Bank of America has a heritage of service
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Bank of America has had at least one Tuolumne County branch for 62 years.
A full service bank, it now has one branch in downtown Sonora and another in East Sonora. A third branch is in Arnold in neighboring Calaveras County.
Founded in 1904 by A.P. Giannini to serve immigrants and workers in San Francisco, Bank of Italy changed its name to Bank of America in 1930.
Today, Bank of America is the nation's fifth largest financial institution, with nearly 2,000 branches and nearly 7,000 automatic teller machines in 11 states, with offices in 38 countries worldwide.
Giannini, who managed the bank until his death in 1949, was a major force in changing the world of banking.
He joined the board of a San Francisco bank in 1902 and discovered that most banks cared only for the wealthy, powerful and well-born.
When the bank refused to change its policies to help people who were struggling to make something of their lives and willing to back their dreams with hard work, he stormed out saying, "I'll start my own bank!"
He and his staff went door-to-door explaining to immigrants, farmers and wage earners what a bank could do for them. At first, other bankers looked down their noses at the new bank, but people responded, and the bank grew.
When the 1906 earthquake and fire struck San Francisco, many bankers wanted to stay closed for months, but Giannini set up an outdoor desk made of two barrels and a plank and began lending money to rebuild. His judgment paid off, and the bank didn't lose a dollar.
His experience after the earthquake and fire taught him the power of banking to help people's lives, and he made that his life's mission.
He conceived of a large state-wide system of branch banks, the first in the United States.
In 1909, he opened his first out-of-town branch in San Jose. In 1913, the bank expanded to Southern California. By 1920, it had expanded to New York and added a branch banking system in Italy.
By 1930, the bank had 285 branches, $1 billion in assets, and a new name, Bank of America. Sonora's first branch was opened in 1937.
During the Great Depression of the 1930s, the bank bought millions of dollars of state and local bonds to create new jobs, and in 1933, bought bonds to finance the Golden Gate Bridge.
Bank of America helped launch the movie industry by financing hundreds of films, and financed many of Walt Disney's dreams, including Disneyland.
The bank has kept up with the times and remained one of the most successful in the United States while focusing on community improvements and helping people.
Bank of America
East Sonora
14830 Mono Way
533-6115
Bank of America
Downtown Sonora
180 S. Washington St.
532-6100
Bank of America
Arnold
1082 Highway 4
795-1322