Orra E. Monnette
Orra Eugene Monnette | |
|---|---|
| Born | 1873 Crawford County, Ohio, U.S. |
| Died | 1936 Los Angeles, California, U.S. |
| Occupation(s) | Lawyer, writer, banker |
| Known for | Founder of Bank of America, Los Angeles |
Orra Eugene Monnette (1873–1936) was a lawyer, writer, and banker, widely recognized as the founder of the Bank of America, Los Angeles.
Early life
Orra was born in southern Crawford County, Ohio to parents Mervin J. and Olive Hull Monnette. His family’s background combined agriculture, livestock raising, and banking interests. They were instrumental in founding the town of Monnett, Ohio, which served as a hub for cattle transportation. The Monnettes were devoted members of the Methodist Episcopal Church, with Orra’s great-grandfather, Reverend Jeremiah Crabb Monnett, playing a prominent role in leading Methodist communities in the region.
He pursued higher education at Ohio Wesleyan University in Delaware, Ohio, where he became a member of the Phi Kappa Psi fraternity. A family connection, Mary Monnett Bain, had previously financed Monnett Hall at the university. Early in his life, Orra contributed to fundraising efforts for the Monnett Memorial M. E. Chapel located in Ohio.
After passing the Ohio bar exam in 1896, Monnette practiced law initially in Bucyrus, Ohio and subsequently in Toledo, Ohio. He later gained admission to practice law in California in 1909.
Banking business
Although originally trained as a lawyer, Monnette transitioned into banking following his father’s prosperous mining success between 1904 and 1906. Mervin J. Monnette discovered a rich gold deposit at the Mohawk Mine near Tonopah, Nevada, earning $5 million, which he entrusted to Orra for investment purposes.
Leveraging these mining earnings, Orra obtained majority control over several Los Angeles banks and assumed key leadership positions. In 1909, he orchestrated the merger of American National Bank of Los Angeles into Citizens Trust and Savings Bank. By 1911, after acquiring Broadway Bank and Trust Company and consolidating their assets, he served as chairman of Citizens Bank and Trust Company until his departure in 1922.
In 1923, Monnette launched Bank of America, Los Angeles with an initial capital of $1 million, targeting nationwide growth. Throughout the 1920s, Amadeo Giannini of Bank of Italy began purchasing shares in BoA. The two parties agreed to merge under the Bank of America name in 1928 to enhance expansion opportunities. Monnette sold his rights to the bank’s foundational narrative and became co-chairman and director of the merged institution. By the early 1930s he held the vice president position while continuing as a board member.
Additionally, Monnette founded Lincoln Mortgage Company of California, which remained separate from this merger; he maintained its presidency until his death.
Civic life
Orra Monnette dedicated himself to civic engagement within Los Angeles, California, participating on several commissions including the Municipal Annexation Commission (1913), City Planning Commission (1920), and serving on the city charter board of freeholders (1923–1924).
He was appointed to the Los Angeles Public Library Board in 1914 and received reappointments every five years thereafter. He led as president from 1916 until his passing in 1936. His efforts supported three major library bond initiatives that financed construction of 48 branches throughout Los Angeles as well as the iconic art deco Central Library downtown.
Monnette held Life Membership in California’s Sons of the Revolution from 1907 onward and contributed leadership to its public genealogy library. His father, Mervin Jeremiah Monnette, also became a Life Member in 1908.
Joining the Society of Colonial Wars in 1908, Monnette served as California Society "Governor" (president) between 1915 and 1916 and held positions within the General Society through 1920.
From 1912 to 1914 he was National President of the Phi Kappa Psi fraternity.
Monnette passed away in Los Angeles on February 24, 1936; his death was formally recognized by the City Council. A commemorative bronze bust was installed in the Main Library lobby. In 1961, his genealogical collection comprising over 1,700 volumes and notes was donated to the Los Angeles Public Library System where it remains an important resource within their genealogy department. His personal archives were transferred to the Huntington Library in San Marino, California in 2006.
Monette Place—a street located in L.A.’s Koreatown named in 1912—honors either him or his father Mervin, whose residence stood nearby on Western Avenue.
Bibliography
- Breithaupt, Jr., Richard Hoag, 1994, Sons of the Revolution in the State of California. Centennial Register 1893-1993, Walika Publishing Company
Further reading
- Los Angeles City Council Resolution on the Passing of Orra E. Monnette, February 1936
- Los Angeles Examiner, February 24, 1936, “O.E. Monnette Succumbs After Illness”