Word: gianninis
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From poor beginnings, with only a grammar school training, Banker Mount worked himself up in 15 years to a president-&-cashier's job in the Oakland Bank. There Banker Giannini discovered him in 1921, plucking him out to make him head of the Oakland branch of Bank of Italy (now Bank of America, N. T. & S. A.), the Giannini bank. Impressed by this hardheaded, hard-working young man, Banker Giannini later took him to his head office in San Francisco, shortly made him big Bank of Italy's president...
There, directly beneath the Giannini throne, Banker Mount watched the start & finish of the Depression battle for control of Transamerica, which owns among many other things Bank of America. Protagonists in this historic struggle were Amadeo Peter Giannini and Elisha Walker, who entered Transamerica by way of its investment banking affiliate, Bancamerica-Blair, Mr. Walker having been head of the Blair part. Banker Walker and Banker Giannini differed on a fundamental point. It was Mr. Walker's theory that banks should be divorced from holding companies. Mr. Giannini had spent a great deal of effort doing just the opposite...
Meantime Banker Mount gave his allegiance to the wrong commander. As soon as Mr. Giannini recaptured his empire, Banker Mount packed his trunks, departed with his wife and three children for a leisurely trip around the world. Mr. Mount and Mr. Giannini have not spoken since...
...Powell St. in San Francisco the memory of Banker Mount's defection in the Transamerica battle is supposed to have burned on in the Giannini mind, as other unforgiven deeds of other Giannini enemies always did. Opportunity to reach across the Bay was opened by a widow, one of Central's founders, who turned over her chief asset, 2,314 shares in sound Central Savings, to the receiver for Central National to help make up her double liability on the stock of that closed bank. On a bid of $117.50 per share the U. S. Comptroller...
With 600 shares of Central Bank which Transamerica had held for years, Banker Giannini now had a comfortable minority of nearly 3,000 of the 12,000 shares outstanding. Promptly Banker Giannini started to round up more, by last month driving the price to $450 bid. Thoroughly alarmed, Banker Mount & friends pooled their holdings of 6,491 shares-held control-agreeing not to sell to Mr. Giannini's Transamerica at any price. Banker Giannini offered $550 per share to the pool for enough stock to give him control, was reported to have offered as high...