Bank of America Shares Finally Recover From 2008 Financial Crisis
Bank’s stock traded midday at more than $55.08, its previous all-time high from 2006
In early 2008, Bank of America acquired Countrywide Financial, one of the biggest home loan providers in the U.S.
In September 2008, it agreed to merge with the brokerage and investment bank Merrill Lynch, which had problems stemming from its exposure to mortgage-backed securities and other securitized debt.
Such issues had just led to the explosive bankruptcy of Lehman Brothers that same month.
After the deal was agreed to in December 2008, Bank of America learned that losses from Merrill were billions of dollars more than expected, and it tried to back out.
Treasury Secretary Hank Paulson torpedoed the idea on financial-stability grounds.
Bank of America, like most large banks in the country, borrowed tens of billions of dollars from the U.S. government’s
Troubled Asset Relief Program
to help avoid collapse, which it repaid in 2009.
WSJ Dec. 12, 2025
In 2008, financial panic here at home took down, in succession, Countrywide Financial, Bear Stearns, Fannie Mae, Freddie Mac, Merrill Lynch, Lehman Brothers, AIG, and Washington Mutual.
https://englundmacro.blogspot.com/2019/08/the-great-recession-which-saw-collapse.html
Washington Mutual
It still stands as the largest bank failure in U.S. history.
https://englundmacro.blogspot.com/2024/09/worst-performance-for-stocks-since-2023.html
All 84 First Republic offices will reopen as JPMorgan Chase later on Monday, the government said.
JPMorgan to take over First Republic
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