In 1998, Bank of America was acquired by Charlotte, North Carolina-based NationsBank. Although NationsBank was the nominal survivor, the merged bank took the name and charter of the better-known Bank of America.
Introduced in October 1998, the new logo resembles the American flag- although to some observers, the blue area on the flag represents the letter B for "Bank", and the red, A for "America". The logo also resembles a blanket.
As of April 2022, this logo is still at most branches, as well as the Bank of America Tower in Los Angeles, though it's gradually being phased out, with branches being updated to the current logo, and some closing down completely.