Bank of America, Los Angeles
Encyclopedia
The Bank of America, Los Angeles was established in 1923 by Orra E. Monnette
, emerging from a series of mergers between Los Angeles based banks between 1909 and 1923. The formation of BoA L.A. predates the creation of the Bank of America, merging with the Bank of Italy (USA)
in 1928-29 to form the Bank of America
.
The foundation was the Los Angeles
based American National Bank of Los Angeles (ANB) which Monnette purchased controlling interest using profits from his father's silver mine in Tonopah
, Nevada
. In 1909, ANB was merged into Citizens Trust and Savings Bank; in 1911, Monnette purchased the Broadway Bank and Trust Company, which when merged with the family’s other holdings formed the Citizens Bank and Trust Company in 1911..
In 1923, Citizens Bank and Trust Company was renamed Bank of America, Los Angeles. Monnette’s intention was to build capital for national expansion; however in 1928 Monnette was approached by Amadeo Giannini
, founder of the Bank of Italy
(San Francisco, California
), who was interested in pursuing a merger with BoA. Both men were concerned about the state of the American economy.
One thing that the Bank of America, Los Angeles had that made it an attractive merge partner was it's advanced bank branch system that employed centralized accounting and cash distribution system. BoA LA had its own secured fleet of armoured cars to transport branch cash supplies, keeping its branches stock with controlled amounts while other banks kept larger amounts on site, and thus away from from investment purposes. With Monnette wishing to ease into retirement, and with no real heir apparent, BoA LA welcomed the combination of the two concerns under the name Bank of America. (Monnette would use this same design to help the Los Angeles Public Library - the Board of which he chaired - create a modern, full service branch library system that is still in use today.)
The resulting Bank of America
emerged prior to the stock market crash of 1929.
Orra E. Monnette
Orra Eugene Monnette was an attorney, author and banker. Monnette was also the Founder of the Bank of America, L.A., but his contribution to the organization is often overlooked in its corporate history.-Early Life:...
, emerging from a series of mergers between Los Angeles based banks between 1909 and 1923. The formation of BoA L.A. predates the creation of the Bank of America, merging with the Bank of Italy (USA)
Bank of Italy (USA)
The Bank of Italy was founded in San Francisco, California, USA, in 1904 by Amadeo Giannini. It grew by a branch banking strategy to become the Bank of America, the world's largest commercial bank with 493 branches in California and assets of $5 billion in 1945....
in 1928-29 to form the Bank of America
Bank of America
Bank of America Corporation, an American multinational banking and financial services corporation, is the second largest bank holding company in the United States by assets, and the fourth largest bank in the U.S. by market capitalization. The bank is headquartered in Charlotte, North Carolina...
.
The foundation was the Los Angeles
Los Angeles, California
Los Angeles , with a population at the 2010 United States Census of 3,792,621, is the most populous city in California, USA and the second most populous in the United States, after New York City. It has an area of , and is located in Southern California...
based American National Bank of Los Angeles (ANB) which Monnette purchased controlling interest using profits from his father's silver mine in Tonopah
Tonopah
Tonopah may refer to:* Tonopah, Arizona, United States* Tonopah, Nevada, United States* Tonopah Test Range, Nevada, United States* Monitor USS Nevada , renamed USS Tonopah in 1909....
, Nevada
Nevada
Nevada is a state in the western, mountain west, and southwestern regions of the United States. With an area of and a population of about 2.7 million, it is the 7th-largest and 35th-most populous state. Over two-thirds of Nevada's people live in the Las Vegas metropolitan area, which contains its...
. In 1909, ANB was merged into Citizens Trust and Savings Bank; in 1911, Monnette purchased the Broadway Bank and Trust Company, which when merged with the family’s other holdings formed the Citizens Bank and Trust Company in 1911..
In 1923, Citizens Bank and Trust Company was renamed Bank of America, Los Angeles. Monnette’s intention was to build capital for national expansion; however in 1928 Monnette was approached by Amadeo Giannini
Amadeo Giannini
Amadeo Pietro Giannini, also known as Amadeo Peter Giannini or A.P. Giannini , born in San Jose, California, was the American founder of Bank of America.-Biography:...
, founder of the Bank of Italy
Bank of Italy (USA)
The Bank of Italy was founded in San Francisco, California, USA, in 1904 by Amadeo Giannini. It grew by a branch banking strategy to become the Bank of America, the world's largest commercial bank with 493 branches in California and assets of $5 billion in 1945....
(San Francisco, California
California
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
), who was interested in pursuing a merger with BoA. Both men were concerned about the state of the American economy.
One thing that the Bank of America, Los Angeles had that made it an attractive merge partner was it's advanced bank branch system that employed centralized accounting and cash distribution system. BoA LA had its own secured fleet of armoured cars to transport branch cash supplies, keeping its branches stock with controlled amounts while other banks kept larger amounts on site, and thus away from from investment purposes. With Monnette wishing to ease into retirement, and with no real heir apparent, BoA LA welcomed the combination of the two concerns under the name Bank of America. (Monnette would use this same design to help the Los Angeles Public Library - the Board of which he chaired - create a modern, full service branch library system that is still in use today.)
The resulting Bank of America
Bank of America
Bank of America Corporation, an American multinational banking and financial services corporation, is the second largest bank holding company in the United States by assets, and the fourth largest bank in the U.S. by market capitalization. The bank is headquartered in Charlotte, North Carolina...
emerged prior to the stock market crash of 1929.