January 3, 1924
In these days of financial turmoil it is interesting to look back on how banks promoted themselves in earlier times. Back then you had to convince folks that you were more trustworthy than a mason jar in the back yard, or a sock under the bed. Even before the Great Depression putting money in a bank could be a risky bet. To counter this perception banks put their balance sheets out in paid advertising.
In this ad in the Daily Telegram, the Bank of Italy included a sworn and notarized statement by the president of the bank and the chief cashier.
If you didn’t understand the numbers the story of the bank’s growth was reinforced with growing point sizes in type as the bank grew from its founding 20 years ago in 1904.
The bank was founded by Amadeo P. Giannini. His leadership created a bank with a sense of community. It grew into a powerhouse by loaning money to people other bankers did not think were risk worthy, like farmers, small businesses and immigrants.
His bank loaned money to the fledgling movie industry. Came to the rescue of the Golden Gate Bridge and Snow White. The radical idea of opening branches near customers was one pursued by the Bank of Italy.
What you don’t see between the lines in the ad was it could have ended between 1904 and 1908.
When the Great San Francisco Earthquake of 1906 was immediately followed by fire the bank was in peril, in the path of out of control fire.
At one point buildings were being blown up with dynamite to create fire breaks.
According to the book Historic Walks in San Francisco by Rand Richards, Giannini acted quickly loading a horse drawn cart with the assets of the bank and driving it to his home in San Mateo. To disguise the cargo the cart was loaded with produce and the banker said that for the next few weeks the money smelled like orange juice. Better than becoming the ash that the building was reduced to. When the city needed money to rebuild his bank was one of the first to set up loans. This was the era before federal disaster aid.
The Bank of Italy had a branch in San Miguel and San Luis Obispo in 1924.
Today their website lists 17 locations within a 32 mile radius of San Luis Obispo.
Did I mention they changed their name?
Today it is called Bank of America.
Amadeo Peter Giannini died with a modest estate, worth less than $500,000. Many years he accepted little pay and when he was given an unexpected $1.5 million bonus he gave it to the University of California. Today’s banking executives would view that as pocket change. Next time a banking executive asks for a multi-million dollar bonus, ask them if they have rebuilt a disaster torn city, nurtured a fledgling industry, helped build a dream.
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When I was a kid in Burbank, CA I used to deposit a dime or even a quarter every week into a cool little linen bag that said “bank of america” in fancy script. There was always a large booklet that showed my savings history. I had to work for my quarter too. I must have taken the money out of the account at some point, but I don’t remember when. Did they do that in SLO?
But, of course, B of A isn’t really B of A anymore. It was bought several years ago by Nations Bank out of North Carolina. I thought at the time that it happened that Mr. Giannini had to have turned over in his grave. I’d bet that today’s B of A executives couldn’t name the founder if their jobs depended on it, which they don’t, of course.
And you are right about the financing of Snow White by Walt Disney. No other bank would do it, and Disney bet everything he had on that cartoon movie. When it did so well, not only was he able to repay B of A back completely but he was also able to build his entire studio located on Buena Vista Blvd in Burbank, Ca, just from the proceeds of that one movie. Because of B of A’s largesse at the time when he needed it, he never used any other bank while he was in charge. B of A also financed Disneyland and even until today no other bank is allowed to have a presence inside that park of glee.
One of the big controversies in Cambria in the 1970s was what to do with the old Bank of America building in the East Village. This, of course, originally was The Bank of Italy at Bridge and Main streets. Some wanted to keep it; others, including Cambrian publisher Ralph “Scoop” Morgan, wanted it torn down. Morgan lost. Today the venerable brick structure houses The Vault Gallery.
great story. thanks. i remember my little savings book from school, and no i do not remember what happened to it. my husband had one here too, but he still has his book. a few dollars is all.
The venerable two-story building at 767 Higuera street in downtown San Luis Obispo played an important role in the local history of the Bank of Italy and the Bank of America. A contract was let on 2 December 1904 for the construction of a building for the Union National Bank of San Luis Obispo. By the fall of 1920, Union National Bank had become affiliated with the Bank of Italy. Union National Bank of San Luis Obispo became a branch of the Bank of Italy circa 12 January 1921. During the 1930s, during the height of the Great Depression, when I visited the Bank of Italy – Bank of America branch at 767 Higuera with my mother and grandmothers, there was a replica of a Columbus sailing ship above the front entrance. It may still be there.
The Bank of Italy gave customers small metal coin banks moulded in the shape of one of Christopher Columbus’ ships.
In my family’s things that now have become mine is a silver Bank of Italy change/coin bank that says “Bank of Italy” right on the front-you needed a key to open it which was at the bank, the teller would open it so that the deposit could be made. Does anyone else out there have one?
I have a small brown leather looking book shaped bank with Bank of Italy on the front. It has coins inside. Did anyone find a Bank of Italy key to open it? I had it in the 1920s and still have it.