Saturday, August 15, 2026

Question: A San Francisco bank opened in 1904 to serve immigrants and working people, then won fame lending “on a handshake” to help rebuild the city after the 1906 earthquake. What is that bank called today?

Answer: Bank of America. Amadeo Peter Giannini founded it as the Bank of Italy, reaching out to working-class customers and immigrants largely overlooked by big banks. After the 1906 earthquake, he rescued the bank’s gold and silver, set up a makeshift bank on a wharf in San Francisco’s North Beach neighborhood and made loans to residents “on a handshake.” The Bank of Italy changed its name to Bank of America in 1930.