Bank of America's history dates to 1904, when Amadeo Giannini founded the Bank of Italy in San Francisco to cater to immigrants who were denied service from other banks.[24][25] Amadeo was raised by the Fava/Stanghellini family when his father was shot while trying to collect on a $10.00 debt.[citation needed] When the 1906 San Francisco earthquake struck, Giannini was able to get all deposits out of the bank building and away from the fires. Because San Francisco's banks were in smoldering ruins and unable to open their vaults, Giannini was able to use the rescued funds to start lending within a few days of the disaster. From a makeshift desk of a few planks over two barrels, he loaned money to anyone who was willing to rebuild. Later in life, he took great pride that all of these loans were repaid.
In 1922, Giannini established Bank of America and Italy[26] in Italy by buying Banca dell'Italia Meridionale,[27] itself only established in 1918.[28][29]
On March 7, 1927, Giannini consolidated his Bank of Italy (101 branches) with the newly formed Liberty Bank of America (175 branches). The result was the Bank of Italy National Trust & Savings Association with capital of $30,000,000, and resources of $115,000,000.
In 1928, A. P. Giannini merged with Bank of America, Los Angeles and consolidated it with his other bank holdings to create what would become the largest banking institution in the country. He renamed his Bank of Italy November 3, 1930, calling it Bank of America. The merger was completed in early 1929 and took the name Bank of America. The combined company was headed by Giannini with Orra E. Monnette serving as co-Chair.
Isn't it amazing to have this much money back then compared to now?
