North Carolina National Bank
| Company type | Public |
|---|---|
| Industry | Banking |
| Predecessor | American Commercial Bank, Security National Bank |
| Founded | 1960 |
| Defunct | 1991 |
| Fate | Merged with C&S/Sovran Corp. and renamed NationsBank |
| Successor | NationsBank |
| Headquarters | Charlotte , United States |
Area served | United States |
Key people | Tom Storrs (chairman and CEO 1974–1983) |
| Products | Financial services |
| Parent | NCNB Corporation (from 1969) |
North Carolina National Bank (NCNB), initially known as American Commercial Bank prior to 1960, was a prominent financial institution headquartered in Charlotte, North Carolina. Throughout the period from the 1960s to the 1990s, it ranked among the leading banks in the United States. Leadership included Tom Storrs, who held the positions of chairman and CEO between 1974 and 1983. The foundation of today's Bank of America is largely built upon NCNB's heritage.
History
The formation of American Commercial Bank in Charlotte occurred in 1957 through the merger of American Trust Co. (established 1901) and Commercial National Bank (established 1876). In 1960, a subsequent merger took place between American Commercial and Security National Bank, which was based in Greensboro, resulting in the creation of North Carolina National Bank. Although American Commercial was officially the surviving entity, operations were conducted under Security National’s national charter. By 1969, NCNB transitioned into a holding company structure known as NCNB Corporation.
NCNB expanded its reach in 1983 by merging with Ellis Bank located in Florida. Plans were underway by 1986 for an 875-foot tower in Charlotte to serve as its corporate headquarters. While this building was being constructed, NCNB acquired C&S/Sovran Corp., which had offices in Atlanta and Norfolk, in 1991 and subsequently rebranded itself as NationsBank. The newly completed headquarters opened its doors in 1992 under the name NationsBank Corporate Center.
In a significant move during 1998, NationsBank purchased BankAmerica Corp., adopting the Bank of America brand and broadening its national presence under CEO Hugh McColl. The current Bank of America retains the stock history of NCNB/NationsBank prior to 1998 and is headquartered at what was originally NationsBank Corporate Center, now known as Bank of America Corporate Center.
The former North Carolina National Bank Building located in Burlington, North Carolina, gained recognition by being added to the National Register of Historic Places in 1984.