April 20, 2009

For more than 70 years, through good times and bad, the Eliasberg family stood by their bank. Their tiny lender grew up to become part of what is now Bank of America — tying the family’s fortunes to that of the nation’s largest bank.But now Richard Eliasberg, whose father helped found Baltimore National Bank, in 1933, says he is losing faith in Bank of America, and in its embattled leader, Kenneth D. Lewis.Like a growing number of shareholders, Mr. Eliasberg is alarmed by the daunting challenges confronting Bank of America. Mr. Lewis, the chairman and chief executive, is under growing pressure, both from within and without, to turn things around fast.

“For the first time, I’m disappointed,” said Mr. Eliasberg, who owns a substantial number of Bank of America shares for an individual, though he has sold a third of his shares in the last year.Anxious shareholders are likely to get a bit of good news on Monday, when Bank of America is expected to report solid first-quarter results. Across much of the banking industry, tentative signs of recovery are appearing, notably in mortgage lending and trading.But Mr. Lewis, who built Bank of America into an industry behemoth by making a string of acquisitions, still has much to prove. Many of his investors are growing restive, and they are unlikely to be quieted by one quarter’s results.