2019 February Paso Robles Magazine

Paso Robles and from
1937 to 1938 they
were the only banks
in town.
The story of how
this building came
to be begins in 1840
when Amadeo Peitro Giannini (known as AP
to friends and colleagues) was born to Italian
immigrants in San Jose. His father passed away
when AP was only 23 and shortly after his father's
demise Giannini attended Heald Business
School. He quickly resolved to the fact
that he could do a far better job actually doing
business than wasting his time in school learning
about it. When he came back home his
mother had remarried and his new step-father
owned and operated a produce company where
AP was employed as a salesman. He soon
grew tired of the business of lemons, limes
and oranges and set off to accomplish his own
way in the world by making his own take of
lemonade in the Golden City.
FUN FACT: Do you like the Disney movie,
“Snow White?” Well, AP loaned Mr. Disney
the money to produce the classic tale that we
all love today.
Giannini went on to become the director
of Columbus Savings and Loans and quickly
observed that the increasing immigration population
in his community lacked any way of
banking so he decided to start his own bank,
keeping in mind to cater to the average Joe.
Deciding to call his business Bank of Italy with
allegiance to his heritage he would offer loans
and savings accounts to people who did not
have the collateral that the other banks demanded.
So on October 17, 1904, he opened
for business and brought in a total of $8,780 in
deposits by the end of his first day.
FUN FACT: Ever heard of George Bailey
from the classic Christmas movie, “It’s a
Wonderful Life?” Well, producer George Capra
developed the character with AP in mind.
Years later, in 1906, the horrific San Francisco
earthquake devastated the city, including
Giannini’s business. He had the wits and courage
to take all of his customers money out of
the safe concealed in a wheelbarrow amongst
the fierce flames and chaos all around him.
After a few weeks he was determined to help
get the city back together so he set up shop
with a plank and two barrels right there in the
middle of the desolated city of lights, loaning
money to the people that needed it. He asked
for no identification — it was all based on their
good character and a hearty handshake. All
loans distributed at this time were reported to
be completely paid back. This had turned out
to be a smart move because all the other banks
could not get into their safes for their customers
because the vaults were too hot to open.
After many successful years, Giannini’s Bank
of Italy began opening other branches with
the first in San Jose in 1909. In October of
1921 R.C. Heaton, the President of The First
National Bank of Paso Robles, received a
letter from the office of AP Giannini offering
him the chance to buy stock in his bank
and the rest, as they say, is history.
Tune in next time to see what
historical person, place or
building you can learn about
when you LOOK UP!
If you have a historical
question about Paso Robles
please email lisa@pasomagazine.com
February 2019, PASO Magazine pasomagazine.com | 37