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Bank of America Private Bank (formerly U.S. Trust) was founded in 1853 as the United States Trust Company of New York. [1] It operated independently until 2000, when it was acquired by Charles Schwab, and Co. [ 2 ] and subsequently sold to, and became a subsidiary of, Bank of America in 2007. [ 3 ]
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In the second quarter of 2024, there were 3,985 commercial banks and 554 savings and loan associations in the U.S. insured by the Federal Deposit Insurance Corporation (FDIC) with US$23.9 trillion in assets. [1]
On November 20, 2006, Bank of America announced 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. [46]
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Bank of Rockville Centre Trust Co. Chemical Bank New York Trust Co. JPMorgan Chase: 1940s-1960s Berks County Trust Company: Wyomissing Valley Bank, Temple State Bank, Mount Penn Trust Company, Reamstown Exchange Bank, Schuylkill Trust Company Berks County Trust Company (1964 as American Bank and Trust Co or American Bankcorp) Wells Fargo: 1964