Concept
Bank of America Private Bank is the private bank inside Bank of America Corporation, heir to U.S. Trust (1853, the oldest US trust company). Type: not a separately chartered bank but a division of Bank of America, N.A. (FDIC) within the Global Wealth & Investment Management segment alongside Merrill; the president is Katy Knox (~4,800 professionals). Delaware trusts run through U.S. Trust Company of Delaware. There is no international booking: Merrill's non-US wealth business was sold to Julius Baer back in 2012–2013.
History and evolution
U.S. Trust was founded in 1853; Bank of America bought it in 2007 for $3.3bn (~$94bn of client assets). In 2019 the U.S. Trust brand was folded into Bank of America Private Bank, and Merrill Lynch PBIG became Merrill Private Wealth Management. September 2025 brought an alternatives program with Merrill; the group reorganization moved business lines under co-presidents Dean Athanasia and Jim DeMare.
Scale at end-2025: $759bn of client balances and $4.2bn of revenue, ~1,600 net new relationships in the year; per FDIC call reports the bank is the #1 US provider of managed personal trust services ($108bn, September 2025).
Regulation
- OCC — Bank of America, N.A. (a national bank);
- SEC / FINRA — Merrill Lynch, Pierce, Fenner & Smith (broker-adviser, SIPC) and BofA Securities;
- the Delaware trust companies — local supervision.
Source of funds and compliance
Onboarding runs through a dedicated adviser; 58% of eligible accounts were opened via digital onboarding (Q3 2025). The standard source-of-funds file applies. Dated entity-level episodes: SEC settlements on off-channel communications ($125m, 2022), SAR filing failures ($6m, 2023) and cash sweeps ($25m, January 2025) — all at brokerage entities, not the private bank as such; the OCC bank episode ($125m, 2022) concerned a retail prepaid-card program.
Who it serves
- US: no official threshold is published; in earnings language new clients are "$3MM+ clients" — a working entry benchmark of ~$3m (per publications);
- UHNW overlays: the Premium Access Strategies program — from $5m combined assets or $10m+ investable; for the bank's trust/fiduciary services — from $20m combined;
- families and family offices — a practice with ~200 professionals;
- non-residents: no separate international format — service runs through US entities with an in-person visit.
Services
Wealth management
- discretionary and advisory management under the fiduciary standard via Bank of America, N.A.;
- alternatives via the Merrill program (from $5–10m).
Trusts and estates
- trustee/executor, Delaware trusts; the #1 US provider of managed personal trusts;
- Specialty Asset Management: real estate, private businesses, timber, farms, oil and gas.
Banking and family
- custom and collateralised lending, treasury;
- family office, philanthropy (Bank of America Charitable Gift Fund) and art services: collection management and art-secured lending.
Entities and booking centres
| Jurisdiction | Legal entity | Format and supervisor | Role for the client |
|---|---|---|---|
| US | Bank of America, N.A. (bank/trusts) + MLPF&S (brokerage) | OCC / SEC/FINRA | 73 US markets; no international booking |
There is no separate format for non-residents: after the sale of Merrill's international wealth business the group serves private clients inside the US.
Strengths
- the U.S. Trust core since 1853 and the #1 position in personal trusts;
- niches many lack: specialty assets (timber, farms, energy) and art lending;
- group scale: bank + Merrill + capital markets in one relationship;
- a mature digital onboarding factory.
Where it does not fit
- non-residents needing booking outside the US — none exists (sold to Julius Baer in 2012–2013);
- those seeking a published threshold: officially undisclosed, the benchmark is ~$3m;
- portfolios centred on crypto assets — no dedicated offering;
- those who value fine-grained entity separation: everything sits inside the universal group.
Bank of America Private Bank is an American trust house inside the largest universal group: strengths are trusts, specialty assets and art finance; the weakness is the absence of international booking.
Q/A
Entry and geography
What minimum capital does Bank of America Private Bank require?
No official minimum is published; in earnings language the bank describes new clients as "$3MM+", matching industry estimates of ~$3m. UHNW overlays: from $5m combined assets (or $10m investable) for Premium Access Strategies, and from $20m combined for the bank's fiduciary services.
Does the bank serve non-residents outside the US?
There is no separate international format: in 2012–2013 Merrill's non-US wealth business was sold to Julius Baer. Non-resident relationships, where they exist, run through US entities with in-person onboarding in the US; the practice for a specific residence is confirmed with the bank.
What does deposit insurance cover?
FDIC up to $250,000 per depositor per ownership category for deposits at Bank of America, N.A.; brokerage assets at Merrill — SIPC $500,000 plus Lloyd's excess coverage (up to $1.9m of cash per customer). Securities in trusts and custody remain the client's property.
History
What became of the U.S. Trust brand?
It was folded into Bank of America Private Bank in 2019; the oldest US trust company (1853) lives on inside as the trust core, and Delaware trusts are served by U.S. Trust Company of Delaware. The parallel Merrill Lynch PBIG brand became Merrill Private Wealth Management at the same time.
Did the bank really face SEC fines?
Yes, at the brokerage entities: $125m (2022, off-channel communications), $6m (2023, SAR filings) and $25m (January 2025, cash sweeps). These are brokerage-process costs, not the safety of private-bank assets; deposits carry FDIC, brokerage assets carry SIPC.