In 1904, Amadeo Peter Giovannini, along with five other former directors of the Columbus Bank, opened the Bank of Italy to serve the needs of the g...rowing immigrant population with headquarters in San Francisco. The Bank of Italy was instrumental in financing the rebuilding of San Francisco after the 1906 earthquake. Giovannini and the Bank of Italy pioneered an inter-branch system of banking throughout California that eventually revolutionized the face of banking. This allowed for a greater ease in transferring funds, a critical step in exchanging an efficient branch banking system. The Bank of Italy’s unorthodox practices included advertising to both borrowers and depositors alike and attracted moderate to lower income customers. Former banks catered to society’s aristocrats with certain formalities, conservative polices, and high interest rates. The Bank of Italy’s approach had democratized and popularized the use of banks. By 1918, 24 branches had been established throughout California and had a total revenue source of more than $93 million. The Bank of Italy was considered the first statewide branch-banking system in the United States.
On April 18, 1922, the Daily Report newspaper reported the issuance of a $50,000 permit for the construction of the Security State Bank, located at northeast corner of Euclid Avenue and B Street. The article reported that the new bank would be a “handsome structure” and one of the most attractive banking buildings in all of San Bernardino County. The bank building was constructed by Campbell Construction in 1923 as the permanent office for the Security State Bank. The bank opened to the public on March 24, 1923. The Daily Report covered the grand opening of the bank and stated that “a thing of beauty is a joy forever.” The article went on to say that “the transformation of an ugly spot into one of the most beautiful business corners on the famous Euclid Avenue is an achievement in which the whole City may well take pride.” Two months after its opening, on May 28, 1923, the Security State Bank was taken over by the Bank of Italy after word came out about some of the Security State Bank’s questionable loan practices. Secondo Guasti, founder of the Italian Vineyard Company, became president of the bank and his son Secondo Guasti Jr. became Vice-President.
On September 3, 1930, the Bank of Italy changed its name to Bank of America. In 1942, the Bank of America moved to the Citizen’s Bank Building at 101 N. Euclid Avenue on the northwest corner of Euclid Avenue and Holt Boulevard. A salon and a ladies dress shop occupied the building until 1960 when Richard’s Beauty School took it over.
On April 18, 1922, the Daily Report newspaper reported the issuance of a $50,000 permit for the construction of the Security State Bank, located at northeast corner of Euclid Avenue and B Street. The article reported that the new bank would be a “handsome structure” and one of the most attractive banking buildings in all of San Bernardino County. The bank building was constructed by Campbell Construction in 1923 as the permanent office for the Security State Bank. The bank opened to the public on March 24, 1923. The Daily Report covered the grand opening of the bank and stated that “a thing of beauty is a joy forever.” The article went on to say that “the transformation of an ugly spot into one of the most beautiful business corners on the famous Euclid Avenue is an achievement in which the whole City may well take pride.” Two months after its opening, on May 28, 1923, the Security State Bank was taken over by the Bank of Italy after word came out about some of the Security State Bank’s questionable loan practices. Secondo Guasti, founder of the Italian Vineyard Company, became president of the bank and his son Secondo Guasti Jr. became Vice-President.
On September 3, 1930, the Bank of Italy changed its name to Bank of America. In 1942, the Bank of America moved to the Citizen’s Bank Building at 101 N. Euclid Avenue on the northwest corner of Euclid Avenue and Holt Boulevard. A salon and a ladies dress shop occupied the building until 1960 when Richard’s Beauty School took it over.
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