and private insurance. The term early elective is defined as a labor induction or Cesarean section between 37 and 39 weeks. The change was intended to result in healthier babies and fewer costs for the state of South Carolina. On November 20, 2014, South Carolina became the 35th state to legalize same-sex marriages , when
15372-469: Was passed in 1975. Governor "Pitchfork Ben" Tillman , a Populist, led the effort to disenfranchise the blacks and poor whites, although he controlled Democratic state politics from the 1890s to 1910 with a base among poor white farmers. During the constitutional convention in 1895, he supported another man's proposal that the state adopt a one-drop rule , as well as prohibit marriage between whites and anyone with any known African ancestry. Some members of
15498-506: Was ranked No. 25 on the 2020 Fortune 500 rankings of the largest US corporations by total revenue. Likewise, Bank of America was also ranked No. 6 on the 2023 Global 2000 rankings done by Forbes. Bank of America was named the "World's Best Bank" by the Euromoney Institutional Investor in its 2018 Awards for Excellence. Bank of America, Los Angeles was founded in California in 1923. In 1928, this entity
15624-685: Was signed in August 2006. Prior to the transaction, BankBoston's Brazilian operations included asset management, private banking, a credit card portfolio, and small, middle-market, and large corporate segments. It had 66 branches and 203,000 clients in Brazil. BankBoston in Chile had 44 branches and 58,000 clients and in Uruguay, it had 15 branches. In addition, there was a credit card company, OCA, in Uruguay, which had 23 branches. BankBoston N.A. in Uruguay, together with OCA, jointly served 372,000 clients. While
15750-554: Was the investment banking subsidiary of BoA from 1998 until BoA was merged with Merrill Lynch (2008). Headquartered in New York City, the company competed in both the domestic and international equity and investment banking markets. The company was a registered broker-dealer with the United States Securities and Exchange Commission (SEC) and was a member of the New York Stock Exchange and
15876-414: Was the nominal survivor, the merged bank took the better-known name of Bank of America. Hence, the holding company was renamed Bank of America Corporation, while NationsBank, N.A. merged with Bank of America NT&SA to form Bank of America, N.A. as the remaining legal bank entity. The combined bank operates under Federal Charter 13044, which was granted to Giannini's Bank of Italy on March 1, 1927. However,
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