Bank of Italy (USA)
- Bank of Italy (USA)
The Bank of Italy was founded in
San Francisco, California ,USA , in 1904 byAmadeo Giannini . It grew by a branch banking strategy to become theBank of America , the world's largest commercial bank with 493 branches in California and assets of $5 billion in 1945.The bank was established to serve working class citizens of the area, especially Italians living in San Francisco’s North Beach neighborhood. The bank survived the San Francisco earthquake and fire of 1906 and was one of the first to offer loans to businesses to help rebuild the city.
The
Bank of Italy Building , which later became aNational Historic Landmark , was opened in 1908. Giannini had his office space in an open area on the first floor.citation|title=PDFlink| [http://pdfhost.focus.nps.gov/docs/NHLS/Text/78000754.pdf National Register of Historic Places Inventory-Nomination: Bank of Italy Building] |694 KiB |date=June, 1977 |author=Ralph J. Christian |publisher=National Park Service and PDFlink| [http://pdfhost.focus.nps.gov/docs/NHLS/Photos/78000754.pdf Accompanying 3 photos, exterior and interior, undated.] |220 KiB ] In 1909 the bank began opening branches in other cities and had 24 branches by 1918, at which time it was the first state-wide branch banking system.The bank was renamed
Bank of America in the 1920's. As Chairman of the new Bank of America, Giannini expanded the bank throughout his tenure, which ended with his death in 1949.Amadeo Giannini and the "Bank of Italy" were also the basis for the classic 1932 Frank Capra movie
American Madness which was an original screenplay titled Faith by Robert Riskin.References
Further reading
*Josephson, Matthew, "The Money Lords; the great finance capitalists, 1925-1950", New York, Weybright and Talley, 1972.
ee also
*
Bank of America 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]
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