Madera Tribune, Volume 16, Number 249, 3 June 1949 — A. P. Giannini, Famous Founder Of Bank, Dies [ARTICLE+ILLUSTRATION]
A. P. Giannini, Famous Founder Of Bank, Dies
SAN MATEO —•UR''— Amadeo Peter Giannini, a man who started life as a poor farm boy and became bead of the largest bank in the world died at his - home here today at the age of 79. Death was caused by heart failure, a family spokesman said. Giannini had been confined to his homo for the past four weeks with a cold. “Apparently, the strain was just ton much for him,’’ the spokesman said. Death came to (he famed west coast financier at 6:55 a m. (PST). Giannini died in the sprawling but modest home in which he had spent most of his life. At his bedside when he died were his son, L. M. Giannini now head of the Bank of America, which the
elder Giannini founded, and his daughter, Mrs. Claire Giannini Hoffman. Giannini’s wife died suddenly in 1941 and his son, L. M., and daughter, Claire, were his only immediate survivors. The family announced private funeral services would be held Monday at St. Mathew’s Roman Catholic church in San Mateo. Giannini will be entombed in the family crypt at Holy Cross cemetery beside his wife. Friends were requested not to send flowers. Bank of America officials said the more than 500 branches of the institution would remain open, despite the founder's death. ‘‘That’s the way he would have , wanted it,” one official said. “He I believed that service to the public comes first.” President Robert Gordon Sproul j of University of California ordered all flags at the campus flown ,at half-staff. Giannini was a regent and benefactor of the university. Although Giannini made and handled millions of dollars, he was not a wealthy man. He several times turned down bonuses' voted him by the Bank of America and Transamcrica corporation, the holding company which he formed and which controlled some 500 banks in five western states. Giannini was born in a hotel in San Jose on May 6, 1870, the so of an immigrant from Genoa, Italy. When Amadeo was seven, his father died, leaving the mother with three small children. She then married Lorenzo Scatena, a teamster, who later entered the food produce business'. At the age of 12, young Amadeo left school and wont into business with his ■ father ns a buyer. At 19, he was a full partner in jthe business and by the time A. P. was 31 years old, the ScatenaGiannini commission firm was one of (he largest in San Francisco. At that point, Giannini, who then was earning between $3OO and $4OO a month, decided to "retire." It was the first of many “retirements” for A. P., who actually never could slay away from business and retained an active control of both Bank of America and Transamerica up to the day he died. At the age of 22. Giannini married Glorinda Agnes' Cun e o, daughter of a prominent San Francisco family. Soon after his retirement, Giannini’s' father-in-law died, leaving Mrs. Giannini shares in the Columbus Savings and Loan Society and naming Giannini trustee for a, comparatively large estate. That marked the start of his meteoric rise in the banking business.
A. P. GIANNINI Rank Founder Dies