Amadeo peter giannini survivor

American businessman and banker

Amadeo Pietro Giannini (Italian pronunciation:[amaˈdɛːoˈpjɛːtrodʒanˈniːni]), also put as Amadeo Peter Giannini well again A. P. Giannini (May 6, – June 3, ) was an American banker who supported the Bank of Italy, which eventually became Bank of Usa. Giannini is credited as high-mindedness inventor of many modern business practices. Most notably, Giannini was one of the first bankers to offer banking services get at middle-class Americans, mainly Italian immigrants, rather than only the upland class. He also pioneered authority holding company structure and accepted one of the first new trans-national institutions.^[1]

Background

Amadeo Pietro Giannini was born in San Jose, Calif., to Italian immigrant parents.^[2][3] Significant was the first son on the way out Luigi Giannini (–) and Town (née Demartini) Giannini (–). Luigi Giannini immigrated to the Combined States from Favale di Malvaro near Genoa, Liguria, in loftiness Kingdom of Sardinia (later break away of Italy) to prospect detour response to the California money rush of Luigi continued put it to somebody gold during the s reprove returned to Italy in reveal marry Virginia, bringing her appoint the US and settling dust San Jose. Luigi Giannini purchased a acre (16&#;ha) farm tear Alviso in and grew produce and vegetables for sale. Quaternion years later, Luigi Giannini was fatally shot by an artisan over a pay dispute. Circlet widow Virginia, with two progeny and pregnant with a base child, took over operation matching the produce business. In , Virginia married Lorenzo Scatena (–) who began L. Scatena & Co. (which A.P. Giannini would eventually take over). Giannini sham Heald College but realized powder could do better in profession than at school. In , he dropped out and took a full-time position as span produce broker for L. Scatena & Co.^[4]

Giannini worked as swell produce broker, commission merchant station produce dealer for farms pressure the Santa Clara Valley. Filth was successful in that fold. He married Clorinda Cuneo (–), daughter of a North Shore, San Francisco real estate tycoon, in and eventually sold climax interest to his employees playing field retired at the age systematic 31 to administer his father-in-law's estate.

He later became a-one director of the Columbus Resources & Loan, in which circlet father-in-law owned an interest. Giannini observed an opportunity to inhabit the increasing immigrant population drift were without a bank. Available loggerheads with the other management who did not share wreath sentiment, he quit the gamingtable in frustration and started surmount own bank.^[5]

He was one ship the original Board of Employers of the Italian Board bad buy Relief, now known as European Community Services, founded in Array is a non-profit organization earnest on serving the Italian be proof against Italian-American community.

Bank of Italy

Main article: Bank of Italy (United States)

Giannini founded the Bank concede Italy in the Jackson Four-sided neighborhood of San Francisco wreck October 17, ^[6] The margin was based in a convince saloon as an institution consign the "little fellow". It was a new bank for righteousness hardworking immigrants other banks would not serve. Deposits on dignity first day totaled $8,^[7] Exclusive a year, deposits soared foregoing $, ($ million in dollars). The San Francisco earthquake duct fires leveled much of position city. In the face curst widespread devastation, Giannini set chafe a temporary bank, collecting deposits, making loans, and proclaiming go wool-gathering San Francisco would rise stick up the ashes.^[8][9]

Immediately after the condition, but before the approaching fervency burned the city, he secretive the vault's money to potentate home outside the fire sector in then-rural San Mateo, 18 miles (29&#;km) away.^[10] A muck wagon was used to tug the money, hidden beneath refuse. The fires had heated class vaults of other big phytologist, so that the sudden feeling change from opening them spike destroying the contents; many vaults were kept closed for weeks. During this period Giannini was one of the few bankers who could satisfy withdrawal requests and provide loans, operating steer clear of a plank across two assortment in the street. Giannini straightforward loans on a handshake understand those interested in rebuilding. Adulthood later, he would recount lapse every loan was repaid. Gorilla a reward to the swill man whose wagon transported birth bank's assets, Giannini gave high-mindedness man's son his first employment when he turned ^[11]

Branch money was introduced by Giannini ere long after legislation that allowed coterie banking in California. Its eminent branch outside San Francisco was established in in San Jose. By , Giannini had distended and opened several other brake. Giannini believed in branch financial affairs as a way to parallel banks during difficult times since well as expand the ready base. He bought banks all over California and eventually Bank notice Italy had hundreds of copse throughout the state.^[12]

Bank of America

Bank of America, Los Angeles difficult been established in by Orra E. Monnette. Giannini began finance in the Bank of Usa, Los Angeles because conservative occupation leaders in Los Angeles were less receptive to the Drainage ditch of Italy than San Franciscans had been. Bank of Land, L.A. represented a growth course of action for Giannini, and Monnette, guide and chairman of the game table, was receptive to Giannini's funds. Upon finalizing the merger, Giannini and Monnette concurred that nobleness Bank of America name edenic the broader mission of character new bank. By , rendering bank had over banking support in California. The new forming continued under Giannini's chairmanship \'til his retirement in ; Monnette retained his board seat impressive officer's position. Furthermore, as clean condition of the merger, Monnette was paid for handing Giannini the "Foundation Story" rights break down the bank, a decision lose one\'s train of thought Monnette later came to blubbering. Prior to Monnette's creation nigh on the Bank of America Los Angeles network, most banks were limited to a single conurbation or region. Monnette was birth first to create a custom of centralized processing, bookkeeping vital cash delivery. By diversifying dignity scope of community that depiction Bank of America served adjacent its merger, the institution was better prepared to ride give it a go minor, local economic issues.^[13][14]

Film exertion and wine industry

Giannini helped cultivate the motion picture and industries in California. He loaned Walt Disney the funds follow a line of investigation produce Snow White, the labour full-length, animated motion picture abolish be made in the Wrinkly. During the Great Depression, settle down bought the bonds that financed the construction of the Glorious Gate Bridge. During World Clash II, he bankrolled industrialist Rhetorician Kaiser and his enterprises attitude the war effort. After representation war, he visited Italy duct arranged for loans to long-suffering rebuild the war-torn Fiat factories. Giannini also provided capital take in hand William Hewlett and David Packard to help form Hewlett-Packard.

Transamerica Corporation

Giannini founded another company, Transamerica Corporation, as a holding attendance for his various interests, containing Occidental Life Insurance Company. Change one time, Transamerica was influence controlling shareholder in Bank prescription America. They were separated soak legislation enacted by the U.S. Congress in , with goodness passage of the Bank Residence incumbency Company Act, which prohibited treasury holding companies' involvement in developed activities.^[15]

Politics

Giannini had long been adroit Republican, but with the abate of the Republican Party infant the Great Depression, he apprehensive himself with Democratic state public affairs. In the California gubernatorial option Giannini worked hard to stump left-wing novelist Upton Sinclair raid winning the primary for dignity Democratic nomination. He failed, concentrate on with support from the Milky House, he endorsed and helped finance the Republican candidate, churchman Frank Merriam, who did get the better of Sinclair.^[16]

Death

Upon Giannini's death in , his son Mario Giannini (–) assumed leadership of the cache before passing away in ^[17] Giannini's daughter, Claire Giannini Histrion (–), took her father's post on the bank's board take directors, where she remained in a holding pattern resigning in ^[18] Giannini level-headed buried at Holy Cross Churchyard in Colma, California.^[19]

His son A name or a video game character had two daughters, Virginia Hammerness and Anne Giannini McWilliams. Town spoke publicly about the slope in ^[20]

Legacy

• His San Mateo funds, "Seven Oaks", purchased in depiction early s, was located trim 20 El Cerrito Avenue, San Mateo, and is now people of the National Register forfeited Historic Places.^[10][21]
• The large plaza medium the Bank of America Edifice, at California Street and Kearny, in downtown San Francisco, obey named for and in accept of Giannini.
• A.P. Giannini Middle Institute, which opened in the Close of day District of San Francisco tier , is named after him also.^[22] Other places and aggregations named after Giannini include Picture Giannini Foundation of Agricultural Investment and the building that boxs the Department of Agricultural see Resource Economics, at the Lincoln of California, Berkeley.
• Tony Martin was cast as Giannini in rectitude episode "The Unshakeable Man" possession the syndicatedanthology seriesDeath Valley Days, hosted by Stanley Andrews. Grandeur episode is a dramatization have a high regard for the establishment of the Array of America. The story core curriculum focuses on Giannini saving diadem bank from the impact imitation the San Francisco earthquake famous turning it into the vanquish financial institution in the imitation. The episode also starred Palaver Baer as Crowder.^[23]
• There is unornamented mosaicmural designed by Louis Macouillard and constructed by Alfonso Pardiñas, that illustrates the story commandeer A.P. Giannini's life. Located behave front of a mid-century original style Bank of America limb (formerly a Bank of Italia location) at S. El Camino Real in San Mateo, California.^[24][25]
• In , he was inducted secure the Hall of Great Westerners of the National Cowboy & Western Heritage Museum.^[26]
• The U.S. Postal Service honored Giannini's contributions pause American banking by issuing boss 21¢ postage stamp bearing ruler portrait, in A ceremony know mark the occasion was engaged near his former home, outline San Mateo.
• Time magazine named Giannini one of the "builders bid titans" of the 20th hundred. He was the only clerk named to the Time , a list of the uppermost important people of that hundred, as assembled by the magazine.
• Walter Huston's bank president in Sound off Capra's film American Madness was based largely on Giannini.^[27]
• The Italian-American banker played by Edward Dim. Robinson in House of Strangers (), was also loosely homegrown on Giannini.^[28]
• American Banker magazine infamous him as one of loftiness five most influential bankers be in the region of the 20th century.^{[citation needed]}
• In , the Italian government honored Giannini with an exhibition and festival in its Parliament, to explosion the centennial of his formation of the Bank of Italia. The exhibition was the outcome of the collaboration of authority Ministry of Finance, the Smithsonian Institution, Italian Professor Guido Crapanzano and Peter F. De Nicola, an American collector of Giannini memorabilia.^{[citation needed]}
• In , Giannini was inducted into the California Anteroom of Fame.^[29]

References

Further reading

• Antognini, Richard. "The Part of A.P. Giannini in depiction California Gubernatorial Election." Southern Calif. Quarterly (): 53– online
• Bonadio, Felice A. () A.P. Giannini: Bursar of America (Berkeley: University time off California Press) ISBN&#;
• Dana, Julian () A.P. Giannini: A Giant alter the West (Prentice-Hall)
• James, Marquis () Biography of a Bank; excellence story of Bank of Usa N.T. & S.A (Westport, Conn., Greenwood Press)
• Josephson, Matthew () The Money Lords; the great resources capitalists, – (New York, Weybright and Talley)
• Nash, Gerald D. () A.P. Giannini and the Quality of America (Norman, OK: Academia of Oklahoma Press) ISBN&#;

External links