Business Magnates & Tycoons Codexery

Amadeo Giannini

Founder of Bank of America, pioneer of modern banking for the middle class.

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He is credited with inventing many modern banking practices, including offering services to middle-class Americans rather than only the upper class.[1]

Key facts and history

Giannini quit the board in frustration and started his own bank after other directors did not share his sentiment about serving immigrants.[2] An employee shot and killed Luigi Giannini over a wage disagreement four years after he purchased a farm in 1872.[3] In 1885, Giannini left Heald College and began working as a produce broker for his stepfather's company, L. Scatena & Co.[3] On October 17, 1904, Giannini started the Bank of Italy in a former saloon located in San Francisco's Jackson Square neighborhood, aiming to serve the "little fellow."[4]

Loans were extended by Giannini based solely on a handshake to people wanting to rebuild, and he later stated that every single loan was paid back.[5]

What the cited sources add

Giannini raised $150,000 from friends and family to found the Bank of Italy, specializing in loans to the common man.[6] Giannini immediately sent two ships to Washington and Oregon to acquire lumber to avoid a materials shortage.[6] Because many lost identification papers, Giannini gave loans based on nothing but a signature and a handshake.[6] Giannini's entire estate was valued at only $500,000 when he died in 1949, despite the bank being worth billions.[6]

Giannini's banks stayed open until around 10pm every night to cater to the working class.[6]

References

  1. Wikipedia, "Amadeo Giannini" (CC BY-SA 4.0), which cites: "Who Made America?: A.P. Giannini", PBS (original not read by us) en.wikipedia.org
  2. Wikipedia, "Amadeo Giannini" (CC BY-SA 4.0), which cites: Daniel Kadlec, "Amadeo Pietro Giannini (1870 ~ 1949)", ganino.com, December 7, 1998 (original not read by us) en.wikipedia.org
  3. Wikipedia, "Amadeo Giannini" (CC BY-SA 4.0), which cites: "A.P. Giannini: an Italian American entrepreneur", My Italian Family, September 5, 2015 (original not read by us) en.wikipedia.org
  4. Wikipedia, "Amadeo Giannini" (CC BY-SA 4.0), which cites: Richards, "Historic Walks in San Francisco: 18 Trails Through the City's Past", Heritage House Publishers, 2002, p. 165 (we also read that source) en.wikipedia.org
  5. Wikipedia, "Amadeo Giannini" (CC BY-SA 4.0), which cites: "Italian American Hero – A.P. Giannini", Italian Cultural Center. Volume 29 no. 2, April 2010 (original not read by us) en.wikipedia.org
  6. Daven Hiskey, "The Real Life "George Bailey" Who Founded Bank of Italy which Became Bank of America", Daily Knowledge Newsletter, June 24, 2011. facts only, no text reused. todayifoundout.com

Each numbered sentence above was checked against the source it cites before publication. Sentences citing Wikipedia adapt text from the English Wikipedia article Amadeo Giannini (contributors), used under CC BY-SA 4.0; this entry is available under the same licence. Other sources were used for facts only; no text or images are copied from them.

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Test yourself

Three questions drawn from this entry’s sources. Pick an answer to check it.

1. In which place was Amadeo Giannini born?

Correct.

Not quite. The answer is San Jose, California, U.S..

2. In what year did Amadeo Giannini die?

Correct.

Not quite. The answer is 1949.

From the source: “Upon Giannini's death in 1949, his son Mario Giannini (1894–1952) assumed leadership of the bank before dying in 1952.”

3. In what year was Amadeo Giannini born?

Correct.

Not quite. The answer is 1870.

From the source: “Amadeo Pietro Giannini (; May 6, 1870 – June 3, 1949), also known as Amadeo Peter Giannini, was an American banker who founded the Bank of Italy, which eventually became Bank of America. Giannini is credited as the inventor of many modern b”

Answers checked against the source article

Sources

Compiled from Wikipedia and the sources listed below. Text from Wikipedia is available under CC BY-SA 4.0; this entry is adapted from it.

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