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Bancitaly Corp., ND (ca.1919) Historic "Bank of America" Predecessor Company Specimen Stock Certific

Currency:USD Category:Coins & Paper Money / Stock & Bond - Certificates Start Price:230.00 USD Estimated At:325.00 - 650.00 USD
Bancitaly Corp., ND (ca.1919) Historic  Bank of America  Predecessor Company Specimen Stock Certific
SOLD
230.00USD+ buyer's premium + applicable fees & taxes.
This item SOLD at 2022 Dec 15 @ 15:41UTC-5 : EST/CDT
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California, ND (1920-1930s). 100 Shares Capital Stock Specimen Certificate, Black on blue border and underprint, Map showing Northern Hemisphere at top, Specimen overprints and POCs, Fine-VF condition with toning around edges. 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, Bancitaly’s directors voted to reimburse Giannini with 5% of the corporation’s annual net profits, a figure of $1.5 million. However, he refused to accept the money and asked that it be donated to help California’s farmers. In February to April, 1928, Bank of America stockholders (Bancitaly Corp. being the principal stockholder) voted to reorganize as a national bank—the 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.