On this day, 27 years ago, April 15, 1998 (March 19, 1998, lunar calendar), National Bank of the United States merged with Bank of America. On April 15, 1998, National Bank, the third largest bank in the United States, headquartered in North Carolina, and Bank of America, headquartered in San Francisco, merged, involving nearly US$60 billion. The two merged Bank of America was the first truly national bank in the United States since the Great Depression. Its operations span the east and west coasts, covering 21 states and the capital, Washington, with total assets of US$570 billion. Overtaking Chase Manhattan Bank to become first in the country. The number of branches will reach 4876 and 15000 ATMs, allowing a Washington resident to use ATMs in Los Angeles for free to withdraw cash. Hugh McColl, executive president of National Bank of America, will serve as chairman of the merged Bank of America. The establishment of the new Bank of America marks that the U.S. banking industry has entered a new stage of development. In the past, all banks in the United States were regional and banks could not develop across states. In 1994, the U.S. Congress relaxed regulatory laws, and a number of original regional banks grew rapidly. However, not everyone agrees that bank mergers are good news. The new Bank of America will lay off 5000 to 8000 employees over two to three years; big banks mean more convenience, but they will lack the intimacy of small and medium-sized banks, and big banks tend to charge higher fees. However, mergers can share resources and reduce costs. The new Bank of America can save US$2 billion per year in management costs alone. No wonder shareholders are mostly positive about bank mergers.