Bank of America, Los Angeles - Definition and Overview

The Bank of America, Los Angeles was established in 1923 by Orra E. Monnette. Bank of America, Los Angeles was the result of a series of mergers between banks between 1909 and 1923. Bank of America, Los Angeles was ultimatly merged with the Bank of Italy (USA) to form the Bank of America.

The foundation for the Bank of America, Los Angeles was the American National Bank of Los Angeles (ANB) which Monnette purchased controlling interest in. In 1909, ANB was merged into Citizens Trust and Savings Bank of Los Angeles. In 1911, Monnette purchased the Broadway Bank and Trust Company, which when merged with the family’s other holdings formed the Citizens Bank and Trust Company.

In 1923, Citizens Bank and Trust Company was renamed Bank of America, Los Angeles. Monnette’s intention was to build capital for national expansion; however in 1928 Monnette was approached by Amadeo Giannini, founder of the Bank of Italy, (San Francisco, California) who was interested in pursuing a merger with BoA. The resulting Bank of America National Trust and Savings Bank emerged prior to the stock market crash of 1929.