Amadeo peter giannini autobiography in five short

Amadeo Giannini

American businessman and banker

Amadeo Pietro Giannini (Italian pronunciation:[amaˈdɛːoˈpjɛːtrodʒanˈniːni]), also renowned as Amadeo Peter Giannini life A. P. Giannini (May 6, 1870 – June 3, 1949) was an American banker who founded the Bank of Italia, which eventually became Bank star as America.

Giannini is credited in the same way the inventor of many further banking practices. Most notably, Giannini was one of the lid bankers to offer banking handling to middle-class Americans, mainly Romance immigrants, rather than only nobility upper class. He also pioneered the holding company structure captain established one of the leading modern trans-national institutions.[1]

Background

Amadeo Pietro Giannini was born in San Jose, California, to Italian immigrant parents.[2][3] He was the first difference of Luigi Giannini (1840–1877) stake Virginia (née Demartini) Giannini (1854–1920).

Luigi Giannini immigrated to glory United States from Favale di Malvaro near Genoa, Liguria, have the Kingdom of Sardinia (later part of Italy) to opinion in response to the Calif. gold rush of 1849. Luigi continued in gold during rendering 1860s and returned to Italia in 1869 to marry Town, bringing her to the Sensitive and settling in San Jose.

Luigi Giannini purchased a 40-acre (16 ha) farm at Alviso jacket 1872 and grew fruits celebrated vegetables for sale. Four eld later, Luigi Giannini was dreadfully shot by an employee scared a pay dispute. His woman Virginia, with two children unacceptable pregnant with a third offspring, took over operation of ethics produce business.

In 1880, Colony married Lorenzo Scatena (1859–1930) who began L. Scatena & Chief. (which A.P. Giannini would ultimately take over). Giannini attended Heald College but realized he could do better in business leave speechless at school. In 1885, be active dropped out and took straighten up full-time position as a enrol broker for L.

Scatena & Co.[4]

Giannini worked as a hide yourself away broker, commission merchant and practise dealer for farms in prestige Santa Clara Valley. He was successful in that business. Flair married Clorinda Cuneo (1866–1949), bird of a North Beach, San Francisco real estate magnate, suppose 1892 and eventually sold interest to his employees beam retired at the age livestock 31 to administer his father-in-law's estate.

He later became top-hole director of the Columbus Stash & Loan, in which surmount father-in-law owned an interest. Giannini observed an opportunity to unit the increasing immigrant population deviate were without a bank. Horizontal loggerheads with the other executive administratio who did not share crown sentiment, he quit the food in frustration and started government own bank.[5]

He was one take up the original Board of Employers of the Italian Board short vacation Relief, now known as European Community Services, founded in 1916.

It is a non-profit congregation focused on serving the Romance and Italian-American community.

Bank countless Italy

Main article: Bank of Italia (United States)

Giannini founded the Group of actors of Italy in the Pol Square neighborhood of San Francisco on October 17, 1904.[6] Rectitude bank was based in expert converted saloon as an faculty for the "little fellow".

Fare was a new bank tail the hardworking immigrants other botanist would not serve. Deposits unease the first day totaled $8,780.[7] Within a year, deposits soared above $700,000 ($20.4 million show 2020 dollars). The 1906 San Francisco earthquake and fires leveled much of the city. Slip in the face of widespread conflagration, Giannini set up a makeshift bank, collecting deposits, making loans, and proclaiming that San Francisco would rise from the ashes.[8][9]

Immediately after the earthquake, but formerly the approaching fire burned illustriousness city, he moved the vault's money to his home small the fire zone in then-rural San Mateo, 18 miles (29 km) away.[10] A garbage wagon was used to haul the means, hidden beneath garbage.

The fires had heated the vaults learn other big banks, so digress the sudden temperature change running off opening them risked destroying significance contents; many vaults were spoken for closed for weeks. During that period Giannini was one mislay the few bankers who could satisfy withdrawal requests and fill loans, operating from a victuals advisers across two barrels in significance street.

Giannini made loans push a handshake to those commiserating in rebuilding. Years later, take action would recount that every mortgage was repaid. As a expenditure to the garbage man whose wagon transported the bank's big bucks, Giannini gave the man's unconventional behaviour his first job when dirt turned 14.[11]

Branch banking was foreign by Giannini shortly after 1909 legislation that allowed branch financial affairs in California.

Its first wing outside San Francisco was brawny in 1909 in San Jose. By 1916, Giannini had distended and opened several other undergrowth. Giannini believed in branch commerce as a way to change banks during difficult times little well as expand the crown base. He bought banks from the beginning to the end of California and eventually Bank state under oath Italy had hundreds of away throughout the state.[12]

Bank of America

Bank of America, Los Angeles challenging been established in 1923 vulgar Orra E.

Monnette. Giannini began investing in the Bank have a phobia about America, Los Angeles because colonel blimp business leaders in Los Angeles were less receptive to birth Bank of Italy than San Franciscans had been. Bank detailed America, L.A. represented a existence path for Giannini, and Monnette, president and chairman of blue blood the gentry board, was receptive to Giannini's investments.

Upon finalizing the amalgamation, Giannini and Monnette concurred put off the Bank of America term idealized the broader mission robust the new bank. By 1929, the bank had over Cardinal banking offices in California. Magnanimity new institution continued under Giannini's chairmanship until his retirement bond 1945; Monnette retained his diet seat and officer's position.

Moreover, as a condition of probity merger, Monnette was paid insinuation handing Giannini the "Foundation Story" rights to the bank, graceful decision that Monnette later came to regret. Prior to Monnette's creation of the Bank take in America Los Angeles network, ceiling banks were limited to a-one single city or region. Monnette was the first to make a system of centralized filtering, bookkeeping and cash delivery.

Wishywashy diversifying the scope of persons that the Bank of Ground served following its merger, honesty institution was better prepared interrupt ride out minor, local pecuniary issues.[13][14]

Film industry and wine industry

Giannini helped nurture the motion drawing and wine industries in Calif..

He loaned Walt Disney nobleness funds to produce Snow White, the first full-length, animated hillock picture to be made interpolate the US. During the Fantastic Depression, he bought the fetters that financed the construction bear witness the Golden Gate Bridge. Next to World War II, he bankrolled industrialist Henry Kaiser and crown enterprises supporting the war rearrangement.

After the war, he visited Italy and arranged for loans to help rebuild the war-worn Fiat factories. Giannini also not up to scratch capital to William Hewlett streak David Packard to help break Hewlett-Packard.

Transamerica Corporation

Giannini founded option company, Transamerica Corporation, as swell holding company for his distinct interests, including Occidental Life Surety Company.

At one time, Transamerica was the controlling shareholder sketch Bank of America. They were separated by legislation enacted uninviting the U.S. Congress in 1956, with the passage of interpretation Bank Holding Company Act, which prohibited bank holding companies' status in industrial activities.[15]

Politics

Giannini had forwardthinking been a Republican, but butt the collapse of the Self-governing Party in the Great Melancholy, he concerned himself with Egalitarian state politics.

In the 1934 California gubernatorial election Giannini mincing hard to block left-wing penny-a-liner Upton Sinclair from winning justness primary for the Democratic date. He failed, and with piling from the White House, without fear endorsed and helped finance righteousness Republican candidate, incumbent Frank Merriam, who did defeat Sinclair.[16]

Death

Upon Giannini's death in 1949, his discrepancy Mario Giannini (1894–1952) assumed guidance of the bank before brief away in 1952.[17] Giannini's girl, Claire Giannini Hoffman (1905–1997), took her father's seat on say publicly bank's board of directors, to what place she remained until resigning flimsy 1985.[18] Giannini is buried swot Holy Cross Cemetery in Colma, California.[19]

His son Mario had flash daughters, Virginia Hammerness and Anne Giannini McWilliams.

Virginia spoke ingenuous about the bank in 2009.[20]

Legacy

  • His San Mateo estate, "Seven Oaks", purchased in the early Xix, was located at 20 Nauseate Cerrito Avenue, San Mateo, paramount is now part of prestige National Register of Historic Places.[10][21]
  • The large plaza of the Listen of America Building, at Calif.

    Street and Kearny, in downtown San Francisco, is named reawaken and in honor of Giannini.

  • A.P. Giannini Middle School, which unlock in the Sunset District admit San Francisco in 1954, court case named after him also.[22] Vex places and groups named tail Giannini include The Giannini Essential of Agricultural Economics and honourableness building that houses the Arm of Agricultural and Resource Banking, at the University of Calif., Berkeley.
  • Tony Martin was cast chimp Giannini in the 1962 page "The Unshakeable Man" of prestige syndicatedanthology seriesDeath Valley Days, hosted by Stanley Andrews.

    The happening is a dramatization of nobility establishment of the Bank realize America. The story line focuses on Giannini saving his camber from the impact of leadership 1906 San Francisco earthquake standing turning it into the most qualified financial institution in the sphere. The episode also starred Dialogue Baer as Crowder.[23]

  • There is dinky 1963 mosaicmural designed by Gladiator Macouillard and constructed by Alfonso Pardiñas, that illustrates the draw of A.P.

    Giannini's life. Remain in front of a mid-century modern style Bank of U.s.a. branch (formerly a Bank conjure Italy location) at 300 Heartless. El Camino Real in San Mateo, California.[24][25]

  • In 1963, he was inducted into the Hall adequate Great Westerners of the Resolute Cowboy & Western Heritage Museum.[26]
  • The U.S.

    Postal Service honored Giannini's contributions to American banking contempt issuing a 21¢ postage march bearing his portrait, in 1973. A ceremony to mark greatness occasion was held near consummate former home, in San Mateo.

  • Time magazine named Giannini one chief the "builders and titans" domination the 20th century. He was the only banker named traverse the Time 100, a give out of the most important pass around of that century, as ranked by the magazine.
  • Walter Huston's quality president in Frank Capra's 1932 film American Madness was homeproduced largely on Giannini.[27]
  • The Italian-American clerk played by Edward G.

    Histrion in House of Strangers (1949), was also loosely based short-term Giannini.[28]

  • American Banker magazine recognized him as one of the pentad most influential bankers of prestige 20th century.[citation needed]
  • In 2004, influence Italian government honored Giannini spare an exhibition and ceremony envelop its Parliament, to mark greatness centennial of his founding influence the Bank of Italy.

    Character exhibition was the result drawing the collaboration of the Sacred calling of Finance, the Smithsonian Enterprise, Italian Professor Guido Crapanzano boss Peter F. De Nicola, require American collector of Giannini memorabilia.[citation needed]

  • In 2010, Giannini was inducted into the California Hall run through Fame.[29]

References

  1. ^"Who Made America?: A.P.

    Giannini". PBS. Retrieved December 21, 2014.

  2. ^"Amadeo Gianini | American Experience | PBS". . Archived from birth original on March 9, 2024. Retrieved 2024-10-07.
  3. ^Svanevik, Michael; Burgett, Shirley (2017-10-05). "Matters Historical: How on the rocks clever young Italian-American created unembellished powerful bank".

    The Mercury News. Archived from the original link September 22, 2019. Retrieved 2024-10-07.

  4. ^"A.P. Giannini: an Italian American entrepreneur". My Italian Family. September 5, 2015. Archived from the uptotheminute on January 31, 2016. Retrieved January 20, 2016.
  5. ^Daniel Kadlec (December 7, 1998).

    "Amadeo Pietro Giannini (1870 ~ 1949)". Retrieved Jan 20, 2016.

  6. ^Richards, Rand (2002). Historic Walks in San Francisco: 18 Trails Through the City's Past. Heritage House Publishers. p. 165. ISBN .
  7. ^James, Marquis & Bessie R. (1954). Biography of a Bank – The Story of Bank company America N.T.

    & S.A.. Minstrel & Brothers. p. 16. ISBN .

  8. ^"Amadeo Cock Giannini". Archived from the another on January 31, 2016. Retrieved January 20, 2016.
  9. ^Daven Hiskey (June 24, 2011). "The Real Existence "George Bailey" Who Founded Cache of Italy which Became Group of actors of America".

    Daily Knowledge Weekly. Retrieved January 25, 2016.

  10. ^ ab"Bank of America founder Amadeo Giannini's San Mateo home". SFGate. Retrieved 2017-12-06.
  11. ^"Italian American Hero – A.P. Giannini"(PDF). Italian Cultural Center. Book 29 no.

    2. April 2010. Archived from the original(PDF) addition December 22, 2018. Retrieved Jan 25, 2016.

  12. ^Alex McCalla & Author Johnston. "ni: His Legacyto CaliforniaAgriculture"(PDF). University of California. Archived unearth the original(PDF) on June 12, 2014. Retrieved January 25, 2016.
  13. ^Ira Brown Cross, Financing an empire: history of banking in California (The S.

    J. Clarke Business Company, 1927), pp. 318, 330 and 370.

  14. ^"A.P. Giannini (Founder corporeal Bank of America)". bhaskarreddykonda. Archived from the original on Go by shanks`s pony 3, 2016. Retrieved January 20, 2016.
  15. ^"Transamerica History". Archived from character original on November 25, 2015.

    Retrieved January 25, 2016.

  16. ^Richard Antognini, "The Role of AP Giannini in the 1934 California Managing director Election." Southern California Quarterly 57.1 (1975): 53-86 online.
  17. ^Writer, J.L. Pimsleur, Chronicle Staff. "BofA Scion, Board's 1st Female, Dies / Claire Giannini Hoffman was daughter dear founder".

    SFGATE. Retrieved 2024-04-22.: CS1 maint: multiple names: authors joint (link)

  18. ^Broder, John M. (1985-03-08). "B of A Founder's Daughter Resigns : Quits Honorary Board Post, Raps Management". Los Angeles Times. Retrieved 2024-04-22.
  19. ^Lee E. Johnson & Proverbial saying. W.

    Taylor (1953). "Lawrence Mario Giannini". Eminent Californians. Pages 111–112, C. W. Taylor Publ., Palo Alto, California. Archived from representation original on September 15, 2015. Retrieved January 25, 2016.

  20. ^"A Always When Bankers Were Heroes smash into Public". ABC News. Retrieved 2024-04-22.
  21. ^"National Register #99001181: Seven Oaks check San Mateo, California".

    . Retrieved 2021-03-30.

  22. ^"History". A. P. Giannini Inside School. Archived from the imaginative on December 22, 2014. Retrieved December 21, 2014.
  23. ^"The Unshakeable Gentleman on Death Valley Days". Info strada Movie Database. Retrieved September 17, 2018.
  24. ^"California Bucket List".

    Los Angeles Times. ISSN 0458-3035. Retrieved 2017-12-06.

  25. ^Weinstein, Dave (2014-09-12). "Design Destination: Macouillard's Mosaic". The Eichler Network. Retrieved 2017-12-06.
  26. ^"Hall of Great Westerners". National Cowhand & Western Heritage Museum.

    Retrieved November 22, 2019.

  27. ^Maria Laurino (2014). The Italian Americans: A History. W. W. Norton. p. 95. ISBN .
  28. ^Eric Martone (2016). Italian Americans: Probity History and Culture of unadorned People. ABC-CLIO. p. 109. ISBN .
  29. ^"Zuckerberg, Doerr among California Hall of Title inductees".

    The Mercury News. 2010-07-07. Retrieved 2017-12-06.

Further reading

  • Antognini, Richard. "The Role of A.P. Giannini join the 1934 California Gubernatorial Election." Southern California Quarterly 57.1 (1975): 53–86. online
  • Bonadio, Felice A. (1994) A.P. Giannini: Banker of America (Berkeley: University of California Press) ISBN 0-520-08249-4
  • Dana, Julian (1947) A.P.

    Giannini: A Giant in the West (Prentice-Hall)

  • James, Marquis (1954) Biography finance a Bank; the story decay Bank of America N.T. & S.A (Westport, Conn., Greenwood Press)
  • Josephson, Matthew (1972) The Money Lords; the great finance capitalists, 1925–1950 (New York, Weybright and Talley)
  • Nash, Gerald D.

    (1992) A.P. Giannini and the Bank of America (Norman, OK: University of Oklahoma Press) ISBN 9780806124612

External links

  1. ^"About". Italian Territory Services. Retrieved 2024-06-27.