Joseph Francis Sartori

Joseph Francis Sartori
Joseph Francis Sartori
Born	Error: Invalid birth date for calculating age; Cedar Falls, Iowa, United States
Died	6 October 1946 (aged 87)
Occupation(s)	Banker, community leader
Known for	Founder and President of Security-First National Bank, founder of Los Angeles Country Club, founder of the city of Torrance

Adapted from the English Wikipedia article Joseph Francis Sartori, available under CC BY-SA 4.0Updated 11 August 2025

Joseph Francis Sartori (December 25, 1858 – October 6, 1946) was a prominent banker and community figure in Los Angeles, best known as the founder and President of Security-First National Bank. He was instrumental in establishing the Los Angeles Country Club and the city of Torrance, and played a major role in shaping landmarks such as the Los Angeles Biltmore Hotel, the Subway Terminal Building, and the Los Angeles Civic Center.

Early life

Born on December 25, 1858, in Cedar Falls, Iowa, Sartori was the son of Joseph Sartori, a German immigrant who arrived in the United States during the early 1850s with ancestral ties to Italy. After working five years as a bricklayer and plasterer, Joseph reunited with his wife, Theresa Wangler, whose father was the burgomeister of Baden-Baden, Germany.

From an early age, Sartori demonstrated a strong entrepreneurial spirit. At about eleven or twelve years old, he earned money working on the railroad as a "train butcher," vending newspapers and candy. While his peers typically earned $30 monthly, he managed to make $100.

Education

At age 15 in 1874, Sartori enrolled at Cornell College in Mt. Vernon, Iowa. He briefly attended the University of Freiburg in Germany before returning to Cornell. A driven student and athlete, he captained the baseball team, excelled academically, founded a college newspaper, and organized social events.

Determined to overcome his short stature through diligence and progressive ideals, he graduated in 1879 and continued his education at University of Michigan Law School, balancing rigorous studies with athletics and extracurricular involvement.

Early career

Upon completing his law degree in 1881, Sartori joined the Denison, Iowa law firm Conner and Shaw, specializing in land title matters. He declined an appointment as Assistant Secretary of the Treasury offered by Secretary Leslie M. Shaw.

He later partnered with attorney Isaac S. Struble in Le Mars, Iowa, gradually shifting from litigation to land transaction work across Northern Iowa and Southwestern Minnesota. Subsequently collaborating with Peter S. Rishel, Sartori took charge of managing their firm's business operations, which led to forming Struble, Rishel and Sartori.

In 1885, Sartori married Margaret Rishel. Their extended honeymoon included a visit to Los Angeles. They contemplated business prospects in Kansas City, Missouri, where Sartori secured an option on office space above Kansas City's First National Bank. However, he returned briefly to Le Mars before news of Southern California's land boom reached him.

Move to Los Angeles

Sartori arrived in Los Angeles on March 4, 1887, then traveled to Monrovia, California in the San Gabriel Valley, a region whose climate and land had previously impressed him. He obtained an option on 56 acres at Daugherty Ranch near Azusa, California for $150 and soon sold it for $8,500—validating his confidence in local growth potential.

Together with longtime friends from Le Mars, Iowa, John F. Brossart and John Wilde, Sartori developed residential subdivisions in Monrovia including the Pacific View Tract where he built his first residence. Leveraging his banking background as a director at Plymouth County Savings Bank and Trust Company, he helped found the First National Bank of Monrovia alongside Brossart, Wilde, and others. After securing a national charter with assistance from former partner Isaac S. Struble, Sartori assumed the position of Cashier while Brossart served as President.

The bank commenced operations on July 2, 1887. Subsequent leadership included Isaias W. Hellman as president; Sartori remained Cashier before advancing to Vice President until 1924 when Security Trust and Savings acquired the institution.

In Monrovia's inaugural election following incorporation in 1887, Sartori was elected Treasurer—the only public office he held. By early 1888, as real estate sales slowed throughout Los Angeles signaling an end to the boom period, First National weathered the downturn; however, Sartori identified greater prospects within Los Angeles itself.

Security Savings Bank and Trust Company

After moving to Los Angeles, Sartori co-established Los Angeles Loan and Trust by late 1888, which later became Security Savings Bank and Trust Company. The first board convened on January 19, 1889, appointing F.N. Meyers as President, S.A. Fleming as Vice President, and Sartori as Cashier. Key figures from the Farmers and Merchants Bank of Los Angeles, such as Isaias W. Hellman, Jackson Graves, Herman W. Hellman, and Ozro W. Childs, held shares and served as directors. The bank launched operations on February 11, 1889, with a capital of $200,000.

During the nationwide Panic of 1893, Security's classification as a savings bank enabled it to mandate a six-month notice period for term deposit withdrawals, thereby averting bank runs and preserving financial stability.

Nevertheless, conflicts emerged between Sartori and Meyers regarding governance approaches. In January 1894, Meyers succeeded in a proxy contest to assume control of the bank, displacing Sartori and his supporters.

While away from the bank that year, Sartori collaborated with Maurice S. Hellman in trading municipal bonds and securities from offices in the Bradbury Building. Backed by Isaias W. Hellman and others, Sartori reclaimed leadership in January 1895 by acquiring shares from Meyers' family members. He was appointed president; Maurice S. Hellman took the role of vice president; Willis D. Longyear became cashier and secretary.

This transition marked a revitalized era for Security Savings Bank under Sartori’s guidance, reflecting his renewed confidence in California’s economic future, especially in Southern California.

Los Angeles Country Club

Sartori’s passion for golf was sparked when golfer Ed Tufts invited him to try the sport. A group based in West Adams formed "The Los Angeles Golf Club," which developed a 9-hole course named Windmill Links. In 1898, the club officially incorporated as the Los Angeles Country Club, with Sartori recognized among its leading players.

As golf clubs expanded in number, the California Golf Club Association was established in 1899, with Sartori serving as President between 1903 and 1905.

In pursuit of a larger venue, Sartori and fellow members acquired 107 acres at Pico and Western in 1899, where Sartori personally designed an 18-hole course. Subsequently, in 1904 they purchased 320 acres of the Wolfskill Ranch near Santa Monica for $48,000. To fund the course and clubhouse construction, the club bought an additional 145 acres for $22,300. The clubhouse—designed by Hunt, Eager, and Burns—opened its doors in 1911. Sartori was elected president and continuously re-elected until his passing in 1946.

Growth of the bank

In 1896, the institution adopted the name Security Savings Bank and moved its location to Main and Second Streets. As commercial activities evolved, it relocated again in 1904 to a new Hellman Building at Fourth and Spring Streets. That same year it acquired Thomas L. Duque's Main Street Savings Bank and merged with Los Angeles Savings Bank in 1905; by the end of that year, deposits had exceeded $12 million.

In December 1907, it merged with California Savings Bank and shifted operations into the newly constructed Security Building at Fifth and Spring Streets.

Other ventures

Sartori was instrumental in the foundational stages of Los Angeles' oil and gas sectors. As a board member of Central Oil Company in 1895, he convened a gathering of smaller oil enterprises that ultimately resulted in the creation of the Associated Oil Company, which became a leading entity within the state.

Addressing the shortage in natural gas supply, Sartori partnered with John Randolph Haynes to establish the Los Angeles City Gas Company, providing competition to existing private providers. This company was later sold in 1908 to Domestic Gas Company, which subsequently merged with Southern California Gas Company two years afterward. Additionally, Sartori held shares in San Joaquin Light and Power Company before divesting controlling interest to William G. Kerckhoff.

His investment portfolio included substantial land acquisitions, notably as part of a consortium that purchased the George K. Porter Ranch—a 16,450-acre property bought for $575,750 in 1903—alongside notable figures such as E.H. Harriman and Henry E. Huntington. This transaction drew attention due to its location near the Owens Valley aqueduct endpoint and allegations of insider information involving Board of Water Commissioners member Moses Sherman.

California Bank Act of 1909

In response to the Panic of 1907, California established a commission tasked with creating new banking legislation. The California Bankers Association formed a legislative committee that included Sartori, who played a vital role by examining banking statutes from other states and emphasizing safeguards for depositors. He was critical of banks issuing bonds, citing previous failures with irrigation district bonds. The legislation was enacted in 1910.

Between 1909 and 1929, Sartori held leadership positions as Chairman or Vice Chairman on the California Bankers Association’s Legislative Committee. He also championed the creation of the Federal Reserve System, serving as a director and representing interests on the American Bankers Association's Currency Commission from 1912 through 1918.

Following the new law, Security restructured into Savings, Commercial, and Trust divisions and adopted branch banking strategies. Its initial branch opened in 1912 after acquiring Equitable Savings Bank. That same year, after purchasing Southern Trust Company of Los Angeles, Sartori rebranded the institution as Security Trust and Savings Bank and appointed attorney Louis Roseberry to oversee the newly formed Trust Department.

Branch banking

After World War I, Security proceeded cautiously with branch expansion. In 1919, it acquired Hollywood National Bank along with Citizens Savings Bank of Hollywood, consolidating both under its Hollywood Branch. A third location was launched in 1920 at Seventh and Grand.

By 1920, Security had grown into a $100 million institution and joined forces with thirty other banks to conduct an extensive study on branch banking practices. Following their findings, Security pursued growth through acquisition: seven banks in 1922; eleven in 1923; and thirteen in 1924—including Sartori’s former enterprise, First National Bank of Monrovia.

The expansion of communities supported construction of larger branch facilities in Hollywood (1922), Glendale (1924), and Long Beach (1925).

Meanwhile, Amadeo Giannini’s Bank of Italy aimed to broaden its presence in Southern California under the name Security Bank and Trust Company. Sartori challenged this similarity legally and won the initial dispute; however, litigation continued until Giannini ultimately renamed his institution The Bank of America.

Merger with First National Bank of Los Angeles

In the aftermath of the Julian Petroleum Corporation stock controversy, the financially weakened First National Bank combined forces with Security on April 1, 1929. This union resulted in the creation of Security-First National Bank of Los Angeles, which ranked as the eighth largest bank nationwide. Prior to finalizing the merger, Sartori mandated the resignation of all personnel associated with Julian transactions. In 1934, at age 75, Sartori stepped down from his role as President to assume the position of Chairman of the managing committee, with George M. Wallace succeeding him.

Civic activities

Sartori was a significant contributor to Los Angeles’ urban growth. In 1907, he founded the Normal Site Company to secure land that enabled the extension of Fifth Street and established the future location for the city’s Library. He also led fundraising initiatives that acquired the Westwood property for $1.4 million, setting the stage for the University of California campus.

To honor his mother Teresa Sartori, he and his father established Sartori Memorial Hospital in Cedar Falls, Iowa.

His involvement extended to developing Torrance, California, where he partnered with Jared Sidney Torrance and the Dominguez Land Company to purchase and parcel nearly 3,500 acres, laying out the foundation for the city. The naming of Sartori Avenue in downtown Torrance commemorates his contributions.

In 1915, Sartori founded the California Community Foundation, introducing an innovative bank-trust structure for managing charitable donations under independent advisory supervision.

Although critical of speculative financial practices in the 1920s, Sartori maintained his dedication to fostering Southern California’s expansion.

He led efforts to develop the Millennium Biltmore Hotel, convening key business leaders in 1921 to establish a premier hotel near major transportation centers. The Central Investment Corporation was created to fund this $8.5 million venture through bond and stock offerings; Sartori organized a syndicate comprising 600 shareholders and arranged successful bank bond sales that quickly sold out.

As President of the Central Business District Association, Sartori played a vital role in promoting projects such as the Los Angeles Civic Center and Subway Terminal Building. He chaired campaigns to obtain voter approval for a $7.5 million bond for City Hall and supported downtown revitalization via transit infrastructure like the Subway Terminal Building, completed in 1926.

During World War I, Sartori contributed to establishing the Los Angeles Steamship and Dry Dock Company, serving on its board. He also held a directorship at The Los Angeles and Salt Lake Railroad.

Personal life

In 1921, Sartori became a member of Valentine Camp, a private 160-acre retreat situated on the Sierra’s eastern slope above Mammoth, owned by prominent individuals including E.E. Milliken and William G. Kerckhoff. This provided him a sanctuary away from business demands.

He engaged actively in several elite Los Angeles social and business organizations, having served as president of the California Club and director of the Automobile Club of Southern California. Additionally, he belonged to the Los Angeles Athletic Club, Jonathan Club, and University Club.

Sartori and his wife raised one foster daughter, Juliette Boileau, who married George Wallace, President of Security-First National Bank.

Mrs. Sartori was among the founders of the Friday Morning Club in 1891; she was involved in opera and athletics, served as a regent for the University of California, and participated actively in the Federation of Women's Clubs.

Margaret Sartori passed away on May 2, 1937; Joseph Francis Sartori died on October 6, 1946.

Bibliography

External links