Desert Fashion Plaza , formerly known as Desert Inn Fashion Plaza , was an enclosed shopping mall located in Palm Springs, California . The mall was originally developed by the Home Savings and Loan Association , which sold the shopping center to Desert Plaza Partnership.
96-525: In the early 1980s, Desert Plaza Partnership sold the property to DeBartolo Corporation which expanded and revamped the mall to accommodate more shops. Subsequently, sales declined prompting major retailers to close down business at the Desert Fashion Plaza. In 2002, John Wessman of Wessman Development bought the property and proposed a significant redevelopment of the whole site. Demolition began to take place in 2013, and shops, restaurants, and
192-422: 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
288-428: 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
384-541: A multi-million dollar commercial center on the old site. Architect Charles Luckman was commissioned to design the new shopping mall. Demolition of the Desert Inn began in August 1966. The Desert Inn Fashion Plaza was officially opened to the public on October 16, 1967, with the grand opening of a 20,000-square-foot I. Magnin , which represented the retailer's return to Palm Springs after its 1933 to 1942 presence with
480-560: 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
576-496: A paving contractor and builder of warehouses and other structures. While a teenager, Edward DeBartolo began working, translating paving contracts for his stepfather, who did not read or write English . DeBartolo went on to earn a degree in civil engineering at the University of Notre Dame . Next came a decade of construction jobs with his stepfather. Capitalizing on his engineering skills, DeBartolo found himself serving in
672-525: A real estate investment trust or "REIT". Most of DeBartolo's competitors were preparing to do the same, their operations suffering from a lack of capital in the private markets. In late 1993, the two largest shopping center companies at the time, DeBartolo and Simon were coming to the market simultaneously. Their advisors informed them that the capital markets could not absorb that much equity; either one of them must back down or prices would suffer severely. DeBartolo agreed to withdraw. In April, 1994, most of
768-614: A resort shop at the El Mirador Hotel . A month before the mall opened, Luckman and Leonard R. Lockhart, the first vice president of the Home Savings and Loan Associates, were both honored by Southern California Edison for the all-electrical design. In 1969, Joseph Magnin Co. broke ground on a 26,000-square-foot department store in the mall. The new store would anchor at the corner of North Palm Canyon Drive and Andreas Road and
864-405: 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,
960-612: 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
1056-630: 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
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#17327730023121152-491: A six-story hotel have opened on part of the site with more planned. Former anchor tenants in the mall were Saks Fifth Avenue , I. Magnin , and Bank of America . The mall was used as the set for the fictional S'wallow Valley Mall in the 2012 comedy film , Tim and Eric's Billion Dollar Movie . The site of the Desert Fashion Plaza was formerly a resort hotel named the Desert Inn opened and operated by Nellie Coffman, an early settler of Palm Springs . After Nellie's death in
1248-458: A six-story hotel. Wessman pledged that the demolition of the plaza would take just four months and that 90% of the materials would be recycled. Before the construction commenced in the middle of the same year, a lawsuit was filed by Frank Tysen, a member of the Citizens for a Sustainable Palm Springs, and owner of Casa Cody Bed & Breakfast. Tysen and his group were suing because they believed
1344-621: A two-story multiplex theater, a food court, a gourmet market, restaurants and various specialty shops. However, the concept was never realized, and the owners decided to sell the mall for an asking price of $ 25 million. In 2000, the Agua Caliente Development Authority, a subsidiary of the Agua Caliente Band of Cahuilla Indians , considered the purchase and redevelopment of Desert Fashion Plaza and were in discussions with Palm Springs city officials and
1440-579: 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
1536-509: Is also a DeBartolo Hall on the campus of Youngstown State University (YSU), in his hometown of Youngstown, where DeBartolo has made many endowments to YSU. The DeBartolo Corporation continues to be based in nearby Boardman, Ohio . DeBartolo purchased the San Francisco 49ers in 1977, giving the team to his son. DeBartolo Jr. devoted significant resources to the team, became an expert in team management and player relations, and made it
1632-624: 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
1728-819: 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
1824-453: 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
1920-521: The Army Corps of Engineers during World War II. It was during the War, in 1944, that he married Marie Patricia Montani and incorporated his own company, The Edward J. DeBartolo Corporation. After the war ended, DeBartolo served as president of Michael DeBartolo Construction and as founder and president of his newly formed company. DeBartolo was able to take advantage of dramatic changes occurring across
2016-816: 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
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#17327730023122112-463: 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
2208-731: The Chicago White Sox in 1980, he owned and developed three thoroughbred racetracks – Thistledown in North Randall , Ohio, Remington Park in Oklahoma City , and Louisiana Downs in Bossier City, Louisiana . DeBartolo died of pneumonia on December 19, 1994, in Youngstown, Ohio , at the age of 85. Bank of America The Bank of America Corporation (often abbreviated BofA or BoA )
2304-592: 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
2400-514: 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
2496-675: 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
2592-942: 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
2688-594: The Stanley Cup in 1991, just before the sale. DeBartolo's name would be engraved on the Stanley Cup along with that of his daughter Denise DeBartolo York . DeBartolo said at a rally after the first win that the occasion was "possibly the happiest moment of my life." DeBartolo owned the Pittsburgh Spirit soccer team from 1978 to 1986. While DeBartolo was unsuccessful in his attempt to purchase
2784-474: The 1950s, her sons George Roberson and Earl Coffman, who had continuously assisted Nellie in the operation of the Inn, sold it in 1955 to actress Marion Davies . By April 1956, there were plans for a $ 4.5 million, five-story hotel and shopping center on the site. The project would have originally included a swimming pool, a Las Vegas -style restaurant, and a theater for both Broadway plays and cinema films during
2880-547: 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
2976-512: 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
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3072-481: 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
3168-484: 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
3264-656: 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
3360-399: The Desert Fashion Plaza to over 350,000 square feet and removing the roof to make the mall open-air. The main entrance was to be an open-air plaza with outdoor dining, shops, and gathering places, plus a 3,000-seat cinema and a 2,400-seat live theater; the project would have been renamed The Promenade. The first phase of the project would begin in mid-1998 and be completed sometime at the end of
3456-712: The Home Savings and Loan Associates sold the Desert Inn Fashion Plaza to Desert Plaza Partnership. The group compromised Arthur Gilbert , David Blum and Gerson Fox; three partners that were based in Los Angeles . During the 1980s, major shopping destinations such as Palm Desert Town Center and the El Paseo Shopping District were growing rapidly in Palm Desert, California . National chains also opened up businesses throughout
3552-512: The Palm Desert area. Because of this, most local shops that were in the central hub of Palm Springs began to shift away into other areas that were also seeing growth. This situation prompted Desert Plaza Partnership to focus on plans to expand the mall. In 1983, Edward J. DeBartolo Corp. announced an agreement with Desert Plaza Partnership to renovate the Desert Inn Fashion Plaza for $ 42 million. The Ohio -based corporation planned to enlarge
3648-656: The United States after World War II. As more Americans moved into suburbs, there was a corresponding increase in demand for convenient access to shopping. His first retail development was the construction of Gray's Drug Store and Sears, Roebuck and Co. department store in the "Uptown" area of Youngstown. DeBartolo's company was one of the first companies in the United States to build shopping centers in suburban communities. These shopping centers were initially plazas built as long strips, but soon DeBartolo began developing enclosed shopping malls as well, with brother Frank DeBartolo acting as architect. The Edward J. DeBartolo Corporation
3744-484: 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
3840-419: 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
3936-480: 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
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4032-543: 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
4128-547: 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
4224-521: 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
4320-640: 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
4416-760: The campus at the University of Notre Dame include a $ 33 million donation, the largest ever given to both Notre Dame and ever received by a college in Indiana at the time, which funded the Marie P. DeBartolo Center for the Performing Arts, the Edward J. DeBartolo Classroom Facility, and the quad surrounding the facility. The facilities have since been renamed the DeBartolo Performing Arts Center, DeBartolo Hall, and DeBartolo Quad. There
4512-454: The city did not follow the proper protocol when it came to a petition that was submitted. The petition asked the city to place a portion of the concept on a ticket. However, the city of Palm Springs opted out of the deal saying that the redevelopment action was considered as administrative, and not legislative action. In April 2014, the court denied the halt of the project. The mall was demolished in 2014. A Kimpton Hotel (Rowan) opened in 2017 on
4608-783: 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
4704-435: 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
4800-573: The director of the Palm Springs Desert Museum . Agua Caliente ultimately made the decision not to buy the property. Developer John Wessman purchased the Desert Fashion Plaza and initially planned a Spanish-Mediterranean plaza on the site. Simultaneously, Saks Fifth Avenue closed down its location and moved to a new store in the El Paseo shopping district in Palm Desert. At the same time, the attacks on September 11, 2001 , caused
4896-416: The ever-present Eddie DeBartolo Jr. teamed up to pass a measure which approved card clubs at three sites: two controlled by Bragg, and the third at DeBartolo's Desert Fashion Plaza mall. Palm Springs voted a ballot by a 2-to-1 margin for the gambling establishment. At a cost of $ 13.5 million, Phoenix -based Arizona Partners became the new owners of Desert Fashion Plaza. Arizona Partners planned on expanding
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#17327730023124992-407: The financing gap for the acquisition. Campeau repaid the money, and in 1986, DeBartolo assisted in financing Allied Stores Corporation's acquisition of Federated Department Stores , a department store holding company and the owner of, among other assets, Macy's and Bloomingdale's department stores. DeBartolo provided nearly $ 500 million in financing. In 1990, Federated went bankrupt, defaulting on
5088-506: 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
5184-419: 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
5280-490: 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
5376-693: 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,
5472-457: The mall to accommodate more tenants, a six-story hotel, and underground parking. Meanwhile, the local redevelopment agency was authorized to help developers acquire the additional property needed for the potential project. In 1984, the redevelopment took place by first razing historic-period buildings on the site and setting up the new section on top. At the same time, Joseph Magnin announced that they would close their remaining 24 stores, including
5568-533: 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
5664-452: 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
5760-968: The most successful NFL franchise in the 1980s. DeBartolo founded the Pittsburgh Maulers of the United States Football League in March 1983, but folded the team after the first season (1984) when the league announced it would move to a fall schedule, the same time as the NFL's Pittsburgh Steelers . The family also owned the Pittsburgh Penguins of the National Hockey League from February 1977 until selling it to an ownership group led by Howard Baldwin in November 1991. The Penguins would win
5856-507: 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
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#17327730023125952-517: 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
6048-560: The one in Palm Springs due to bankruptcy. The mall was officially opened on November 16, 1985, under the new name of Desert Fashion Plaza. I. Magnin and Saks Fifth Avenue would serve as the main anchors of the newly redeveloped mall, as well as a hotel called Maxim's Paris Suite Hotel. Despite the new stores that were opened, mall traffic did not increase considerably. In the years to come, retail sales declined and by 1991, Silverwoods men's clothing and Marie Callender's moved out of
6144-470: 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
6240-450: The project to slow down. In 2011, it was announced that workers were to begin the process of removing the large tent behind the mall, which was removed in several phrases with the first stage. After more than a decade since the mall sat empty, the redevelopment finally moved forward on February 7, 2013, with the demolition of the mall. The large, vacant property would be turned into an outdoor shopping center with new shops, restaurants, and
6336-513: The properties owned by The Edward J. DeBartolo Corporation were transferred to DeBartolo Realty Corporation, a public REIT, in its initial public offering. The new company was chaired by Edward J. DeBartolo Jr. ; DeBartolo Sr. was unwilling to deal personally with the constraints of running a public company. In 1996, DeBartolo Realty Corporation was acquired by Simon Property Group , the public REIT formed by DeBartolo's longtime competitors, Melvin and Herbert Simon . DeBartolo's contributions to
6432-686: 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
6528-526: The property interest in Higbee's Public Square flagship store in Cleveland (sold to Tower City in 2001), and renamed it the Higbee chain. DeBartolo's idea of a retail real estate developer going forward with new projects easily and quickly by virtue of anchor stores which he owned, would never become a reality. As a result of several years' impaired cash flow, DeBartolo prepared to take his company public as
6624-639: 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
6720-606: The repayment of the loans made by DeBartolo; it emerged from bankruptcy after the ouster of Campeau in 1992 as a new public company under the name "Macy's, Inc." During the course of the bankruptcy, DeBartolo's cash flow was severely impaired, due to Federated's nonpayment as well as the real estate recession of the time. DeBartolo's Federated positions were all realigned when Federated emerged from bankruptcy. In 1988, he partnered with Dillard's Department Stores to buy Higbee's of Cleveland, Ohio . In 1992, William Dillard, founder of Dillard's, bought DeBartolo's share, except for
6816-477: 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
6912-498: 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,
7008-518: 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 ),
7104-434: The southeast portion of the site. Other shops on or near the former mall property include H&M and Free People , as well as several smaller shops and restaurants. Edward J. DeBartolo Sr. Edward John DeBartolo Sr. (May 17, 1909 – December 19, 1994) was an American businessman. In 1971, his Ohio-based corporation was ranked as 47th among the nation's top 400 construction contractors. In 1983, DeBartolo
7200-406: The still partially vacant Desert Fashion Plaza. Hyatt Regency Suites bought the hotel management and renamed it as Hyatt Palm Springs. In 1992, R.H. Macy & Co. closed the Palm Springs location of I. Magnin after several years in operation, cited that their store was not a “suitable location" at the Desert Fashion Plaza. In 1995, developer Mark Bragg, a former adviser to Ronald Reagan , and
7296-528: 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
7392-530: The sun was up." By 1990, DeBartolo was estimated to have more than $ 1.4 billion in personal wealth. A powerful strategic thinker, DeBartolo began acquiring department store chains in the late 1980s. In 1986, he helped finance Robert Campeau 's purchase of Allied Stores Corporation , a department store holding corporation that owned such iconic department store brands as Jordan Marsh and Maas Brothers , as well as specialty stores such as Bonwit Teller and Ann Taylor . DeBartolo lent Campeau $ 150 million to bridge
7488-747: The time. Davies eventually sold the land for $ 2.5 million to developers Samuel Firks and George Alexander in 1960. Alexander and Firks originally envisioned an eight-story hotel that would accommodate 300 rooms and a 1,600 parking space facility for a proposed $ 4 million. Plans for redeveloping the Desert Inn fell, which prompted the Alexander Construction Company to focus more on using the property for commercial use instead. On November 14, 1965, Alexander and his spouse Mildred, along with their son Robert and his wife Helene, were all killed when their plane impacted shortly after taking off from Palm Springs International Airport . The plane
7584-452: The winter and summer seasons, respectively. The hotel itself would accommodate 200 rooms and suites, along with a parking space for 1,000 cars. Victor Gruen and Associates were to be the architects to design the project, with Joseph Bliti of New York being contracted for the proposed construction. The proposed center was scheduled for completion by November 1957. However, the plans never came to fruition due to Davies's health deteriorating at
7680-405: The year. By the beginning of 1999, about 75% of the tenants inside the mall were closed down. At the same time, San Diego –based Excel Legacy Corporation scrapped Arizona Partners's concepts and proposed its own project. Developer MBK Southern California Ltd. would design the center. Their decision was to bulldoze the whole mall and replace it with an open-air plaza. Proposed tenants included Saks,
7776-402: 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
7872-474: 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
7968-521: 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
8064-515: 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
8160-439: 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
8256-565: 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
8352-559: Was expected to reach Hollywood-Lockheed Air Terminal , but the plane lost control while in flight and collided with the Chocolate Mountains region near Indio, California . All plans for redeveloping the old site were dropped. After Alexander's death, the Home Savings and Loan Association obtained the Desert Inn property in 1966. That same year, developer Joseph K. Eichenbaum released a statement on plans to construct
8448-709: 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
8544-423: 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
8640-690: Was included on Forbes magazine's first Forbes 400 list of richest Americans. The second of six children, DeBartolo was born in Youngstown , Ohio , a center of steel production that was also a major destination for immigrants from Southern and Eastern Europe . DeBartolo's parents, Anthony Paonessa and Rose Villani, had emigrated to the United States from Italy . DeBartolo never knew his biological father, who died suddenly before his birth. After Anthony Paonessa's death, Rose Villani Paonessa married Michael DeBartolo, and Edward took his stepfather's family name. Michael DeBartolo emigrated from Terlizzi , Apulia , Italy, with his family at age 17 and became
8736-506: 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
8832-564: Was set to open in September of the same year. San Francisco –based architects, Skidmore, Owings & Merrill , would design the store, along with contractors Diversified Builders, Inc. In addition, 12 other major establishments also opened up in the new mall, including Bank of America , Belmont Savings & Loan, P'iddlers Three Restaurant, Stuard's Sahara, Silverwoods, Islamania, Michael's, Robert Sands Hairstyling, Master's Candies, Village Card & Gift Shop and Orange Julius . In 1978,
8928-632: 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
9024-554: 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
9120-414: 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,
9216-472: Was the undisputed leader in the shopping mall industry from the birth of the industry until DeBartolo's death, at one point owning almost one-tenth of all mall space in the United States. DeBartolo also branched out into other types of urban development and construction, such as hotels, office parks, and condominiums . He established a work ethic of fifteen-hour days and seven-day weeks. He once told his senior executives, "My wife has never seen me lie down while
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