<P> The history of Bank of America dates back to October 17, 1904, when Amadeo Pietro Giannini founded the Bank of Italy in San Francisco . The Bank of Italy served the needs of many immigrants settling in the United States at that time, providing services denied to them by the existing American banks which typically discriminated against them and often denied service to all but the wealthiest . Giannini was raised by his mother and stepfather Lorenzo Scatena, as his father was fatally shot over a pay dispute with an employee . When the 1906 San Francisco earthquake struck, Giannini was able to save all deposits out of the bank building and away from the fires . Because San Francisco's banks were in smoldering ruins and unable to open their vaults, Giannini was able to use the rescued funds to commence lending within a few days of the disaster . From a makeshift desk consisting of a few planks over two barrels, he lent money to those who wished to rebuild . </P> <P> In 1922, Giannini established Bank of America and Italy . In 1986, Deutsche Bank AG acquired 100% of Banca d'America e d'Italia, a bank established in Naples in 1917 following the name - change of Banca dell'Italia Meridionale with the latter established in 1918 . In 1918 another corporation, Bancitaly Corporation, was organized by A.P. Giannini, the largest stockholder of which was Stockholders Auxiliary Corporation . This company acquired the stocks of various banks located in New York City and certain foreign countries . </P> <P> In 1928 Giannini merged his bank with Bank of America, Los Angeles, headed by Orra E. Monnette and consolidated it with other bank holdings to create what would become the largest banking institution in the country . Bank of Italy was renamed on November 3, 1930 to Bank of America National Trust and Savings Association, which was the only such designated bank in the United States of America at that time . Giannini and Monnette headed the resulting company, serving as co-chairs . </P> <P> Branch banking was introduced by Giannini shortly after 1909 legislation in California that allowed for branch banking in the state . Its first branch outside San Francisco was established in 1909 in San Jose . By 1929, the bank had 453 banking offices in California with aggregate resources of over US $1.4 billion . There is a replica of the 1909 Bank of Italy branch bank in History Park in San Jose, and the 1925 Bank of Italy Building is an important downtown landmark . Giannini sought to build a national bank, expanding into most of the western states as well as into the insurance industry, under the aegis of his holding company, Transamerica Corporation . In 1953, regulators succeeded in forcing the separation of Transamerica Corporation and Bank of America under the Clayton Antitrust Act . The passage of the Bank Holding Company Act of 1956 prohibited banks from owning non-banking subsidiaries such as insurance companies . Bank of America and Transamerica were separated, with the latter company continuing in the insurance business . However, federal banking regulators prohibited Bank of America's interstate banking activity, and Bank of America's domestic banks outside California were forced into a separate company that eventually became First Interstate Bancorp, later acquired by Wells Fargo and Company in 1996 . It was not until the 1980s with a change in federal banking legislation and regulation that Bank of America was again able to expand its domestic consumer banking activity outside California . </P>

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