Bank of America 1999 Annual Report Download

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Summary Annual Report 1999
We want to be the people who
make banking work as it never
has before.
Let us tell you how...

Table of contents

  • Page 1
    Summary Annual Report 1999 We want to be the people who make banking work as it never has before. Let us tell you how...

  • Page 2
    ...Small business banking ...11 Middle market banking ...15 Corporate banking ...19 Online services ...23 Discussion of earnings ...27 Consolidated statement of income ...28 Consolidated balance sheet ...29 Report of independent accountants ...30 Products and services ...30 Principal officers and board...

  • Page 3
    ... 4.25 4.15 1.30% 25.24 58.20 At year end Total assets Total loans and leases Total deposits Total shareholders' equity Common shareholders' equity Book value per common share Market price per share of common stock Common shares issued and outstanding (in millions) $632,574 370,662 347,273 44,432...

  • Page 4
    ...aggressive growth strategy, making the pieces of Bank of America work in ways that create value for customers, clients and shareholders would be an even more challenging task. In 1999, the 160,000 associates that make up your company attacked this challenge with creativity, enthusiasm and confidence...

  • Page 5
    ...strongest growth markets and a customer and client base that is the envy of the industry, we are now deploying our people, technology, multiple-channel delivery network and broad product and service offerings to deliver the comprehensive, convenient and efficient banking experience our customers and...

  • Page 6
    ... for our commercial and corporate clients over the past five years by appointing client managers to coordinate the delivery of multiple products and services to individual clients. Today, networking technology is enabling us to aggregate information for clients and associates by building bridges...

  • Page 7
    ...overall relationship strategy. The point for our line executives is clear. Our expectations are aggressive. And the bar has been raised. Your company made great strides in 1999 in managing its risk and capital. We took several steps, including consolidating a number of offshore trading platforms, to...

  • Page 8
    ... Dixon Technology & Operations Lynn E. Drury Corporate Affairs James H. Hance Jr. Chief F inancial Officer Milton H. Jones Jr. Technology Solutions Kenneth D. Lewis Chief Operating Officer Carter McClelland Corporate & Investment Banking Michael J. Murray G lobal Corporate & Investment Banking Marc...

  • Page 9
    ...500 banking centers, 14,000 automated teller machines, and personal computer and telephone networks. Banking centers and ATMs are located principally throughout the company's retail franchise of 21 states coast to coast and the District of Columbia. Nancy and Ron Barwig family of Alpharetta, Georgia

  • Page 10
    ... way: "We will make this bank work for customers in ways it never has before." Ken Lewis, president and chief operating officer, added: "We will not run our subsidiaries as product companies but as pieces of a relationship." This section describes how we are executing the strategy for our consumer...

  • Page 11
    ... who choose these new products and thus consolidate more of their financial lives with Bank of America. We are offering value for value. We are saying to our customers: "As you bring us more of your loans, deposits and investments, we will reward you with enhanced service, reduced fees and premium...

  • Page 12
    ... 100,000 relationships, provides customized asset management, banking, credit and trust services for high- net-worth individuals and private foundations. There are another one million customers using other Bank of America products who qualify for private banking services. To take advantage of this...

  • Page 13
    ...the financial resources and technical assistance to do business better. All this comes with a personal touch.' Small business banking Bank of America serves approximately 1.7 million small businesses (companies with annual sales up to $10 million). We have a long history of helping businesses start...

  • Page 14
    ... kinds of value propositions for business customers. These packages ABC Sewing Machine Company in Los Angeles looks to Bank of America as a long-term partner for its day-to-day activities and business growth. ABC was founded by William S. Park (above right) in 1980 with three employees. Today, the...

  • Page 15
    ...of America Investment Services, Inc., our retail brokerage affiliate. This affiliate can also provide retirement plan solutions for small business clients. As elsewhere, we are working closely across lines of business to constantly expand product and service offerings. One product of key importance...

  • Page 16
    ...." Bank of America also is expanding its offering of cash management services to small business customers, and is continuing to evaluate offering them self-service centers. These secure, easily accessible centers have automated features that can be used at any time. Customers can make deposits...

  • Page 17
    ...), municipalities and not-for-profit organizations. Services include lending, treasury management, investment banking, asset-based finance, risk management, leasing, factoring, international services and personal wealth management. Anthony Thomas, president and chief executive officer of U.S. Cotton

  • Page 18
    ...higher level of service and align our associates to create greater client solutions. "We have long-standing relationships with our 32,000 Commercial Banking clients and we want them coming to Bank of America for investment banking, treasury management, credit and other key services. Establishing the...

  • Page 19
    shopping also completed $2 billion in fixed-income securities and $20 billion in syndicated loan facilities. The Commercial Banking team consists of more than 3,000 associates. They have established banking relationships with three out of every 10 middle market companies and have made us the lead ...

  • Page 20
    ... Banking resources, from client contact to loan processing, to give clients a faster, more personal banking experience. The more time spent face-to-face with clients the better. To increase these precious minutes we have reorganized our entire client team and support structure. F ive credit centers...

  • Page 21
    ... strategic advisory services, comprehensive risk management solutions, global treasury management and trade finance services to corporations with revenues in excess of $500 million. Kevin Kalkhoven, chief executive officer of JDS Uniphase Corporation at company offices in San Jose, California.

  • Page 22
    ... primary investment banker for fast-growing JDS Uniphase Corporation of Ottawa, Canada, and San Jose, California. Banc of America Securities served as the company's lead manager on its 1995 and 1996 equity financings and as co-lead manager on the company's $950-million equity financing in 1999. Banc...

  • Page 23
    ...technology, aerospace and defense, health care, real estate, chemicals, entertainment/publishing and media/telecommunications. Supporting these efforts is a research team of 125 debt and equity analysts, many of them nationally recognized. We continued to enhance our product capabilities during 1999...

  • Page 24
    ... will help our clients win in the marketplace," says M urray. Capabilities Debt Capital Raising • Syndicated Finance: #1 in number of deals. • Commercial Paper: #1 in commercial bank-affiliated dealer in number of programs. • Project Finance: #3 in global lead-managed transactions. • High...

  • Page 25
    'I want the option of the Internet experience, but I also want all the other advantages and responsiveness of a full-service bank.' Online services Bank of America is the leading provider of online banking services in the United States, with about 2 million retail customers, more than 20,000 small ...

  • Page 26
    ... any banking product, including checking and savings accounts, CD s, IR As, mortgages, credit or debit cards, and auto loans. They can access account information, transfer funds and pay bills day or night. Our customers also have online access to Banc of America Investment Services, which offers...

  • Page 27
    ... capabilities for wholesale lockbox with Bank of America D irect giving our clients secure, encrypted access to images of checks and remittance documents via the Internet. Our clients also can initiate foreign currency wires and drafts through Bank of America D irect to make multi-currency payments...

  • Page 28
    ... execute the integrated, end-to-end processes connecting people and information - across multiple products and channels - will win with customers and clients. This is the Bank of America Internet strategy. Awards • Smart Money named our Money Manager product the best bank asset management account...

  • Page 29
    ...recorded in trading, deposit services, investment banking, card services and mortgage banking. Taxable-equivalent net interest income was essentially unchanged at $18.5 billion. A 9 percent increase in average managed loans as well as core deposit growth was offset by securitizations, loan sales and...

  • Page 30
    ... for credit losses Gains on sales of securities Noninterest income Service charges on deposit accounts Mortgage servicing income Investment banking income Trading account profits and fees Brokerage income Nondeposit-related service fees Asset management and fiduciary service fees Credit card income...

  • Page 31
    ... Time deposits placed and other short-term investments Federal funds sold and securities purchased under agreements to resell Trading account assets Securities: Available-for-sale Held-for-investment, at cost (market value - $1,270 and $1,853) Total securities Loans and leases Allowance for credit...

  • Page 32
    ..., money market, savings accounts, time deposits and IR As. Consumer Finance H ome equity, personal, auto and student loans and auto leasing. Mortgage Banking H ome loans for one- to four-unit residential properties. Card Services Consumer credit cards, check cards, ATM cards and smart cards (stored...

  • Page 33
    ... management, structured credit products, commercial paper, asset securitization, project finance, leasing and private placements. Global Fixed Income U nderwriting, sales, trading and research of high yield, investment grade, crossover and emerging market debt securities; capital markets services...

  • Page 34
    ... Holman Chairman and Chief Executive Officer M allinckrodt Inc. St. Louis, M issouri W. W. Johnson Chairman of the Executive Committee Bank of America Corporation Charlotte, N orth Carolina Kenneth D. Lewis President and Chief Operating Officer Bank of America Corporation Charlotte, N orth Carolina...

  • Page 35
    ... of interest to the corporation's shareholders. To reach the Investor Relations area, go to www.bankofamerica.com and choose Investor Relations from the Inside Bank of America pull-down menu. Customers Customers seeking assistance with Bank of America products and services should call 1.800.900...