Amadeo Giannini facts for kids
Quick facts for kids
Amadeo Giannini
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Amadeo Giannini (1927)
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Amadeo Pietro Giannini
May 6, 1870 San Jose, California, U.S.
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| Died | June 3, 1949 (aged 79) San Mateo, California, U.S.
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| Resting place | Holy Cross Cemetery (Colma, California) |
| Other names | A. P. Giannini |
| Spouse(s) | Clorinda Cuneo |
| Children | 2, including Claire Giannini Hoffman |
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Amadeo Pietro Giannini (born May 6, 1870 – died June 3, 1949), also known as A. P. Giannini, was a famous Italian-American banker. He started the Bank of Italy, which later became the well-known Bank of America.
Giannini is remembered for creating many modern banking ideas. He was one of the first bankers to offer services to everyday Americans, not just the very rich. He also helped create the idea of a "holding company" and built one of the first big banks that operated across many places.
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Early Life and Business
Amadeo Pietro Giannini was born in San Jose, California. His parents were immigrants from Italy. His father, Luigi Giannini, came to the United States looking for gold during the California Gold Rush in 1849.
In 1872, Luigi bought a farm and grew fruits and vegetables. Sadly, four years later, he was shot and killed by an employee. Amadeo's mother, Virginia, took over the farm business. Later, she married Lorenzo Scatena, who started a produce company.
Amadeo went to Heald College for a short time. But he soon realized he was better at business than school. In 1885, he left school and started working full-time for his stepfather's company, L. Scatena & Co. He bought and sold produce for farms in the Santa Clara Valley. He was very good at this job.
In 1892, Amadeo married Clorinda Cuneo. Her father was a successful real estate owner in North Beach, San Francisco. At 31, Giannini sold his share of the produce business and retired to manage his father-in-law's property. He also joined the board of a bank called Columbus Savings & Loan.
Giannini noticed that many new immigrants didn't have a bank that would serve them. The other bank directors didn't agree with him about helping these people. So, he left the board and decided to start his own bank.
Founding the Bank of Italy
Giannini opened the Bank of Italy in San Francisco on October 17, 1904. It was set up in a former saloon. He wanted it to be a bank for the "little fellow" – hardworking immigrants who other banks ignored. On its first day, the bank collected $8,780 in deposits. Within a year, this grew to over $700,000!
A big challenge came with the 1906 San Francisco earthquake and fires. Much of the city was destroyed. Giannini quickly set up a temporary bank on the street. He collected money and gave out loans, promising that San Francisco would be rebuilt.
He moved the bank's money from the vault to his home outside the fire zone. He used a garbage wagon to hide the money under trash. Other banks had vaults that were too hot to open safely for weeks. But Giannini could give out money and loans right away. He made loans with just a handshake to people who wanted to rebuild. Years later, he said every loan was paid back.
After 1909, new laws allowed banks to have branches in California. Giannini quickly started opening branches. The first one outside San Francisco was in San Jose in 1909. By 1916, he had many branches. Giannini believed that having many branches would make banks stronger during tough times and help them grow. He bought banks all over California, and soon the Bank of Italy had hundreds of branches.
The Rise of Bank of America
In 1923, a bank called Bank of America, Los Angeles, was started by Orra E. Monnette. Giannini began investing in this bank. He and Monnette decided to merge their banks. They agreed that the name "Bank of America" would be perfect for their new, larger bank.
By 1929, the new Bank of America had over 400 banking offices in California. Giannini led the bank until he retired in 1945. Before this merger, most banks were only in one city or area. The Bank of America became a large system that could handle banking across many communities. This helped the bank stay strong even if one local area had economic problems.
Giannini also helped many important California industries grow. He loaned Walt Disney the money to make Snow White, the first full-length animated movie made in the U.S. During the Great Depression, he bought the special papers (bonds) that paid for building the famous Golden Gate Bridge. During World War II, he supported industrialist Henry J. Kaiser and his companies that helped the war effort. After the war, he even helped rebuild the Fiat car factories in Italy. Giannini also provided money to Bill Hewlett and David Packard to start their company, Hewlett-Packard.
Giannini also founded another company called Transamerica Corporation. This company held his different business interests, including an insurance company. For a while, Transamerica owned a big part of Bank of America. But in 1956, the U.S. Congress passed a law that made banks and industrial companies separate.
Giannini was involved in politics, especially during the Great Depression. He worked to support candidates he believed would help the state.
When Giannini passed away in 1949, his son, Mario Giannini, took over the bank. His daughter, Claire Giannini Hoffman, also joined the bank's board of directors and stayed there for many years. Giannini is buried at Holy Cross Cemetery in Colma, California.
Legacy
Amadeo Giannini left a lasting mark:
- His home in San Mateo, called "Seven Oaks," is now a historic place.
- The main plaza of the Bank of America Building in downtown San Francisco is named in his honor.
- A.P. Giannini Middle School in San Francisco is named after him.
- The The Giannini Foundation of Agricultural Economics and a building at the University of California, Berkeley are also named for him.
- A 1963 mosaic mural in San Mateo, California, shows the story of his life.
- In 1963, he was added to the Hall of Great Westerners at the National Cowboy & Western Heritage Museum.
- In 1973, the United States Postal Service honored Giannini by putting his picture on a 21-cent postage stamp.
- Time magazine called Giannini one of the "builders and titans" of the 20th century. He was the only banker on their "Time 100" list of the most important people of that century.
- Characters in movies like American Madness (1932) and House of Strangers (1949) were based on Giannini.
- American Banker magazine recognized him as one of the five most important bankers of the 20th Century.
- In 2004, the Italian government held an exhibition in its Parliament to celebrate 100 years since he founded the Bank of Italy.
- In 2010, Giannini was added to the California Hall of Fame.
See also
In Spanish: Amadeo Giannini para niños
