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Bancitaly Corp., 1919 Specimen Stock Certificate, In 1928 it Acquired Bank of America

Currency:USD Category:Coins & Paper Money / Stock & Bond - Certificates Start Price:90.00 USD Estimated At:140.00 - 250.00 USD
Bancitaly Corp., 1919 Specimen Stock Certificate, In 1928 it Acquired Bank of America
SOLD
90.00USD+ buyer's premium + applicable fees & taxes.
This item SOLD at 2021 Apr 23 @ 19:28UTC-4 : AST/EDT
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California, ND (1920-1930s). 1919, OCs. VF condition, SBN. Amadeo Peter Giannini, or A.P. as he was known, established the Bank of Italy in 1904 in the North Beach district of San Francisco. He initially made his money as a commission merchant and produce dealer for farms in the Santa Clara Valley, but found banks uninterested in being in business with farms, so he decided to open his own bank. The business continued to grow and more branches were opened in the Central Valley. Giannini sought out customers in agriculture, with a focus on expanding the horticulture industry and small farmers. The bank became extremely profitable in the 1920s prior to the Great Depression. While President of the Bancitaly Corporation, Giannini never received a salary or other compensation. In 1926, Bancitalyês directors voted to reimburse Giannini with 5% of the corporationês annual net profits, a figure of $1.5 million. However, he refused to accept the money and asked that it be donated to help Californiaês farmers. In February to April, 1928, Bank of America stockholders (Bancitaly Corp. being the principal stockholder) voted to reorganize as a national bankãthe Bank of America National Association. Coleman Delafield, president) can expeditiously absorb the Bowery & East River National and the Commercial Exchange (which also last week went national). Predecessor Bank of America Stock Certificate.