U.s. Trust, Bank Of America

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The History U.S. Trust, Bank of America Private Wealth Management (formerly known as U.S. Trust Corporation) was founded in 1853 and is currently one of the nation’s oldest and largest investment and wealth management firms. Prior to becoming a subsidiary of Bank of America, N.A., U.S. Trust was acquired by Charles Schwab, and Co. Before and after the acquisition by Charles Schwab, and Co, U.S. Trust expanded its operations into many new local markets making it one of the largest fiduciary standard investment management firms to have offices in a significant number of local markets. The expansion into these markets was precipitated by the realization that many markets with substantial wealth were being underserved. From Wichita, Kansas, where clients had generational farms and oil and gas wealth, to Phoenix, Arizona, where clients were moving for retirement, U.S. Trust had dedicated offices in many regions in order to have a presence in underserved markets in the wealth management industry. Following the sale of U.S. Trust to Bank of America in November of 2006, for $3.3 billion in cash, the new management team at U.S. Trust began to reevaluate its’ presence in so many local markets. Over the course of six to seven years, U.S. Trust closed or significantly reduced many of its local offices sending those accounts that had been serviced locally to new “Regional” service centers located in Dallas, Texas, Providence, Rhode Island, and Atlanta, Georgia. This decision to
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