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Overview

The Italian-American Bank develped as a result of the success of the Italian-Swiss Colony grape-growing and wine making cooperative founded in Asti, CA, in 1881. Two members of the Italian-Swiss Colony's leadership, Andrea Sbarboro, its president and founder, and its vintner, Pietro Carol Rossi, were also on the first board of the Italian-American Bank. Sbarboro, Rossi and other founders established the bank as a way of attracting capital to enlarge their grape-growing businesses, and to bypass smaller, less well-capitalized local banks. The Italian-American Bank became the second of four owned by early Italian-American residents of San Francisco, the others being John F. Fugazi’s Columbus Savings and Loan Society, A.P. Giannini's Bank of Italy, formed in 10/1904 and Fugazi's Banca Popolare Operaia Italiana (founded in 11/1906). The Italian-American Bank would later take over Columbus Savings and Loan, but Giannini's Bank of Italy would, in the end, absorb the other three.

Building History

An article in the San Francisco Call of 03/22/1899 announced the formation of this bank closely associated with the Italian-Swiss Colony grape-growing enterprise: “The Italian-American Bank has been incorporated and licensed to do business in this city. The title of the concern indicates nothing of an unusual nature, but the names of the men interested in the institution shows that it is another move for the benefit of the revivified wine industry. Its officers are Andrea Sbarboro, president; H.J. Crocker, vice president. Its directors are P.C. Rossi, Dr. P. De Vecchi, C.A. Malm and J.C. Walsh. Mr. Sbarboro is secretary of the Italian-Swiss Colony, and president of the Manufacturers’ and Producers’ Association; Mr. Rossi is the president of the Italian-Swiss Colony; Mr. Crocker is the president of the Wine-makers’ Corporation, and all are interested in the promotion of the welfare of the big corporation that represents about 80 per cent of the wine industry in the State. Heretofore the two wealthy institutions represented by the officials of the new bank had done business with the local banks generally, but the encouraging conditions in the wine industry have induced them to organize a bank through which to transact the large business involved. Vice President Crocker, in speaking of the new enterprise last night, said: ‘The capital stock of the bank is $300,000, divided into 3000 shares of a valuation of $200 each, all of which has been subscribed. The subscription books closed with a surplus. We propose to do a regular banking business, but the bank’s special purpose will be to look after the wine interests of the many large and substantial producers of the State. I, myself, am considerably interested in the wine industry through the wine corporation, and our bank will represent and handle a large amount of money with which the local banks do not come into contact.’ As the wine industry of the State involves an investment of about $60,000,000, and as the exchange transactions on the export of the annual product are enormous, it looks as though the new bank would find a comfortable niche. There will be a meeting of the stockholders of the institution to-morrow to adopt the by-laws of the bank, after which it will open its doors at the northeast corner of Montgomery and Commercial streets.” (See “New Commercial Bank for San Francisco,” San Francisco Call, 03/22/1899, p. 5.)

The Italian-American Bank began its operations at 518 Montgomery Street, on the southeast corner of Montgomery and Commercial Streets. It remained at this spot until 1902 when plans were announced to build another, seven-story bank a block away on the southeast corner of Montgomery and Sacramento Streets. This second Italian-American Bank opened in either late 1903 or early 1904.

Demolition

This first Italian-American Bank was destroyed by the quake of 04/18/1906.

PCAD id: 24225