Jake Miller
Boston is home to several banks, including Bank of America, Citizens Bank, Eastern Bank, and Brookline Bank. BankBoston, formerly known as Bank of Boston, was also based in Boston until it was acquired by FleetBoston Financial in 1999 and later merged into Bank of America in 2005. Today, Bank of America is the largest bank in Boston in terms of branch access, followed by Citizens Bank.
| Characteristics | Values |
|---|---|
| Banks with headquarters in Boston | Bank of Boston, BankBoston, Bank of America, Brookline Bank, Leader Bank |
| Number of headquarters in Boston | 5 |
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Bank of Boston
The Bank of Boston was created by the 1996 merger of the Bank of Boston and BayBank. The bank's roots can be traced back to The Massachusetts Bank, founded in 1784. The Massachusetts Bank was the first federally chartered joint-stock-owned bank in the United States and only the second bank to receive a charter in the country, after the Bank of North America. The bank's charter was signed by John Hancock, and its early account holders included notable figures such as Paul Revere, Samuel Adams, John Hancock, and Henry Knox. The bank's founders were primarily merchants who wanted to use a U.S. bank to send money abroad, rather than a British one.
In 1786, the Massachusetts Bank financed the first U.S. trade mission to China, and in 1791, it financed the first voyage of an American ship to Argentina, establishing a long-standing presence in Latin America. In 1864, The Massachusetts Bank was renamed the Massachusetts National Bank. In 1903, amidst a wave of consolidation in the banking industry, it merged with The First National Bank of Boston, which had been founded in 1859 as the Safety Fund Bank.
In 1927, the Bank of Boston's headquarters in Buenos Aires, Argentina, were blown up by the Italian anarchist Severino Di Giovanni, in an international campaign supporting Sacco and Vanzetti. Despite the Wall Street crash of 1929, the First National Bank of Boston continued to grow, purchasing the Old Colony Trust Company. However, following the passage of the Glass-Steagall legislation in 1933, which prohibited commercial banks from engaging in investment banking and securities dealing, the First National Bank of Boston was forced to divest its investment banking arm, the First Boston Corporation.
In 1970, the Bank of Boston reorganized under a new holding company, First National Boston Corporation, and began acquiring regional banks. In 1982, the bank renamed itself Bank of Boston. By the 1990s, the Bank of Boston was looking to make another large acquisition to prevent itself from being acquired by a larger player. However, the bank lost the bidding for the failed Bank of New England and its attempted merger with Shawmut Bank collapsed.
In 1995, the Bank of Boston announced a merger with BayBank, another local financial institution with a strong retail banking operation. In 1999, the merged entity, BankBoston, was acquired by FleetBoston Financial, which adopted BankBoston's former Boston headquarters. In 2004, FleetBoston was purchased by Bank of America, which sold BankBoston's Latin American assets. Today, BankBoston exists solely as a subsidiary private bank owned by Bank of America.
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BankBoston
In the late 1920s, the First National Bank of Boston continued to grow despite the Wall Street crash of 1929. However, following the Glass-Steagall legislation in 1933, the bank was forced to divest its investment banking arm. In 1970, the Bank of Boston reorganised under a new holding company, First National Boston Corporation, and began acquiring regional banks. By the 1990s, the Bank of Boston was seeking another large acquisition to prevent being acquired by a larger player. In 1995, it announced a merger with BayBank, and the combined bank was rebranded as BankBoston in 1996.
In 2004, FleetBoston was purchased by Bank of America, which sold BankBoston's Latin American branches in Peru, Colombia, and Panama to Banco General in 2004, followed by its Brazilian assets to Banco Itaú in 2006. BankBoston's operations in Chile and Uruguay continued to use the BankBoston brand until Banco Itaú's takeover in 2007. In 2006, Bank of America sold BankBoston Argentina to Standard Bank, and the BankBoston brand ceased to exist in any branches. Today, BankBoston exists solely as a subsidiary private bank owned by Bank of America.
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Bank of America
The history of Bank of America's presence in Boston can be traced back to the merger of Bank of Boston and BayBank in 1996, forming BankBoston. Bank of Boston itself had a long history, dating back to The Massachusetts Bank, founded in 1784. The Massachusetts Bank was the first federally chartered joint-stock-owned bank in the United States and the second bank to receive a charter in the country. Notable early account holders included Paul Revere, Samuel Adams, John Hancock, and Henry Knox.
In 1999, BankBoston was acquired by FleetBoston Financial, which continued to operate from BankBoston's former headquarters in Boston. FleetBoston further expanded through acquisitions, including that of Summit Bancorp of New Jersey in 2000. However, in 2004, FleetBoston was purchased by Bank of America, which aimed to expand its East Coast presence. As a result, Bank of America inherited the former BankBoston headquarters in Boston.
Today, Bank of America's financial center in Back Bay, Boston, offers extended hours and a full range of banking services. Customers can take advantage of walk-up and drive-thru ATMs, which support multiple languages, including English, Spanish, Chinese, Korean, French, Russian, and Portuguese. The center also provides dedicated specialists who offer advice and guidance to meet the financial needs of personal and business clients. Bank of America's commitment to convenience and customer satisfaction in Boston has been recognized through certifications and awards, including J.D. Power's Outstanding Customer Satisfaction with Financial Health Support.
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FleetBoston Financial
FleetBoston was the seventh-largest bank in the United States, with US$197 billion in assets in 2003. It had almost 50,000 employees, over 20 million customers worldwide, and revenues of $12 billion per year. The bank had branches throughout New England and the mid-Atlantic states. In 2000, FleetBoston acquired Summit Bancorp of Princeton, New Jersey, vaulting it into the number one market-share position in the state.
In 2002, FleetBoston Financial was sued, along with Aetna and CSX Transportation, by Deadria Farmer-Paellmann, head of the nonprofit Restitution Study Group of Hoboken, New Jersey. The suit asked for damages, restitution for unpaid slave labour, and a share of corporate profits derived from slavery. The lawsuit claimed that FleetBoston Financial was "unjustly enriched" by "a system that enslaved, tortured, starved and exploited human beings". The suit was dismissed in 2004.
In 2004, FleetBoston merged with Bank of America, and all of its banks and branches were converted to Bank of America. Bank of America chose to focus on becoming one of the largest U.S. domestic banks, selling off BankBoston's historic Latin American assets.
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Brookline Bank
The bank has a strong focus on providing solutions and assisting its clients with answers to their financial queries. They also offer a monthly Economic Newsletter to provide clients with insightful information to make more informed financial decisions. Brookline Bank is committed to making banking convenient and accessible for its customers, whether they choose to bank online, via mobile, or in person.
Brookline Bancorp, Inc., the parent company of Brookline Bank, has announced plans to merge with Berkshire Hills Bancorp, Inc. to create a powerful regional banking franchise serving the Northeast. This merger demonstrates Brookline Bank's continued growth and commitment to expanding its services and presence in the region.
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Frequently asked questions
Bank of America, Citizens Bank, Eastern Bank, and Brookline Bank are some banks headquartered in Boston.
The oldest bank in Boston is the Bank of Boston, which traces its roots back to The Massachusetts Bank founded in 1784.
Bank of America has 170 branches in Boston, making it the largest bank in the city by the number of branches.
Ally is a popular online and mobile-only bank in Boston, offering high-interest rates and access to 55,000 ATMs worldwide.
Leader Bank and Eastern Bank offer commercial lending and business banking services in Boston, helping businesses achieve their financial goals.
