Bank of America was originally founded in San Francisco in October 1904 under the name Bank of Italy by visionary entrepreneur Amadeo Pietro Giannini. Established initially to serve working-class immigrants and everyday citizens who were routinely ignored by traditional elite financial institutions, the bank expanded rapidly and pioneered the concept of statewide branch banking in California. Following years of strategic acquisitions, including a merger with a smaller regional Bank of America entity, Giannini officially changed the corporate name from Bank of Italy to Bank of America National Trust and Savings Association in 1930. Decades later, a massive milestone merger occurred in 1998 when North Carolina-based NationsBank acquired Bank of America, though the combined institution chose to retain the iconic Bank of America name for the enduring enterprise.