L'Italo-Americano

www.italoamericano.org 32 L'Italo-Americano THURSDAY, MAY 14, 2020 on the other hand, kept a strong connection with the Italian community and was d r i v e n b y a b i g e m p a t h y t o w a r d s h i s f e l l o w i m m i - grants who could not access credit. However, the motiva- tion of serving the commu- n i t y t o w h i c h h i s f a m i l y b e l o n g e d w a s n ' t w e l l received by members of the b o a r d a n d h e d e c i d e d t o leave. W h a t h a p p e n e d l a t e r became a significant part o f A m e r i c a ' s h i s t o r y : A m a d e o w a s n ' t d e f e a t e d from that outcome, instead, it only took a few years to make his next move. Thanks to another 143 shareholders, he launched the so-called "Bank of Italy." The mis- sion of the brand-new finan- cial institution was to serve a l l h a r d w o r k i n g i m m i - grants, whose needs were n o t a d d r e s s e d b y o t h e r banks, and offered savings accounts and loans, putting people first and the amount o f m o n e y o w n e d s e c o n d . After one year, deposits at Bank of Italy were already soaring above $700,000. T h e s t o r y o f A m a d e o , though, comes together with the one of San Francisco, the c i t y h i s f a m i l y c h o s e a s h o m e . I n 1 9 0 6 , S a n Francisco's history would in fact change forever. On April 1 8 t h , w h e n t h e s u n w a s about to rise, a 40-second tremor awoke residents with shattered glass. A big, 25 second earthquake followed: the ground moved six feet, s t r e e t s o p e n e d t w i s t i n g streetcar rails and splitting sidewalks. Fire and destruc- tion hit buildings downtown, w h i l e r e s i d e n t s w e r e l e f t with nothing. For Amadeo, the situation brought a big challenge to face: how to keep serving those people that had put their full trust in him and his bank. His confidence and preparedness surely made the difference. Before the building of Bank of Italy got d e s t r o y e d b y t h e f i r e , Amadeo was able to move t h e v a u l t ' s m o n e y a n d records to his home in San Mateo. They used a garbage w a g o n t o t r a n s p o r t t h e m o n e y a n d a v o i d a n y assaults along the way. He s o o n o p e n e d a m a k e s h i f t b a n k o n t h e W a s h i n g t o n S t r e e t w h a r f a n d s t a r t e d lending money to those will- i n g t o r e b u i l d t h e c i t y . According to Giannini, those loans, granted with just a handshake, were later all repaid. W h i l e m a n y o t h e r b a n k e r s c o u l d n o t a c c e s s their offices and the over- heated vaults of their build- i n g s f o r w e e k s , A m e d e o Giannini and a few others were able to act quickly and h a v e a c t i v i t i e s i n S a n Francisco back on track. A new life started follow- ing the reconstruction of the c i t y a n d , i n a f e w y e a r s , Giannini had expanded his business across California. He took the banking world to a new chapter, by provid- i n g h i s s e r v i c e s t o o t h e r communities of immigrants, s u c h a s Y u g o s l a v i a n , R u s s i a n , M e x i c a n , Portuguese, Chinese, and G r e e k . I n h i s e a r l y 5 0 s , Giannini was the owner of the third largest bank in the whole nation. By 1923, he merged the Bank of Italy with Bank of America of which he became the CEO. When America recognized women's voting rights and a p p r o v e d t h e 1 9 t h A m e n d m e n t t o t h e Constitution (the one that prohibits the states and the f e d e r a l g o v e r n m e n t f r o m denying the right to vote to citizens of the United States o n t h e b a s i s o f s e x ) , Giannini launched the first bank by and for women, the W o m e n ' s B a n k i n g Department. For the first t i m e i n h i s t o r y , w o m e n c o u l d a c c e s s t h e i r o w n c h e c k i n g a n d l e n d i n g accounts, as well as manage their finances without the involvement of their hus- b a n d s . A d d i t i o n a l l y , t h e W o m e n ' s B a n k i n g Department was directed a n d s t a f f e d e n t i r e l y b y w o m e n , t h e f i r s t o f f i c e opened in San Francisco in 1921 and in Los Angeles in 1923. The department also provided advisory services and financial education to empower women to make the best decisions regarding their finances. Other important contri- butions from Giannini were in the motion picture, tech- nology, and wine industries in California. It may come w i t h o u t s u r p r i s e t h a t G i a n n i n i l o a n e d W a l t Disney the funds to pro- d u c e S n o w W h i t e , t h e first full-length, animated motion picture to be made in the United States. He also left a mark in technology, by p r o v i d i n g c a p i t a l s t o William Hewlett and David Packard. L a s t b u t n o t l e a s t , t h e Golden Gate Bridge, the symbol of San Francisco. In 1 9 3 2 , w h e n t h e G r e a t Depression had deepened a n d n o b o d y w o u l d b u y bonds to fund its construc- tion, Cincinnati-born engi- neer Joseph Strauss submit- ted a preliminary proposal f o r t h e b r i d g e a n d a s k e d Giannini for help. Strauss explained his long battle to convince the city's leaders t h a t t h e b r i d g e w o u l d i m p r o v e S a n F r a n c i s c o ' s e c o n o m y . " I f B a n k o f America does not buy these bonds, this bridge will not be built," Strauss suggested. " H o w l o n g w i l l t h i s bridge last?" Giannini asked with curiosity. When Strauss replied: "Forever," Giannini c o n c l u d e d , " C a l i f o r n i a needs that bridge. We'll buy the bonds." Bank of America bought $6 million worth of bonds, allowing the construction of the Golden Gate Bridge to g e t u n d e r w a y . W i t h o u t G i a n n i n i a n d B a n k o f America's assistance, the Golden Gate Bridge would probably not exist today. In 1945, on his birthday, Giannini launched the A. P. G i a n n i n i F o u n d a t i o n with a personal gift of nearly $500,000 to support innov- ative research in the basic sciences and applied fields. Since then, the Foundation has provided fundings to over 900 postdoctoral bio- m e d i c a l r e s e a r c h e r s a t California's medical schools. Giannini was what we'd call today a visionary, with a big foot in the future: his c o n t r i b u t i o n s t o S a n Francisco and California's growth are remarkable. One day may not be enough to remember the many and big accomplishments residents achieved thanks to the gen- erosity of a man who started small and turned his success into a motivation to help others. San Francisco City Hall was lit up in the tricolore for the day the city has picked to celebrate one of its heroes. W e e x p e c t t h i s t r a d i t i o n , started in 2020, to last for a long time. Continued from page 30 A portrait of Amadeo Giannini, founder of the Bank of Italy that later merged with the Bank of America, of which he became CEO (Photo: Wikimedia) SAN FRANCISCO ITALIAN COMMUNITY

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