I’d like to see a movie about Amadeo Peter “A.P.” Giannini. On 18 April 1906, San Francisco was rocked by an earthquake; in the following days, the world of banking was rocked by A.P.
Born in San Jose in 1870, A.P. was son of a pair of Italian immigrants. When he was seven years old, his father was killed while fighting over a dollar. At 14, he left school to join his step-father in the produce business and was made a partner in five years. He stayed there until he was 31.
The Columbus Savings & Loan Society, a bank in the predominately Italian neighborhood of North Beach, asked A.P. to join their board. A.P. agreed but soon learned that he was little more than a token Italian. This was a time that banks had virtually no interest in helping the working class; businessmen and the wealthy were preferred customers. A.P. tried to change these policies from within but was soundly rebuffed. In 1904, he opened his own bank in a converted saloon across the streed from CS&L. The saloon’s bartender was kept on as an assistant teller.
A.P. went door-to-door and into the street to promote deposits and loans, as well as to edcuate the locals on how a bank works. The rest of the banking community was appaled.
On that infamous April morning, A.P. went to what was left of his bank, secretly loaded $2 million in gold, coins and securities into a cart, put a layer of vegetables on top of that, then headed home. A few days later, while other banks remained shuttered, A.P. set up shop on the docks. He made a desk out of a wooden plank and two barrels then extended credit to small business and individuals in need of money to rebuild their lives.
A.P. also had his hands in Hollywood. A loan from him helped start United Artists and paid for part of Disney’s Snow White.
A.P. retired from banking in 1930, moved to Europe, then returned to run his bank when it changed focus during the Depression. In 1932, he again went door-to-door to drum up support during a proxy fight. Disdaining great wealth, A.P. often worked for little pay. A surprise bonus of $1.5 million ended up being donated to the University of California. A.P. Giannini was 79 and worth less than $500,000 when he died.
And that bank of his? Originally called The Bank of Italy, in 1928 he aquired a New York City property by the name of Bank of America.