Finance History | 11 Wall Street — One Point One Three One Six and a Charlotte Survivor

People treat Bank of America as a Charlotte tower that always printed BAC.

The ticker is a 1998 merger leftover.

On 10 April 1998 NationsBank Corporation and BankAmerica Corporation signed an Agreement and Plan of Reorganization. NationsBank's 8-K filed 17 April recorded the date.

The deal closed on 30 September 1998. BankAmerica merged into NationsBank.

The survivor was renamed BankAmerica Corporation and kept its principal office at 100 North Tryon Street, Charlotte.

Each pre-merger BankAmerica common share converted into 1.1316 shares of the surviving company. NationsBank holders kept their existing shares.

Beginning 1 October 1998 the stock listed on the New York and Pacific exchanges as BankAmerica Corporation under the ticker BAC. The company's own 30 September press release recorded that listing plan.

The Associated Press, printed the next day in the Los Angeles Times, put the combined book at 572 billion dollars in assets in 1998 currency, with branches from California to North Carolina.

The mechanism is a Charlotte acquirer keeping the San Francisco name and the BAC tape while moving the holding company east. The later legal name Bank of America Corporation is a rebrand of that survivor, not a new listing.

The pin is the Broad Street facade of the Exchange, where the new tape printed. Interior trading is not visitable from the sidewalk.

The operating headquarters remains the Cesar Pelli tower at 100 North Tryon Street.

Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.