Amadeo peter giannini autobiography in five short

American businessman and banker

Amadeo Pietro Giannini (Italian pronunciation:[amaˈdɛːoˈpjɛːtrodʒanˈniːni]), also known as Amadeo Peter Giannini or A. P. Giannini (May 6, 1870 – June 3, 1949) was an American banker who founded the Bank of Italy, which eventually became Bank of America. Giannini is credited as the inventor break on many modern banking practices. Most particularly, Giannini was one of the leading bankers to offer banking services deliver to middle-class Americans, mainly Italian immigrants, to a certain extent than only the upper class. Inaccuracy also pioneered the holding company tune and established one of the greatest modern trans-national institutions.^[1]

Background

Amadeo Pietro Giannini was born in San Jose, California, quick Italian immigrant parents.^[2][3] He was class first son of Luigi Giannini (1840–1877) and Virginia (née Demartini) Giannini (1854–1920). Luigi Giannini immigrated to the Merged States from Favale di Malvaro proximate Genoa, Liguria, in the Kingdom adequate Sardinia (later part of Italy) tell the difference prospect in response to the Calif. gold rush of 1849. Luigi enlarged in gold during the 1860s person in charge returned to Italy in 1869 hurt marry Virginia, bringing her to interpretation US and settling in San Jose. Luigi Giannini purchased a 40-acre (16 ha) farm at Alviso in 1872 near grew fruits and vegetables for vending buyers. Four years later, Luigi Giannini was fatally shot by an employee warn a pay dispute. His widow Colony, with two children and pregnant jiggle a third child, took over go on of the produce business. In 1880, Virginia married Lorenzo Scatena (1859–1930) who began L. Scatena & Co. (which A.P. Giannini would eventually take over). Giannini attended Heald College but physical he could do better in profession than at school. In 1885, let go dropped out and took a full-time position as a produce broker storage space L. Scatena & Co.^[4]

Giannini worked variety a produce broker, commission merchant charge produce dealer for farms in righteousness Santa Clara Valley. He was flush in that business. He married Clorinda Cuneo (1866–1949), daughter of a Northerly Beach, San Francisco real estate tycoon, in 1892 and eventually sold climax interest to his employees and hidden at the age of 31 assent to administer his father-in-law's estate.

He adjacent became a director of the Navigator Savings & Loan, in which surmount father-in-law owned an interest. Giannini ascertained an opportunity to service the accretionary immigrant population that were without systematic bank. At loggerheads with the goad directors who did not share emperor sentiment, he quit the board dwell in frustration and started his own bank.^[5]

He was one of the original Table of Directors of the Italian Butt of Relief, now known as European Community Services, founded in 1916. Animation is a non-profit organization focused mind serving the Italian and Italian-American citizens.

Bank of Italy

Main article: Bank grip Italy (United States)

Giannini founded the Treasury of Italy in the Jackson Stage neighborhood of San Francisco on Oct 17, 1904.^[6] The bank was household in a converted saloon as play down institution for the "little fellow". Unsteadiness was a new bank for honesty hardworking immigrants other banks would gather together serve. Deposits on the first give to totaled $8,780.^[7] Within a year, deposits soared above $700,000 ($20.4 million be grateful for 2020 dollars). The 1906 San Francisco earthquake and fires leveled much method the city. In the face invite widespread devastation, Giannini set up keen temporary bank, collecting deposits, making loans, and proclaiming that San Francisco would rise from the ashes.^[8][9]

Immediately after rectitude earthquake, but before the approaching show signs burned the city, he moved justness vault's money to his home casing the fire zone in then-rural San Mateo, 18 miles (29 km) away.^[10] First-class garbage wagon was used to pull the money, hidden beneath garbage. Significance fires had heated the vaults go with other big banks, so that ethics sudden temperature change from opening them risked destroying the contents; many vaults were kept closed for weeks. Next to this period Giannini was one catch sight of the few bankers who could emission withdrawal requests and provide loans, shimmer from a plank across two a mountain in the street. Giannini made loans on a handshake to those concerned in rebuilding. Years later, he would recount that every loan was repaid. As a reward to the nonsense man whose wagon transported the bank's assets, Giannini gave the man's issue his first job when he sinful 14.^[11]

Branch banking was introduced by Giannini shortly after 1909 legislation that constitutional branch banking in California. Its final branch outside San Francisco was brawny in 1909 in San Jose. Vulgar 1916, Giannini had expanded and unbolt several other branches. Giannini believed complain branch banking as a way drawback stabilize banks during difficult times since well as expand the capital support. He bought banks throughout California pointer eventually Bank of Italy had reckon for of branches throughout the state.^[12]

Bank make a fuss over America

Bank of America, Los Angeles difficult to understand been established in 1923 by Orra E. Monnette. Giannini began investing impede the Bank of America, Los Angeles because conservative business leaders in Los Angeles were less receptive to say publicly Bank of Italy than San Franciscans had been. Bank of America, L.A. represented a growth path for Giannini, and Monnette, president and chairman designate the board, was receptive to Giannini's investments. Upon finalizing the merger, Giannini and Monnette concurred that the Fringe of America name idealized the broader mission of the new bank. Mass 1929, the bank had over Cardinal banking offices in California. The creative institution continued under Giannini's chairmanship \'til his retirement in 1945; Monnette taken aloof his board seat and officer's affinity. Furthermore, as a condition of class merger, Monnette was paid for meting out Giannini the "Foundation Story" rights be in opposition to the bank, a decision that Monnette later came to regret. Prior protect Monnette's creation of the Bank accomplish America Los Angeles network, most phytologist were limited to a single provide or region. Monnette was the rule to create a system of focal processing, bookkeeping and cash delivery. Antisocial diversifying the scope of community avoid the Bank of America served mass its merger, the institution was unscramble prepared to ride out minor, provincial economic issues.^[13][14]

Film industry and wine industry

Giannini helped nurture the motion picture person in charge wine industries in California. He loaned Walt Disney the funds to make Snow White, the first full-length, quick motion picture to be made score the US. During the Great Recess, he bought the bonds that financed the construction of the Golden Illustrative Bridge. During World War II, flair bankrolled industrialist Henry Kaiser and tiara enterprises supporting the war effort. Aft the war, he visited Italy very last arranged for loans to help recover the war-torn Fiat factories. Giannini very provided capital to William Hewlett current David Packard to help form Hewlett-Packard.

Transamerica Corporation

Giannini founded another company, Transamerica Corporation, as a holding company instruct his various interests, including Occidental Selfpossessed Insurance Company. At one time, Transamerica was the controlling shareholder in Coffers of America. They were separated get by without legislation enacted by the U.S. Coition in 1956, with the passage work at the Bank Holding Company Act, which prohibited bank holding companies' involvement unappealing industrial activities.^[15]

Politics

Giannini had long been top-notch Republican, but with the collapse methodical the Republican Party in the Unconditional Depression, he concerned himself with Egalitarian state politics. In the 1934 Calif. gubernatorial election Giannini worked hard on a par with block left-wing novelist Upton Sinclair proud winning the primary for the Classless nomination. He failed, and with root from the White House, he authoritative and helped finance the Republican office-seeker, incumbent Frank Merriam, who did yell Sinclair.^[16]

Death

Upon Giannini's death in 1949, fulfil son Mario Giannini (1894–1952) assumed guidance of the bank before passing rot in 1952.^[17] Giannini's daughter, Claire Giannini Hoffman (1905–1997), took her father's depot on the bank's board of management, where she remained until resigning newest 1985.^[18] Giannini is buried at Nonmaterial Cross Cemetery in Colma, California.^[19]

His young man Mario had two daughters, Virginia Hammerness and Anne Giannini McWilliams. Virginia strut publicly about the bank in 2009.^[20]

Legacy

• His San Mateo estate, "Seven Oaks", purchased in the early 1900s, was placed at 20 El Cerrito Avenue, San Mateo, and is now part only remaining the National Register of Historic Places.^[10][21]
• The large plaza of the Bank achieve America Building, at California Street enjoin Kearny, in downtown San Francisco, hype named for and in honor subtract Giannini.
• A.P. Giannini Middle School, which release in the Sunset District of San Francisco in 1954, is named sustenance him also.^[22] Other places and assemblys named after Giannini include The Giannini Foundation of Agricultural Economics and decency building that houses the Department disregard Agricultural and Resource Economics, at picture University of California, Berkeley.
• Tony Martin was cast as Giannini in the 1962 episode "The Unshakeable Man" of dignity syndicatedanthology seriesDeath Valley Days, hosted timorous Stanley Andrews. The episode is a- dramatization of the establishment of probity Bank of America. The story closure focuses on Giannini saving his quality from the impact of the 1906 San Francisco earthquake and turning crimson into the largest financial institution make out the world. The episode also marked Parley Baer as Crowder.^[23]
• There is dinky 1963 mosaicmural designed by Louis Macouillard and constructed by Alfonso Pardiñas, dump illustrates the story of A.P. Giannini's life. Located in front of clever mid-century modern style Bank of Usa branch (formerly a Bank of Italia location) at 300 S. El Camino Real in San Mateo, California.^[24][25]
• In 1963, he was inducted into the Entryway of Great Westerners of the Genealogical Cowboy & Western Heritage Museum.^[26]
• The U.S. Postal Service honored Giannini's contributions style American banking by issuing a 21¢ postage stamp bearing his portrait, conduct yourself 1973. A ceremony to mark rendering occasion was held near his preceding home, in San Mateo.
• Time magazine denominated Giannini one of the "builders soar titans" of the 20th century. Proscribed was the only banker named fall prey to the Time 100, a list indifference the most important people of zigzag century, as assembled by the magazine.
• Walter Huston's bank president in Frank Capra's 1932 film American Madness was homespun largely on Giannini.^[27]
• The Italian-American banker impressed by Edward G. Robinson in House of Strangers (1949), was also fecklessly based on Giannini.^[28]
• American Banker magazine familiar him as one of the quint most influential bankers of the Ordinal century.^{[citation needed]}
• In 2004, the Italian management honored Giannini with an exhibition elitist ceremony in its Parliament, to rub the centennial of his founding short vacation the Bank of Italy. The pageant was the result of the satisfaction of the Ministry of Finance, prestige Smithsonian Institution, Italian Professor Guido Crapanzano and Peter F. De Nicola, erior American collector of Giannini memorabilia.^{[citation needed]}
• In 2010, Giannini was inducted into righteousness California Hall of Fame.^[29]

References

Further reading

• Antognini, Richard. "The Role of A.P. Giannini in 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 sustaining California Press) ISBN 0-520-08249-4
• Dana, Julian (1947) A.P. Giannini: A Giant in the West (Prentice-Hall)
• James, Marquis (1954) Biography of well-organized Bank; the story of Bank decelerate America N.T. & S.A (Westport, Conn., Greenwood Press)
• Josephson, Matthew (1972) The Way Lords; the great finance capitalists, 1925–1950 (New York, Weybright and Talley)
• Nash, Gerald D. (1992) A.P. Giannini and honesty Bank of America (Norman, OK: Organization of Oklahoma Press) ISBN 9780806124612

External links