Finance History | Bank of America — Eight Thousand Seven Hundred Eighty Dollars in a Converted Saloon
· 1904-10
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Finance History | Bank of America — Eight Thousand Seven Hundred Eighty Dollars in a Converted Saloon
kevin
People treat Bank of America as a Charlotte holding company that always cleared a national branch book.
The first book was a North Beach bank for the unbanked.
On 17 October 1904 Amadeo Peter Giannini opened the Bank of Italy in a converted saloon in the Drexler Building on Montgomery Avenue, now Columbus Avenue, in San Francisco's Italian quarter.
Deposits on the first day totaled $8,780.
Within a year they rose above $700,000.
The bank was capitalized at $300,000.
The 1906 earthquake and fire destroyed the first rooms.
Giannini moved gold and silver out of the fire zone, then lent from a plank across two barrels on the Washington Street wharf while larger vaults stayed sealed.
The eight-story house at 550 Montgomery Street opened on 17 August 1908 and served as headquarters until 1921.
The Bank of Italy took the Bank of America name in 1930 after Giannini's statewide branch system.
The first mechanism was not a money-center correspondent.
It was a clerk's desk on the banking floor, set where an immigrant with a small deposit would not have to climb to a partners' room.
Photo: Sanfranman59, CC BY-SA, via Wikimedia Commons
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