Bank Of America (1904–1998)

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Bank of America, formerly known as the Bank of Italy, was founded in San Francisco, California, United States, on October 17, 1904, by Amadeo Pietro Giannini. By 1945, it had grown by a branch banking strategy to become the world's largest commercial bank with 493 branches in California and assets totaling $5 billion.

History

The Bank of Italy was established to serve working class citizens of the area, especially Italian Americans living in San Francisco's North Beach neighborhood. The bank survived the San Francisco earthquake and fire of 1906, after Amadeo Pietro Giannini saw an approaching fire and filled the bank assets in the back of his horse-drawn cart which he rode to his San Mateo home. It was one of the first banks to offer loans to businesses to help rebuild the city.

The first location of the bank was in Jackson Square in 1904; the original building is no longer standing but the location is the home of the Colombo Building (1909). The Bank of Italy building was opened in 1908 and later became a National Historic Landmark. Giannini had his office space in an open area on the first floor. and   In 1909, the bank began opening branches in other cities, beginning with San Jose. It had 24 branches by 1918,In 1918, another corporation, Bancitaly Corporation, was organized by A. P. Giannini, the largest stockholder of which was Stockholders Auxiliary Corporation. This company acquired the stocks of various banks located in New York City and certain foreign countries. at which time it was the first statewide branch banking system.

The Bank of Italy merged with the smaller Bank of America, Los Angeles in 1928. In 1930, Giannini changed the name from "Bank of Italy" to "Bank of America". As chairman of the new, larger Bank of America, Giannini expanded the bank throughout his tenure, which continued until his death in 1949. Giannini's life and his many innovations in banking figure prominently in Jim McKelvey, ''The Innovation Stack'' (Penguin, 2020).

Amadeo Giannini and the Bank of Italy were the basis for the classic 1932 Frank Capra movie ''American Madness'', from the original screenplay ''Faith'' by Robert Riskin.

Bank of America merged with NationsBank of Charlotte, North Carolina, in 1998. While NationsBank was the nominal survivor, the merged bank took the Bank of America name and operates under the original charter for Bank of Italy.

See also

* Old Bank of America Building (San Jose, California) - ''Bank of Italy''
* Bank of Italy, Merced
* Bank of Italy (Visalia, California)
* Bank of Italy (Tracy, California)
* Bank of Italy (Fresno, California)
* Bank of Italy - ''disambiguation to landmark buildings''
* Banca d'America e d'Italia, sister bank

References

Further reading

* Josephson, Matthew, "The Money Lords; the great finance capitalists, 1925-1950", New York, Weybright and Talley, 1972.

External links

National Historic Landmarks: Bank of Italy Building, San Francisco

{{DEFAULTSORT:Bank of America (1904-1998)
Banks based in California
Bank of America
Bank of America legacy banks
1906 San Francisco earthquake
Banks established in 1904
History of San Francisco
Italian-American history
Italian-American culture in San Francisco
Working-class culture in California
Companies formerly listed on the New York Stock Exchange