HOW TO SERVE LEGAL PAPERS ON BANK OF AMERICA

Bank of America

Undisputed Legal | North Carolina Process Service

Bank of America Corporation (commonly referred to as Bank of America and often abbreviated as BofA or BoA) is a Charlotte, North Carolina-based global investment bank and financial services holding corporation. Bank of America was founded in San Francisco in 1998 as a result of NationsBank’s purchase of BankAmerica. After JPMorgan Chase, it is the second biggest financial institution in the United States and the eighth-largest bank in the world. Bank of America is one of the United States’ Big Four financial organizations.

The entity serves around ten percent of all bank deposits in the United States, placing it directly against JPMorgan Chase, Citigroup, and Wells Fargo. Commercial banking, wealth management, and investment banking are the company’s main financial services.

BACKGROUND

The entity dates all the way back to Amadeo Pietro Giannini’s 1904 Bank of Italy, which offered a variety of banking choices to Italian immigrants who experienced service discrimination.] Giannini bought Banca d’America e d’Italia (Bank of America and Italy) in 1922. In the 1950s, the introduction of historic federal banking law enabled fast development, allowing the company to rapidly gain a significant market share. BankAmerica, as it was then called, was purchased for US$62 billion by Charlotte-based NationsBank after a large loss following the 1998 Russian bond failure. The Bank of America Corporation was established after what was then the biggest bank acquisition in history. It expanded its commercial banking business via a series of mergers and acquisitions, creating Merrill Lynch for wealth management and Bank of America Merrill Lynch for investment banking in 2008 and 2009, which has thereinafter been since BofA Securities.

Bank of America and Merrill Lynch Wealth Management both maintain significant market shares in their respective product lines. As of 2018, the investment bank is ranked third in the world’s ‘Bulge Bracket.’  Its wealth management division oversees more than a trillion dollars in assets under management (AUM), making it the world’s second-biggest wealth manager after UBS. Bank of America engages in commercial banking in all fifty states of the United States, the District of Columbia, and more than forty additional countries, but does not necessarily maintain retail facilities.  Its commercial banking operations comprise close to fifty million consumer and small business connections (ATMs).

Due to the bank’s size, business operations, and economic effect, many lawsuits and investigations have been filed against it over mortgages and financial disclosures going all the way back to the 2008 financial crisis. Since the early twentieth century, its business policies of serving the middle class and broader banking community have resulted in a sizable market share.

BANK OF AMERICA SUBSIDIARIES

BANK OF AMERICA CORPORATION

Bank of America’s four business segments is primarily classified according to the kinds of clients that each sector serves. Consumer Banking serves consumers and small companies, whereas Global Wealth & Investment Management serves individuals with more than USD 250,000 in investable assets. Global Banking specializes in investment banking and associated products, whereas Global Markets caters to institutional customers.

Bank of America Corporation was registered on 7th  October 1998 under the jurisdiction of Delaware. Although this means that the entity was a general domestic corporation in Delaware, with Bank of America headquarters being in North Carolina, the entity would be typified as a foreign stock corporation for purposes of Process Service.  A foreign corporation cannot transact business or receive Process Service in North Carolina until it obtains a certificate of authority from the Secretary of State. It must be noted that a foreign corporation failing to obtain a  certificate of authority will then be liable to the State for the years during which it transacted business in  North Carolina without a  certificate of authority.

This liability is to an amount equal to all fees and taxes which would have been imposed by Process Service law upon the foreign corporation in case it had followed the requirements it duly applied for permission. This amount must be inclusive of interest and all penalties imposed by law for failure to pay fees and taxes in order to comply with Process Service requirements.  In addition, the foreign corporation is liable for a civil penalty of ten dollars for each day,  with a cap of a  thousand dollars for each year it transacts business in this  State without a  certificate of authority. The Attorney General may bring actions to recover all amounts due to the State under the provisions of this subsection.

The entity accepts claims addressed specifically to their registered agent, CT Corporation, although Process Service may also be provided to the chief executive officer or any other qualified officer. 

BANK OF AMERICA AUTO RECEIVABLES SECURITIZATION, LLC

Bank of America Auto Receivables Securitization, LLC is located in Charlotte, North Carolina United States, and is part of the Data Processing, Hosting, and Related Services Industry for Process Service purposes The entity is a subsidiary of Bank of America. Bank of America Auto Receivables Securitization, LLC was incorporated on 18th  September 2008 as a foreign limited liability company. 

If the LLC is established in another state, it is referred to as a foreign LLC in North Carolina. In other words, the term ‘foreign’ does not always imply ‘from another state.’ Rather than that, it indicates that the company was established in accordance with the laws of another state. On the other hand, a domestic LLC is one that is established in the state in which it does business. This is a widely used phrase in the United States. North Carolina’s LLC Act requires users to register any foreign entity with the state if they are ‘transacting business in the state.   North Carolina’s LLC Act, like those in the majority of states, does not define the term ‘transacting business’ in connection to foreign registrations. To incorporate a company in North Carolina, one must submit an Application for Limited Liability Company Certificate of Authority with the North Carolina Secretary of State. The application form is available for download on the SOS website.

To complete the form, individuals must provide almost identical information to that required to establish an LLC in their home state.  The entity comes under Delaware jurisdiction as a general domestic limited liability company. However, since the registration was done in North Carolina on 18th  September 2008, the entity is a foreign limited liability company for purposes of Process Service and is thus eligible for Process Service. The entity’s principal office for Process Service is in Charlotte, North Carolina, although it still retains an address in Raleigh.

The entity retains a registered agent to deal with Process Service, to whom the Secretary of State is required to forward Process Service upon receipt. The registered agent for Process Service for Bank of America Auto Receivables Securitization, LLC is CT Corporation Service System. However, Process Service may also be levied upon major officers of the company. It should be remembered that All LLCs are managed by their managers pursuant to N.C.G.S. 57D-3-20.

BANK OF AMERICA MORTGAGE SECURITIES, INC.

Bank of America Mortgage Securities, Inc. is a subsidiary company from Bank of America. Bank of America Mortgage Securities, Inc. was registered on 19th February 2001 under the jurisdiction of Delaware, typifying the entity as a foreign stock corporation in North Carolina for purposes of Process Service. Bank of America Mortgage Securities, Inc is part of the Activities Related to the Credit Intermediation industry. 

However, the entity may be contacted at the primary office headquarters in Charlotte for Process Service, though it retains an office in Raleigh. It is necessary for entities to have a Certificate of Existence (or document of similar import) duly authenticated by the Secretary of State or other official having custody of corporate records in the state or country of incorporation in order to comply with Process Service.  The Certificate of Existence must be original and less than six months old. If the Secretary of State finds that the application conforms to the law, it is necessary that they shall, after all, fees are tendered, [A.] endorse on the application and an exact or conformed copy thereof the word ‘filed’ and the hour, day, month, and year of the filing thereof;[B.] filed in the Secretary of State office the application and the certificate of existence; [C.] issue a certificate of authority to transact business in this State with the exact or conformed copy of the application; and [C.] send to the foreign corporation or its representative the certificate of authority, together with the exact or conformed copy of the application affixed.

The entity accepts claims addressed specifically to their registered agent, CT Corporation System, although Process Service may also be provided to the chief executive officer or any other qualified officer.

BANC OF AMERICA SECURITIES LLC (BAS)

Banc of America Securities LLC (BAS), was Bank of America’s investment banking unit until it merged with Merrill Lynch after that firm’s purchase in 2008 to become Bank of America Merrill Lynch. The firm, which had its headquarters in New York City, competed in both the local and international equities and investment banking sectors.

The firm was a registered broker-dealer with the Securities and Exchange Commission of the United States (SEC) and a member of the New York Stock Exchange and the National Association of Securities Dealers. The word ‘Banc’ was omitted from the BAS’s name to indicate that it was not a bank and that its deposits and other assets were not guaranteed by the Federal Deposit Insurance Corporation. Banc of America Securities LLC should not be confused with Bank of America Advisory Services LLC. The latter was established on 6th December 2000 in the jurisdiction of Delaware as a general domestic limited liability company for purposes of Process Service. It retains Corporation Trust Company as its registered agent for Process Service. 

BANC OF AMERICA INSURANCE SERVICES INC

Banc of America Insurance Services Inc was registered on 25th January 1996 under the jurisdiction of Maryland. For all of the business  forms  listed  in Maryland,  all  papers  are  filed  with  the  State Department of Assessments and Taxation (‘SDAT’.) A  corporation is taxed as a  separate entity;  it files its own tax return and pays taxes without regard to the tax status of the individual shareholders.  However, if the corporation distributes a portion of its after-tax income to its shareholders in the form of dividends,  each shareholder will pay a  separate tax on the dividend received.

The entity would be typified as a general foreign stock corporation for purposes of Process Service.  The entity accepts claims addressed specifically to their registered agent, CT Corporation, although Process Service may also be provided to the chief executive officer or any other qualified officer 

    MERRILL LYNCH CAPITAL CORP

    Merrill Lynch & Co., formerly Merrill Lynch, Pierce, Fenner & Smith Incorporated, was a publicly listed American investment bank that operated independently from 1914 until it was purchased by Bank of America and included into BofA Securities in January 2009.

    The company was primarily involved in prime brokerage and broker-dealer operations and had its headquarters in New York City, occupying the whole thirty-four-story building at 250 Vesey Street. On September 14, 2008, at the height of the financial crisis of 2007–2008, the business agreed to be purchased by Bank of America, the same weekend that Lehman Brothers was permitted to collapse. Merrill Lynch & Co., Inc. was acquired in January 2009 and merged into Bank of America Corporation in October 2013. After merging Merrill Lynch into its businesses, Bank of America continued to operate Merrill Lynch for its wealth management services and integrated Merrill Lynch’s investment bank into the newly formed BofA Securities.

    Merrill Lynch Capital Corp is regulated by the U.S. Security and Exchange Commission and incorporated in the state of New York. This brings its Process Service jurisdiction under New York. The entity’s principal office for Process Service is at the World Financial Centre in New York. For financial reporting, their fiscal year ends on December 31st. 

    For more information on serving legal papers, contact Undisputed Legal our North Carolina Process Service department at (800) 774-6922. Representatives are available Monday-Friday 8 am – 8 pm EST.  If you found this article helpful, please consider donating.  Thank you for following our blog, A space dedicated to bringing you news on breaking legal developments, interesting articles for law professionals, and educational material for all. We hope that you enjoy your time on our blog and revisit us!  We also invite you to check out our Frequently Asked Questions About Process Servers.

    Sources

    1. Bloomberg.com, Bloomberg, www.bloomberg.com/news/articles/2021-08-11/bank-of-america-closing-the-gap-with-jpmorgan-in-asia-deals-race. 

    2. As of August 2018, Bank of America has a market value of $313.5 billion, making it the world’s 13th biggest corporation. As the sixth biggest public business in the United States, it had revenue of $102.98 billion in June 2018.

    3.  Bank of America was placed #25 on the 2020 Fortune 500 list of the biggest publicly traded companies in the United States of America by total revenue.  Similarly, Bank of America was placed #8 in Forbes’ 2020 Global 2000 rankings. Bank of America was awarded the ‘World’s Best Bank’ at Euromoney Institutional Investor’s 2018 Excellence Awards.

    4. Addresses

    Principal Office

    100 N Tryon St

    Charlotte, NC 28255

    Reg Office

    160 Mine Lake Ct Ste 200

    Raleigh, NC 27615

    Reg Mailing

    160 Mine Lake Ct Ste 200

    Raleigh, NC 27615

    Mailing

    401 N Tryon St; NC1-021-06-01

    Charlotte, NC 28255

    5. (b)Without excluding other activities which may not constitute transacting business in this State, a foreign corporation shall not be considered to be transacting business in this State solely for  the  purposes  of  this  Chapter,  by  reason  of  carrying on  in  this  State  any  one  or  more  of  the following activities:

    (1)Maintaining or defending any action or suit or any administrative or arbitration proceeding,  or  effecting  the  settlement  thereof  or  the  settlement  of  claims  or disputes;

    (2)Holding meetings of its directors or shareholders or carrying on other activities concerning its internal affairs;

    (3)Maintaining bank accounts or borrowing money in this State, with or without security, even if such borrowings are repeated and continuous transactions;

    (4)Maintaining offices or agencies for the transfer, exchange, and registration of its  securities,  or  appointing  and  maintaining  trustees  or  depositories  with relation to its securities;

    (5)Soliciting or procuring orders, whether by mail or through employees or agents or  otherwise,  where  such  orders  require  acceptance  without  this  state  before becoming binding contracts;

    (6)Making  or  investing  in  loans  with  or  without  security  including  servicing  of mortgages or deeds of trust through independent agencies within the State, the conducting  of  foreclosure  proceedings  and  sale,  the  acquiring  of  property  at the foreclosure  sale, and  the  management  and  rental  of  such  property  for  a reasonable time while liquidating its investment, provided no office or agency, therefore, is maintained in this State;

    (7)Taking  security  for  or  collecting  debts  due  to  it  or  enforcing  any  rights  in property securing the same;

    (8)Transacting business in interstate commerce;

    (9)Conducting an isolated transaction completed within a period of six months and not in the course of a number of repeated transactions of like nature;

    (10)Selling through independent contractors;

    (11)Owning, without more, real or personal property

    6. Secretary

    Allison L Gilliam

    401 N Tryon St; NC1-021-06-01

    Charlotte NC 28202

    Vice President

    John A. Kines

    401 N Tryon St; NC1-021-06-01

    Charlotte NC 28202

    Treasurer

    Andrei G Magasiner

    401 N Tryon St; NC1-021-06-01

    Charlotte NC 28202

    President

    Brian T Moynihan

    401 N Tryon St; NC1-021-06-01

    Charlotte NC 28202

    7. Addresses

    Principal Office

    100 North Tryon Street

    Charlotte, NC 28255

    Mailing

    150 N College St.; NC1-028-17-06

    Charlotte, NC 28255

    8. Reg Office

    160 Mine Lake Ct Ste 200

    Raleigh, NC 27615-6417

    Reg Mailing

    160 Mine Lake Ct Ste 200

    Raleigh, NC 27615-6417

    9. Secretary

    MARIA S BARNES

    150 N COLLEGE ST; NC1-028-17-06

    Charlotte NC 28255

    Vice President

    Nathan A Barth

    150 N College St; NC1-028-17-06

    Charlotte NC 28255

    President

    Keith W Landis

    150 N College St; NC1-028-17-06

    Charlotte NC 28255

    Treasurer

    Joseph Lombardi

    150 N College St; NC1-028-17-06

    Charlotte NC 28255

    10. Mailing
    150 N College Street, NC1-028-17-06
    Charlotte, NC 28255

    Reg Office
    160 Mine Lake Ct Ste 200
    Raleigh, NC 27615

    Reg Mailing
    160 Mine Lake Ct Ste 200
    Raleigh, NC 27615

    Principal Office
    201 North Tryon Street
    Charlotte, NC 28255

    11. Secretary

    MARIA S BARNES

    150 N COLLEGE ST; NC1-028-17-06

    Charlotte NC 28255

    Vice President

    Nathan A Barth

    150 N College St; NC1-028-17-06

    Charlotte NC 28255

    Treasurer

    Mark F Heinen

    150 N College St.; NC1-028-17-06

    Charlotte NC 28255

    President

    MARK MICHAEL

    150 N COLLEGE ST; NC1-028-17-06

    CHARLOTTE NC 28255

    12. REGISTERED AGENT INFORMATION

    Name: THE CORPORATION TRUST COMPANY

    Address: CORPORATION TRUST CENTER 1209 ORANGE ST

    City: WILMINGTON

    State: DE

    Phone: 302-658-7581

    13. State Department of Assessments and Taxation

    301 West Preston Street -8thFloor

    Baltimore, Maryland, 21201

    Telephone:  (410) 767-1340

    14. THE CORPORATION TRUST COMPANY

    CORPORATION TRUST CENTER 1209 ORANGE ST

    WILMINGTON County: New Castle

    DE Postal Code: 19801

    302-658-7581

    15. Business Address

    WORLD FINANCIAL CENTER

    NORTH TOWER 27TH FL

    NEW YORK NY 10281

    Mailing Address

    WORLD FINANCIAL CENTER

    NORTH TOWER 27TH FLOOR

    NEW YORK

    NY

    10281

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