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Set up a temporary bank
- In the face of widespread devastation, Giannini set up a temporary bank, collecting deposits, making loans, and proclaiming that San Francisco would rise from the ashes.
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In short, A.P. bankrolled confidence in a time of extreme anxiety. Giannini’s actions were crucial to San Francisco’s survival in those early tragic days following the great quake of 1906 but his influence in California and beyond continues to this day; to start, A.P. founded the Bank of America and the Transamerica Corporation and…
After the earthquake and fire of 1906, his bank, the only one to survive the catastrophe with all its assets intact, was the first to reopen. It helped San Francisco rise from the ashes by making loans “on a face and a signature” to the small businesses and people whose lives were shattered.
Immediately after the earthquake, but before the approaching fire burned the city, he moved the vault's money to his home outside the fire zone in then-rural San Mateo, 18 miles (29 km) away. A garbage wagon was used to haul the money, hidden beneath garbage.
Rescuing gold and silver from his small Bank of Italy, A.P. Giannini gained fame by setting up a makeshift bank on a North Beach wharf and making loans to local residents "on a handshake." After the devastating earthquake in April 1906, looters roamed the streets of San Francisco.
A.P. supported causes he believed in and followed his instincts with memorable results: In 1906, when the great earthquake struck San Francisco, he personally rescued the bank’s gold and currency, and his was the first bank to resume operations.
May 14, 2018 · When the San Francisco earthquake devastated the city in 1906, Giannini commandeered a wagon and two horses and concealed nearly $2 million of the bank's gold and securities under a blanket of oranges. Two days later, as more traditional bankers declared a bank holiday for the duration of the emergency, he set up a temporary office on a wharf ...
After a disastrous earthquake and subsequent fires levelled much of the city in 1906, Giannini created new confidence. He set up a temporary bank immediately, collecting deposits, making loans,...
