Bank of Daniel Meyer
| Company type | Private |
|---|---|
| Industry | Banking, finance |
| Founded | 1857 |
| Founder | Daniel Meyer, Jonas Meyer |
| Headquarters | San Francisco , United States |
Area served | California, Nevada |
| Products | Agricultural and mining financing, loans |
The Bank of Daniel Meyer was a private financial institution established in 1857 by brothers Daniel and Jonas Meyer, German Jewish immigrants. Their initial capital originated from earnings during the California Gold Rush. Before venturing into banking, they were tobacco dealers on the U.S. East Coast. The Civil War's embargo on trade with the Confederacy increased the worth of their tobacco stock in San Francisco, providing the necessary funds to launch their banking enterprise.
The business later expanded with the involvement of three more Meyer siblings—Mathias, Abraham, and Moritz—although it continued to operate under Daniel Meyer's name. The bank's headquarters were located at 212-214 Pine Street in San Francisco.
Among its significant financial transactions were loans to August Schilling, who founded the Schilling spice company (1881–1947), and a notable loan to the City of Bakersfield at 9% interest following the devastating fire in 1889, a loan that other banks refused to provide.
Specializing in financing agriculture and mining ventures across California and Nevada, the bank supported grain export activities, which were crucial to the state's economy, as well as mining projects in Reno and Virginia City. In 1887, it opened a branch in Reno with a capital investment of $300,000. Between 1860 and 1863, Abraham and Daniel Meyer handled mining deed transactions associated with the Comstock Lode.
Daniel Meyer also held the position of the inaugural Treasurer for the San Francisco Stock and Bond Exchange, which later became known as the Pacific Stock Exchange. Following his death in 1911, the bank ceased operations; his estate was valued at more than $4 million and incurred California's largest inheritance tax at that time, amounting to $238,718.