Which American bank was founded in 1904 as the Bank of Italy?

Which American bank was founded in 1904 as the Bank of Italy? The answer is Bank of America.

Amadeo Pietro Giannini founded the Bank of Italy in San Francisco on October 17, 1904. It was designed to serve working-class customers and Italian immigrants who often struggled to obtain services from established banks. Giannini’s branch-banking approach helped the institution reach customers beyond the city’s traditional financial district.

The bank survived the 1906 San Francisco earthquake and fire. Giannini reportedly moved the bank’s assets to safety and soon began making small loans to help residents and businesses rebuild. It expanded across California, opening a branch in San Jose in 1909 and developing one of the state’s earliest statewide branch networks.

In 1928, the Bank of Italy merged with Bank of America, Los Angeles, founded by Orra E. Monnette. The combined institution adopted the Bank of America name in 1930. A common mix-up is the later 1998 merger with NationsBank: that deal created the present Bank of America Corporation, but the franchise’s Bank of Italy heritage comes from Giannini’s 1904 San Francisco bank.