Bank of America (1904–1998) facts for kids
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Formerly
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Bank of Italy (1904–1930) |
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| Public | |
| Industry | Banking |
| Fate | Merged with NationsBank to become the Bank of America Corporation |
| Founded | October 17, 1904 |
| Founder | Amadeo Giannini |
| Defunct | September 30, 1998 |
Bank of America was once known as the Bank of Italy. It was started in San Francisco, California, on October 17, 1904. The person who founded it was Amadeo Pietro Giannini.
By 1945, this bank had grown very big. It became the largest commercial bank in the world. It had 493 branches across California. Its total value was $5 billion.
Contents
How the Bank Started
The Bank of Italy was created to help everyday people. It especially served Italian American families. Many of these families lived in San Francisco's North Beach area.
Surviving the 1906 Earthquake
The bank faced a big challenge in 1906. A huge earthquake and fire hit San Francisco. Amadeo Giannini saw the fire coming. He quickly loaded the bank's money and important papers. He put them into his horse-drawn cart. Then, he rode to his home in San Mateo to keep them safe.
After the disaster, the Bank of Italy was one of the first banks to help. It offered loans to businesses. This helped people rebuild the city.
Growing Across California
The first Bank of Italy office opened in 1904. It was in Jackson Square. The original building is no longer there. A new building, the Colombo Building, stands in its place.
In 1908, a new main building for the Bank of Italy opened. It later became a special National Historic Landmark. Giannini's own office was an open space. It was on the first floor of this building.
The bank started opening branches in other cities in 1909. The first new branch was in San Jose. By 1918, it had 24 branches. This made it the first bank to have branches all over the state.
Becoming Bank of America
In 1928, the Bank of Italy joined with a smaller bank. This bank was called the Bank of America, Los Angeles. Two years later, in 1930, Giannini changed the name. The "Bank of Italy" became "Bank of America."
Amadeo Giannini was the leader of the new, larger Bank of America. He kept making the bank bigger. He continued this work until he passed away in 1949.
A Movie Inspired by the Bank
The story of Amadeo Giannini and the Bank of Italy inspired a classic movie. It was a 1932 film by Frank Capra. The movie was called American Madness.
Later Mergers
In 1998, Bank of America joined with another bank. This was NationsBank from Charlotte, North Carolina. The new bank kept the Bank of America name. It still uses the original rules from the Bank of Italy.
Related Places
- Old Bank of America Building (San Jose, California) - This was once a Bank of Italy building.
- Bank of Italy, Merced
- Bank of Italy (Visalia, California)
- Bank of Italy (Tracy, California)
- Bank of Italy (Fresno, California)
