Bank of America Private Bank (formerly U.S. Trust) was founded in 1853 as the United States Trust Company of New York. It operated independently until 2000, when it was acquired by Charles Schwab, and Co. and subsequently sold to, and became a subsidiary of, Bank of America in 2007. Bank of America Private Bank provides investment management, wealth structuring, and credit and lending services to clients.
U.S. Trust was founded in 1853 and chartered by the State of New York. It is the first and oldest trust company in the United States. The venture was backed by a group of wealthy men who invested $1 million in the company, at the time named United States Trust Company of New York.
U.S. Trust was created as a financial company to serve both institutions and individuals by acting as executor and trustee of their funds. At a time when trusts were rare, the concept was innovative. By 1886 the company had established itself as a reputable and stable financial institution. U.S. Trust continued to grow through the 1960s and into the early 1970s. By 1965, 85% of the company’s gross income was coming from trust and investment operations and estate administration.
The bank offers resources and customized services to help meet clients’ wealth structuring, investment management, banking and credit needs. Clients are served by teams of advisors offering a range of financial services, including investment management, financial and succession planning, philanthropic and specialty asset management, family office services, custom credit services, financial administration and family trust stewardship.
Bank of America Private Bank has been recognized as Best Private Bank in the U.S. for Customer Service, Best Private Bank in the U.S. for Succession Planning and Highly Commended for Best Private Bank for Diversity and Inclusion by Professional Wealth Management (PWM), a Financial Times trade publication.
According to en.wikipedia.org; privatebank.bankofamerica.com. Source of photo: internet