San Francisco
County
Biographies
AMADEO
PETER GIANNINI
Amadeo Peter Giannini,
founder of Bank of America, was born in San Jose, California, on May 6, 1870
(deceased). He was the son of Luigi and Virginia (Demartini)
Giannini, both natives of Italy.
His career began at the age of
twelve in the produce commission business, L. Scatena
& Company. He took a six months’ business course in San Francisco,
following his graduation from grammar school.
While managing his father-in-law’s
estate he became a director of Columbus Savings & Loan Society and thus
gained his experience in banking. On October 17, 1904, he opened the Italian
Bank of California, the names of which soon changed to the Bank of Italy. In
1919 the Bancitaly Corporation was organized and immediately
purchased the East River Bank, later the Bowery and East River National Bank of
New York. In 1926 he acquired the Commercial Exchange Bank of New York and in
1928, the Bank of America, New York City. This bank, the Bowery and East River
Savings Bank were consolidated under the name of the Bank of America National
Association.
Meanwhile, in California, the Bank
of Italy acquired the Liberty Bank of America and the Italian-American Bank of
San Francisco. In 1928 Mr. Giannini organized the
Bank of America of California as a consolidation of the Humboldt Bank of San
Francisco and the United Security Bank & Trust Company, and then absorbed
the Merchants National Trust & Savings Bank of Los Angeles; also the
Pacific National Bank of Los Angeles became a partner of the system in 1929.
These institutions operated 415 branches in California and the national
institution is the fourth largest bank in the United States.
Mr. Giannini
served as president and chairman of the Board of the Bank of America National
Trust & Savings Association; chairman of the Board of Transamerica
Corporation; director of the National City Bank of New York; director of the
San Francisco Chamber of Commerce for three terms.
Member of Native
Sons of the Golden West. He was instrumental in establishing the Giannini Foundation of Agricultural Economics at the
University of California and the erection of a building dedicated to ways and
means of improving agricultural conditions of the state.
On
September 14, 1892, he married Clorinda Agnes Cuneo
of San Francisco; three children: Lawrence Mario, Virgil David and Claire
Evelyn (Mrs. Clifford P. Hoffman).
Mr. Giannini’s
rise from clerkship to one of the nation’s leading bankers constitutes one of
the most romantic chapters in the history of American Finance.
Transcribed By: Cecelia M. Setty.
Source: “Eminent Californians 1953”,
by Lee E. Johnson & C. W. Taylor. Page 99, C. W. Taylor
Publ., Palo Alto, California, 1953.
© 2013 Cecelia M. Setty.
San Francisco County Biographies