The Bank of Italy served the needs of many immigrants settling in the United States at that time, providing services denied to them by the existing American banks which typically discriminated against them and often denied service to all but the wealthiest.When the 1906 San Francisco earthquake struck, Giannini was able to save all deposits out of the bank building and away from the fires.In 1922, Giannini established Bank of America and Italy.In 1986, Deutsche Bank AG acquired 100% of Banca d'America e d'Italia, a bank established in Naples in 1917 following the name-change of Banca dell'Italia Meridionale with the latter established in 1918.In 1928, Giannini merged his bank with Bank of America, Los Angeles, headed by Orra E.Monnette and consolidated it with other bank holdings to create what would become the largest banking institution in the country.
when Amadeo Pietro Giannini founded the Bank of Italy in San Francisco.
The passage of the Bank Holding Company Act of 1956 prohibited banks from owning non-banking subsidiaries such as insurance companies.
Bank of America and Transamerica were separated, with the latter company continuing in the insurance business.
However, federal banking regulators prohibited Bank of America's interstate banking activity, and Bank of America's domestic banks outside California were forced into a separate company that eventually became First Interstate Bancorp, later acquired by Wells Fargo and Company in 1996.
It was not until the 1980s, with a change in federal banking legislation and regulation, that Bank of America was again able to expand its domestic consumer banking activity outside California.
In 1918 another corporation, Bancitaly Corporation, was organized by A. Giannini, the largest stockholder of which was Stockholders Auxiliary Corporation.