Word: gianninis
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Dates: during 1930-1939
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...Francisco last week lights blazed brightly all night in the building occupied by Amadeo Peter Giannini's giant Bank of America. The bank's 493 branch managers were telephoning in reports, and statisticians were preparing to issue Bank of America's six-month financial statement. Few days before, six major Los Angeles banks, pleading hard times, cut their maximum interest rates on time and savings deposits from 2% to 1½%, but Mr. Giannini swore up & down he would not cut his. "A. P." did not need to, he boasted, for Bank of America was making...
...Manhattan's Manufacturers Trust Co. and National City Bank of New York, it has been in the personal loan business. To date Bank of America has loaned more than $200,000,000 for consumer purchases, more than $124,000,000 on FHA loans. Loans to individuals. Banker Giannini believes, are the best of all credit risks-and personal loans pay 5% to 10%, well above the 1% to 3% conservative investments bring. Hence, Bank of America has plugged personal financing for all it is worth; its credit department approves 1,000 to 1,500 loans...
Died. Virgil D. Giannini, 38, younger son of San Francisco's Big Banker Amadeo Peter Giannini (Bank of America); of a cerebral hemorrhage resulting from a fall in the Giannini home; in San Francisco...
Amadeo Peter Giannini of San Francisco sits on top of a great banking pile. His Bank of America has 492 branches in California. Mr. Giannini also controls some 60 other banks and branches in other Western States. His Transamerica Corp., bank holding company now being renovated as an investment trust, controls Occidental Life Insurance Co. of Los Angeles. In June 1936 at a court receiver's sale Occidental bought Federal Reserve Life Insurance Co. of Kansas City and last year acquired Guaranty Life Insurance Co. of Davenport, Iowa. Last month Occidental started negotiating with Sears, Roebuck...
...worth of insurance in force. In Chicago, however, the first financial reaction to the sale was not as an insurance deal but as a banking deal. For La Salle Street was thinking of the 15,000 shares of Continental Bank stock in the Hercules treasury. And Mr. Giannini officially retreated behind the Great Divide when Transamerica sold Manhattan's old Bank of America to National City in 1931. By that deal Transamerica became National City's biggest stockholder, and in 1933 A. P. and his friend John Francis Neylan went on the National City board of directors, where...