Bank of Italy (United States) facts for kids

The Bank of Italy was a very important bank started in San Francisco, California, USA. It was founded on October 17, 1904, by a man named Amadeo Giannini. He wanted to create a bank that would help everyday working people, especially Italian Americans living in the North Beach area of San Francisco.

The Bank's Early Days

The Bank of Italy was special because it focused on serving people who were often ignored by bigger banks. After the terrible San Francisco earthquake and fire of 1906, the bank was one of the first to offer loans. These loans helped businesses rebuild the city, showing how much Giannini cared about his community.

A U.S. National Bank Note issued by the Bank of Italy in 1927

In 1908, the special Bank of Italy building opened. It later became a National Historic Landmark because of its importance. Amadeo Giannini himself worked in an open space on the first floor, showing he was always available to his customers.

Growing Across California

The Bank of Italy quickly started to grow. In 1909, it opened its first branch in another city, San Jose. By 1918, it had 24 branches, making it the first bank system with branches all over California. This was a new and very successful way to do banking.

Becoming Bank of America

In 1928, the Bank of Italy joined with a smaller bank called Bank of America, Los Angeles. This made it an even bigger bank. Then, in 1930, Amadeo Giannini decided to change the name of his bank from "Bank of Italy" to "Bank of America."

As the leader of the new, larger Bank of America, Giannini continued to expand the bank. He stayed in charge until he passed away in 1949. His ideas and new ways of banking were very important.

A Movie About the Bank

The story of Amadeo Giannini and the Bank of Italy even inspired a classic movie! It was the 1932 film American Madness, directed by Frank Capra. The movie was based on a story called "Faith" by Robert Riskin.

Today, the Bank of America is still a huge bank. In 1998, it merged with NationsBank from Charlotte, North Carolina. Even though NationsBank was technically the one that continued, the new bank kept the famous "Bank of America" name. It still uses the original banking license that belonged to the Bank of Italy.