Giannini, A. P. 1870-1949

BANK OF AMERICA FOUNDER

Early History.

A Californian of Italian descent, Amadeo Peter Giannini had in the early 1900s built his family produce business into a small bank. Looked down upon by the old-line San Francisco bankers as a newcomer, he was labeled the "Dago" banker. However, on the morning of 6 April 1906, when the great earthquake hit the city, he came into his own. His storefront Bank of Italy was destroyed almost immediately, but Giannini had secured $80,000 in his home, and with that money he opened a makeshift office tendering loans for rebuilding. The large downtown banks found their vaults covered with rubble or too hot from the fire to open, and weeks elapsed before they were back in business. Meanwhile, they were wiring New York banks for credit and cash while the Bank of Italy operated on its own resources. Giannini knew, of course, that he was on dangerous ground. His resources could not have begun to...

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