Bank of America was Bank of Italy

On October 17, 1904, Amedeo Giannini, a son of an Italian immigrant to the United States opened the Bank of Italy in a converted saloon in San Francisco. On the first day, the bank collected 28 deposits with a value of $8,780.

After an earthquake destroyed the bank in 1907, the bank was running from a plank in the street. The word “bank” came from the Italian word “banca”, which means “a bench or counter.” His “bank” services was an instant success and quickly became popular. In 1928, Giannini changed the name to Bank of America and several branches were soon opened. By 1929, the bank was strong enough to withstand the Great Depression stock crash.   Bank of America would soon become one of the largest financial institutions in the world, but due to poor management, had to receive a government bailout in 2008.