Huge Bank of America still clings to some early Small Bank
A century ago, Amadeo Giannini lost patience with the sneering attitude of his fellow bankers had to immigrants modest means. So he gave his direction of a California savings and loan, a bunch of borrowed money from relatives and set up the Bank of Italy to serve the working-class residents of San Francisco’s North Beach neighborhood.
He went from door to door, rounding up deposits from residents accustomed to hide their money under mattresses. It is considered the pioneer of consumer banking services now taken for granted - home mortgages, car loans, credit tranche. He offered $ 25 signature loans not secured by collateral, but by character. And in his most famous moment, he has a board over two barrels in the days following the 1906 earthquake in San Francisco and doled small loans to desperate citizens.
Over time, Giannini pointed out, “the little fellow gave him a great manager: Bank of America. It is now the largest bank in the nation - and still larger Monday with the announcement that they acquire Boston-Fleet Bank.
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