Bank of America: Is the Hate Starting to Abate?

The city was ready with beefed-up police power, but the Bank of America (NYSE: BAC  ) annual meeting in Charlotte, North Carolina yesterday was pretty calm and cool. As usual, some protesters arrived with banners and signs -- but the 40 that showed up had nowhere near the disruptive effect of last year's estimated 600 detractors. Has B of A finally turned a corner, thanks to its new image-scrubbing strategy?

A tough time of year for big banks
Of course, Bank of America isn't the only big bank to face protests at annual meeting time -- both inside and out. Who can forget, for instance, the drubbing Citigroup's (NYSE: C  ) former CEO Vikram Pandit endured at the hands of Citi stockholders at the 2012 annual meeting? Or, how just last month, PNC's (NYSE: PNC  ) meeting was called to a halt because of an environmental protest led by Quakers?

Annual meeting time can be a stressful time for banks. Just ask Jamie Dimon, who is scheduled to face JPMorgan Chase (NYSE: JPM  ) shareholders on May 21. The heat will be turned up high even for Tampa, as Dimon faces a stockholder vote on whether the dual role of board chair and CEO, both of which Dimon now holds, should be separated. Still stinging from the London Whale fiasco, the Bank of Dimon has had new problems crop up as well -- like the Wells notice it just received from the Federal Energy Regulatory Commission regarding dubious energy deals.

For Bank of America, however, things are going swimmingly. Shareholders elected all board nominees, and one indoor protester actually sang, instead of shouting. And, despite all the less-than-encouraging news breaking this week about mortgage-related lawsuits and B of A, the stock has been skyrocketing -- making it above the $13 mark yesterday, where, at least so far today, it has remained. Is Bank of America back? It certainly looks that way, don't you think?

Bank of America's stock doubled in 2012 -- and it looks like more is in store for 2013.  With significant challenges still ahead, however, it's critical to have a solid understanding of this megabank before adding it to your portfolio. In The Motley Fool's premium research report on B of A, analysts Anand Chokkavelu, CFA, and Matt Koppenheffer, Financials bureau chief, lift the veil on the bank's operations, including detailing three reasons to buy and three reasons to sell. Click here now to claim your copy.


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  • Report this Comment On May 09, 2013, at 3:57 PM, TrackMagicFormul wrote:

    I still hate Bank of America. I was a customer for years, but when I found that the local branches had almost no ability to override corporate decisions (meaning improper fees or qualifications for products) I went to a more customer-friendly bank. Now I have all my money at Wells Fargo (and the service has been good) and my local credit union (where the service is great!)

    I recommend EVERYONE to at least check out a local credit union.

  • Report this Comment On May 13, 2013, at 7:18 PM, eaglecadd wrote:

    I just got dumped on by BOFA for a HELOC on a second home I ove less than 95k on that is worth $350k. After 30 years as a loyal customer and with an 800+ credit rating, I am now through with them. Business accounts, car loans, Merrill Lynch accounts, personal checking/savings and Visa's are moving OUT!!!

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