Bank of America was founded originally in 1904 by Amadeo Giannini. He later was called a banking pioneer for his uncanny ability for branch banking and creator of one of the world's largest financial empires that by 1947, amassed approximately 500 banks.
As a young man, he was a vegetable salesman who turned that business into a small fortune. He then say opportunities in banking, sold his shares and then founded the Bank of Italy. Later Amadeo was the founder-and chairman of the Bank of America National Trust and Savings Association.
Amadeo Giannini founded the bank because he wanted to provide loans to immigrants which other banks would hand out loans to. Giannini just wanted to help people out who are in need and that's why he founded a bank.
As mentioned above, the bank was originally called Bank of Italy.
During the San Francisco earthquake in 1906, Giannini was able to get his money out of the bank but other banks were not so lucky, so they were unable to provide loans. Amadeo Giannini on the other hand was able to give out loans just days after the earthquake. This helped take off his career.
He loaned money to anyone who was willing to help rebuild and years later, everyone he gave money to paid him back. Bank Of America has grown tremendously since those days but itís still a bank willing to help its customers out.
BofA is one of the top banks in the world. It is trusted by both the Fortune 500 companies of America and the Fortune 500 companies of the world. Millions upon millions of people across the world use this bank every day for their financial needs.
- A.P. Giannini & the 1906 San Francisco Earthquake
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