Farmers and Merchants Bank (F&M) was a lending institution (1871−1952) based in

Downtown Los Angeles Downtown Los Angeles (DTLA) is the central business district of the city of Los Angeles. It is part of the Central Los Angeles region and covers a area. As of 2020, it contains over 500,000 jobs and has a population of roughly 85,000 residents ...

California California () is a U.S. state, state in the Western United States that lies on the West Coast of the United States, Pacific Coast. It borders Oregon to the north, Nevada and Arizona to the east, and shares Mexico–United States border, an ...

. It is recognized both for its architecture and its pivotal role in the economic development of early Los Angeles. Other, non-related "F&M Banks" exist in various cities and towns across the

United States The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...

History

The Farmers and Merchants Bank was founded in 1871 by 23 prominent Los Angeles businessmen, with an initial capital of $500,000. The three largest subscribers were financier Isaias W. Hellman ($100,000), former California Governor John G. Downey ($100,000), and Ozro W. Childs ($50,000) who in later years became the founders of the

University of Southern California The University of Southern California (USC, SC, or Southern Cal) is a Private university, private research university in Los Angeles, California, United States. Founded in 1880 by Robert M. Widney, it is the oldest private research university in ...

. Other investors included Charles

Ducommun Ducommun Incorporated () is a company that designs, engineers and builds electronic systems, large contoured aerostructures and engineered products and aftermarket services for global aerospace, defense, military and space markets. Founded in 1 ...

($25,000), I.M. Hellman ($20,000), and Jose Mascarel ($10,000.). Its original location was at the Pico Building, on Main Street, between what is now

US 101 U.S. Route 101, or U.S. Highway 101 (US 101), is a major north–south highway that traverses the states of California, Oregon, and Washington on the West Coast of the United States. It is part of the United States Numbered Highway Syst ...

and Temple, roughly at the site of the ''

Triforium A triforium is an interior Gallery (theatre), gallery, opening onto the tall central space of a building at an upper level. In a church, it opens onto the nave from above the side aisles; it may occur at the level of the clerestory windows, o ...

''. The Farmers and Merchants Bank was the first incorporated bank in Los Angeles, founded in 1871 by Isaias W. Hellman. The bank built and moved into new offices designed by architect Ezra F. Kysor in 1874 across the street from the Pico Building. The Los Angeles National Bank moved into its facilities in the Pico Building. In 1883 the F&M Bank moved again, to Main and Commercial streets. I.W. Hellman, was a cautious lender, insisting that major borrowers have good character and provide good security. Its subsequent presidents, J.A. Graves (who had been Hellman's attorney) and Victor H. Rosetti, continued Hellman's conservative practices, with a large portion of the bank's capital constantly held in Treasury securities. As a result, the Bank survived every economic panic period, from the

Panic of 1873 The Panic of 1873 was a financial crisis that triggered an economic depression in Europe and North America that lasted from 1873 to 1877 or 1879 in France and in Britain. In Britain, the Panic started two decades of stagnation known as the "L ...

Panic of 1893 The Panic of 1893 was an economic depression in the United States. It began in February 1893 and officially ended eight months later. The Panic of 1896 followed. It was the most serious economic depression in history until the Great Depression of ...

, and

Panic of 1896 The Panic of 1896 was an acute economic depression in the United States that was less serious than other panics of the era, precipitated by a drop in silver reserves, and market concerns on the effects it would have on the gold standard. Deflation ...

, through the

Great Depression The Great Depression was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty, drastic reductions in industrial production and international trade, and widespread bank and ...

. However, a one-branch downtown bank was eventually seen as not likely to continue to grow. In 1956, it merged with Security First National Bank, which became in later years

Security Pacific National Bank Security Pacific National Bank (SPNB) was a large U.S. bank headquartered in Los Angeles, California. It was acquired by Bank of America in 1992. History On September 1, 1868, Hellman, Temple and Co. opened their first bank branch in Los ...

, and ultimately was acquired by the

Bank of America The Bank of America Corporation (Bank of America) (often abbreviated BofA or BoA) is an American multinational investment banking, investment bank and financial services holding company headquartered at the Bank of America Corporate Center in ...

. The location of the bank prior to 1905 was on the southeast corner of Main and Commercial streets.

Architecture

Designed in the

Classical Revival style Neoclassical architecture, sometimes referred to as Classical Revival architecture, is an architectural style produced by the Neoclassical movement that began in the mid-18th century in Italy, France and Germany. It became one of the most promin ...

, the 1905 Farmers and Merchants Bank remains one of Southern California's finest examples of the early "temples of finance" which were popular at the turn of the century. Its two-story facade, reminiscent of a

Roman temple Ancient Roman temples were among the most important buildings in culture of ancient Rome, Roman culture, and some of the richest buildings in Architecture of ancient Rome, Roman architecture, though only a few survive in any sort of complete ...

, is punctuated by an entrance framed with

Corinthian columns The Corinthian order (, ''Korinthiakós rythmós''; ) is the last developed and most ornate of the three principal classical orders of Ancient Greek architecture and Roman architecture. The other two are the Doric order, which was the earliest, ...

topped by a large triangular pediment. Built in 1905, the bank was designed by the firm of Morgan and Walls.

Present day

The Farmers & Merchants Bank building has been established as

Los Angeles Historic-Cultural Monument Los Angeles Historic-Cultural Monuments are sites which have been designated by the Los Angeles, California, Cultural Heritage Commission as worthy of preservation based on architectural, historic and cultural criteria. History The Historic-Cul ...

#271.

Much of the original banking room remains, including light fixtures, a central

skylight A skylight (sometimes called a rooflight) is a light-permitting structure or window, usually made of transparent or translucent glass, that forms all or part of the roof space of a building for daylighting and ventilation purposes. History O ...

, and the

loggia In architecture, a loggia ( , usually , ) is a covered exterior Long gallery, gallery or corridor, often on an upper level, sometimes on the ground level of a building. The corridor is open to the elements because its outer wall is only parti ...

with its Victorian-style railings. Operating as a bank until its closure in the late 80s, the building now functions primarily as a special events and banquet facility and film location. The building is slated for renovation by developer Tom Gilmore and Associates.

Notes

References

*Isaias W. Hellman and the Farmers and Merchants Bank, by Robert Glass Cleland and Frank B. Putnam (The Huntington Library, San Marino (1965) *"Guide Français de Los Angeles et du Sud de la Californie", published in 1932 by F. Loyer et C. Beaudreau *1872 Los Angeles City and County Directory

External links