Ever since it stupidly acquired Countrywide Financial — and all of that company’s toxic home loans — the Bank of America name has become synonymous with rampant, and occasionally screwed-up, foreclosures. Now the tallest building in Atlanta is facing foreclosure — and it just happens to bear the BofA name.
According to the Atlanta Journal Constitution, Bank of America Plaza is on the verge of falling into foreclosure while the real estate investment firm that currently owns the building tries to work out a deal that would prevent the property from being seized.
The history of the building’s name demonstrates a close link to the merger-happy banking industry of the previous two decades. Before construction began, it was to be the C&S Plaza, named for Citizens & Southern National Bank. But before the doors even opened, C&S was purchased by NationsBank, whose name was slapped on the skyscraper. Only a few years later, that bank was gobbled up by the BofA boys, and the building underwent yet another name change.
So even though BofA is not the largest tenant in the building, it only seems appropriate that its Atlanta outpost is facing the hangman’s noose.