This building is also called the "Library Building" because it is located across the street from the Los Angeles Central Library. 1986, after two disastrous fires, Los Angeles allocated 1 billion dollars for reconstruction, part of which was used to renovate the Los Angeles Central Library. The city of Los Angeles also sold the airspace right to the builder of the Federal Bank Building to supplement the whole construction plan of the library. The Federal Bank Building was once called the "First Interstate World Center" because it was acquired by the First Interstate Bank. Later, due to the merger of Bank of China and Wells Fargo, the name of the library building was mentioned again. In March 2003, the building was acquired by Bank of America Group, so it was renamed the Federal Bank Building. However, people in Los Angeles are still used to calling this building the library building.
The part of the building with a large glass design at the top is called the "crown", and it can be seen to glow at night. On the 4th of July, this "crown" will be lit by red and blue lights, and if it is during Christmas, it will be lit by red and green lights. When the Los Angeles Lakers play the NBA playoffs, the "crown" will be lit with purple and gold (these two colors are the representative colors of the Lakers). On February 28th, 2004, Crown was hung with two billboards bearing the trademark of Bank of America, each of which was 75 feet (23 meters) high, which was considered to destroy the aesthetic feeling of the building itself and caused serious controversy. (1990 to 1997, when the first interstate bank put the trademark billboard on the crown, it also caused the same controversy. )