Bank of America, Los Angeles
| Company type | Private |
|---|---|
| Industry | Banking |
| Founded | 1923 |
| Founder | Orra E. Monnette |
| Fate | Merged with Bank of Italy (1928-29) |
| Headquarters | Los Angeles , United States |
Key people | Orra E. Monnette (founder), Amadeo Giannini (minority investor) |
The Bank of America, Los Angeles, founded in 1923 by Orra E. Monnette, emerged through a series of consolidations involving various Los Angeles financial institutions from 1909 to 1923. This entity existed prior to the formation of the Bank of America that resulted from its 1928-29 merger with the Bank of Italy.
History
Orra E. Monnette established Bank of America, Los Angeles by securing a controlling stake in the American National Bank of Los Angeles (ANB), utilizing capital derived from his father's silver mining operations in Nevada.
In 1909, ANB was integrated into Citizens Trust and Savings Bank; subsequently, in 1911, Monnette acquired the Broadway Bank and Trust Company. These institutions were consolidated into the Citizens Bank and Trust Company.
The institution was rebranded as Bank of America, Los Angeles in 1923, with Monnette seeking to accumulate capital for expansion on a national scale alongside Amadeo Giannini, the founder of San Francisco's Bank of Italy, who held a minority investment. Giannini had originally founded the Bank of Italy in 1904. Facing economic challenges in 1928, Giannini proposed a merger with BoA LA.
BoA LA distinguished itself through an innovative branch network featuring centralized accounting and cash distribution systems, complemented by an armored car fleet that enhanced cash logistics—factors that made it an appealing partner for consolidation. With Monnette preparing to retire and lacking a designated successor, BoA LA merged with the Bank of Italy under the unified name Bank of America, establishing what became the largest banking institution in the United States.
Following the merger, the combined organization initially retained the Bank of Italy name but endured the 1929 stock market crash. On November 3, 1930, it was renamed Bank of America National Trust and Savings Association, uniquely holding this title at that time. Both Giannini and Monnette assumed roles as co-chairs within the newly formed company.