Bank of America (1904–1998)
{{Short description|American bank}}
__NOTOC__
{{Use American English|date = February 2020}}
{{Use mdy dates|date = February 2020}}
{{Infobox company
| name = Bank of America
| trade_name =
| logo = BankAmerica logo.png
| logo_caption =
| logo_size = 200px
| image =
| image_size =
| image_caption =
| former_name = Bank of Italy (1904–1930)
| founded = {{start date and age|1904|10|17}}
| defunct = {{End date and age|1998|09|30}}
| type = Public
| fate=Merged with NationsBank to become the Bank of America Corporation
| ISIN =
| founder = Amadeo Giannini
| industry = Banking
}}
Bank of America, formerly known as the Bank of Italy, was founded in San Francisco, California, United States, on October 17, 1904,{{cite web|url= http://www.nndb.com/company/607/000053448/|title=Bank of America|publisher=NNDB|access-date=June 8, 2017}} 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
{{Expandsection|date=April 2024}}
File:US $5 National Bank Note from Bank of Italy NT&SA, San Francisco.jpg issued by the Bank of Italy in 1927|alt=A U.S. National Bank Note issued by the Bank of Italy in 1927]]
File:Bank of Italy Building historical marker, 552 Montgomery St., SF.JPG
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,{{Cite book |last=Richards |first=Rand |url=https://books.google.com/books?id=SMuQi_WnKyQC |title=Historic Walks in San Francisco: 18 Trails Through the City's Past |date=2002 |publisher=Heritage House Publishers |isbn=978-1-879367-03-6 |pages=165 |language=en}} 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.{{citation|url={{NHLS url|id=78000754}}|title=National Register of Historic Places Inventory-Nomination: Bank of Italy Building|date=June 1977 |author=Ralph J. Christian |publisher=National Park Service}} and {{NHLS url|id=78000754|title=Accompanying 3 photos, exterior and interior, undated.|photos=y}} {{small|(384 KB)}} In 1909, the bank began opening branches in other cities, beginning with San Jose.{{Cite web|url=http://historysanjose.org/wp/plan-your-visit/history-park/bank-of-italy/|title=Bank of Italy – History 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
{{Portal|Banks}}
- 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
{{reflist}}
Further reading
- Josephson, Matthew, "The Money Lords; the great finance capitalists, 1925-1950", New York, Weybright and Talley, 1972.
External links
- [http://tps.cr.nps.gov/nhl/detail.cfm?ResourceId=1747&ResourceType=Building National Historic Landmarks: Bank of Italy Building, San Francisco]
- [http://historicfresno.org/nrhp/italy.htm Bank of Italy Building (1917), Fresno]
{{Bank of America}}
Category:Banks based in California
Category:Bank of America legacy banks
Category:1906 San Francisco earthquake
Category:Banks established in 1904
Category:History of San Francisco
Category:Italian-American history