The Largest US Banks in 2007 are determined by total deposits as of June 30, 2007. The largest bank is Bank of American with over $596 million in deposits. Bank of America, headquartered in Charlotte, North Carolina, began as Nations Bank and after procuring BankAmerican was renamed Bank of America. The late 2005 merger with MBNA led to Bank of America becoming a worldwide leader in credit card issuing.