First National Bank of Boston
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| Industry | Bank holding company |
|---|---|
| Predecessor | Bank of Boston BayBank |
| Successor | Bank of America through Fleet Bank |
| Founded | 1784 (as Massachusetts Bank) |
| Defunct | 1999 |
| Headquarters | Boston, Massachusetts |
| Products | Financial services |
BankBoston was a bank based in Boston, Massachusetts, which was created by the 1996 merger of Bank of Boston and BayBank. Bank of Boston had a venerable history dating back to 1784, but the merged BankBoston was short-lived, being acquired by Fleet Bank in 1999. In 2005, FleetBoston was purchased by, and merged into, Bank of America of Charlotte, North Carolina.
After the sale of its Latin American branches in 2006, BankBoston currently exists solely as a subsidiary private bank owned by Bank of America.
The history of BankBoston represents the combination of dozens of banks throughout the New England region acquired over the course of more than two centuries. Among its notable predecessors were the Massachusetts Bank, the First National Bank of Boston, the Old Colony Trust Company and BayBank.
Bank of Boston traced its roots back to The Massachusetts Bank founded in 1784. The Massachusetts Bank was the first federally chartered joint-stock owned bank in the United States and only the second bank to receive a charter in the United States. The bank's charter was signed by John Hancock and among its early account holders were such notable figures as Paul Revere, Samuel Adams, John Hancock and Henry Knox. The bank's founders were largely made up of merchants who wanted to use a U.S., rather than British bank to send money abroad. The bank was the only bank in the city of Boston until the Union Bank (later the Bank of New England) was founded in 1792.
In 1786, the Massachusetts Bank financed the first U.S. trade mission to China, and in 1791, it financed the first voyage of an American ship to Argentina, establishing what would become a long-standing presence in Latin America. Bank of Boston would later become the largest foreign bank in several major Latin American cities.
In 1864, The Massachusetts Bank was renamed the Massachusetts National Bank.
In 1903, The Massachusetts Bank merged with The First National Bank of Boston amidst a wave of consolidation in the banking industry at the start of the 20th century. First National had been founded in 1859 as Safety Fund Bank, changing its name in 1864 when it joined the national bank system. After a year operating as The Massachusetts First National Bank of Boston, the combined firm dropped the usage of "Massachusetts" in the name.
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