In , he dropped out and took a full-time position as a produce broker for L. Giannini worked as a produce broker, commission merchant and produce dealer for farms in the Santa Clara Valley. He was successful in that business. He married Clorinda Cuneo — , daughter of a North Beach, San Francisco real estate magnate, in and eventually sold his interest to his employees and retired at the age of 31 to administer his father-in-law's estate.
Giannini observed an opportunity to service the increasing immigrant population that were without a bank. At loggerheads with the other directors who did not share his sentiment, he quit the board in frustration and started his own bank. The bank was housed in a converted saloon as an institution for the "little fellow". It was a new bank for the hardworking immigrants other banks would not serve. The San Francisco earthquake and fires leveled much of the city. In the face of widespread devastation, Giannini set up a temporary bank, collecting deposits, making loans, and proclaiming that San Francisco would rise from the ashes.
Immediately after the earthquake, he moved the vault's money to his home outside the fire zone in then-rural San Mateo , 18 miles away. The fires had heated the vaults of other big banks, so that the sudden temperature change from opening them risked destroying the contents; many vaults were kept closed for weeks. During this period Giannini was one of the few bankers who could satisfy withdrawal requests and provide loans, operating from a plank across two barrels in the street.
Giannini made loans on a handshake to those interested in rebuilding. Years later, he would recount that every loan was repaid.
As a reward to the garbage man whose wagon transported the bank's assets, Giannini gave the man's son his first job when he turned Branch banking was introduced by Giannini shortly after legislation that allowed branch banking in California. Its first branch outside San Francisco was established in in San Jose. By , Giannini had expanded and opened several other branches. Giannini believed in branch banking as a way to stabilize banks during difficult times as well as expand the capital base.
He bought banks throughout California and eventually Bank of Italy had hundreds of branches throughout the state. Giannini began investing in the Bank of America, Los Angeles because conservative business leaders in Los Angeles were less receptive to the Bank of Italy than San Franciscans had been.
Bank of America, L. Upon finalizing the merger, Giannini and Monnette concurred that the Bank of America name idealized the broader mission of the new bank. By , the bank had over banking offices in California. The new institution continued under Giannini's chairmanship until his retirement in ; Monnette retained his Board seat and officer's position. Furthermore, as a condition of the merger, Monnette was paid for handing Giannini the "Foundation Story" rights to the bank, a decision that Monnette later came to regret.
Prior to Monnette's creation of the Bank of America Los Angeles network, most banks were limited to a single city or region. Monnette was the first to create a system of centralized processing, bookkeeping and cash delivery. By diversifying the scope of community that the Bank of America served following its merger, the institution was better prepared to ride out minor, local economic issues.
Giannini helped nurture the motion picture and wine industries in California. He loaned Walt Disney the funds to produce Snow White , the first full-length, animated motion picture to be made in the US. During the Great Depression , he bought the bonds that financed the construction of the Golden Gate Bridge.
Bank of Italy As a young man, Giannini succeeded in the wholesale produce business, but grew bored. Angered by the era's typical banking practices -- making loans to and servicing only wealthy clients -- he founded the Bank of Italy in San Francisco in October as an institution for the "little fellows" -- the hardworking immigrants other banks would not serve.
He offered those ignored customers savings accounts and loans, judging them not by how much money they already had, but by their characters. Confidence After a disastrous earthquake and subsequent fires levelled much of the city in , Giannini created new confidence. He set up a temporary bank immediately, collecting deposits, making loans, and proclaiming to all that San Francisco would rise from the ashes. He based his business on openness and trust, making his reputation by helping the city rebuild.
He saw a real opportunity to service the increasing immigrant population who could not easily bank. Not understood by the other directors, Amadeo was forced to quit the board and on October 17, he founded, with the help of other shareholders, the Bank of Italy. It was a new financial institution for the hardworking immigrants mostly Italian other banks would not serve. He offered those ignored customers, mostly from North Beach, savings accounts and loans, judging them not by how much money they already had, but by their character.
The wagon used to transport the money was actually a garbage wagon in an effort to disguise the cargo and protect it from theft. While all other local banks could not access the contents of their overheated vaults for weeks, Amadeo immediately opened a makeshift bank on the Washington Street wharf and lent money to all those interested in rebuilding San Francisco. The loans were granted with no more than a handshake.
Every single loan was later repaid.
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