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A Bank of America Los Angeles

A Bank of America Los Angeles

Bank of America Los Angeles

Bank of America

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The Bank of America, Los Angeles was formed when Monnette purchased controlling interest of the Los Angeles based American National Bank of Los Angeles (ANB) using profits from his father's silver mine in Tonopah, Nevada. In 1909, ANB was merged into Citizens Trust and Savings Bank; 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 1911. One thing that the Bank of America, Los Angeles had that made it an attractive merge partner was its advanced bank branch system that employed centralized accounting and cash distribution system. BoA LA had its own secure fleet of armoured cars to transport branch cash supplies, keeping its branches stocked with controlled amounts while other banks kept larger amounts on site, and thus away from investment purposes. With Monnette wishing to ease into retirement, and with no real heir apparent, BoA LA welcomed the combination of the two concerns under the name Bank of America. They created what would become the largest banking institution in the country. (Source:

In 1923, Citizens Bank and Trust Company was renamed Bank of America, Los Angeles. Monnette's intention was to build capital for national expansion with Amadeo Giannini (founder of the San Francisco-based Bank of Italy) as a minority investor. Giannini had founded the Bank of Italy on October 17, 1904. Bank of America Plaza is a 55 story Class A office building located on Bunker Hill in the central business district of downtown Los Angeles. The building totals 1,421,711 rentable square feet, with 9‐levels of underground parking. The timeless design of the building is readily apparent from the time one passes through the striking stain‐finished bronze entry doors into the main lobby. The hardwood ceiling soars 27 feet above the black polished opalescent granite floors and contrasts immediately with the light flame‐finished granite walls. The plaza features over a hundred Eucalyptus, Orange, Jacaranda and Ornamental Pear Trees. The garden culminates in a ring of trees accented by three 24‐foot waterfalls at the heart of the plaza. (Source: downtownla.com)

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The bank took the No. 29 spot on the Business Journal’s list of largest private-sector employers this year, employing 5,500 locally. It has plans to hire more than 500 additional wealth advisers, business bankers, and others over the next three years, and in “every line of business that we’re in in L.A,” according to Raul Anaya, president of Bank of America’s business banking unit and head of the Los Angeles market.Bank of America Plaza is a 55 story Class A office building located on Bunker Hill in the central business district of downtown Los Angeles. The building totals 1,421,711 rentable square feet, with 9‐levels of underground parking. The timeless design of the building is readily apparent from the time one passes through the striking stain‐finished bronze entry doors into the main lobby. The hardwood ceiling soars 27 feet above the black polished opalescent granite floors and contrasts immediately with the light flame‐finished granite walls. The plaza features over a hundred Eucalyptus, Orange, Jacaranda and Ornamental Pear Trees. The garden culminates in a ring of trees accented by three 24‐foot waterfalls at the heart of the plaza.

Having been an essential business remaining open throughout the pandemic, we got a bit of a head start on this with spacing out workstations, more touchless technology, and clients using our digital and mobile self-service platforms at record levels to make appointments, send funds and such. Today, 85% of checks are deposited outside the four walls of bank branches, thanks to the advances in these apps and platforms. Another important trend is how to continue helping minority businesses grow and scale. So far this year, Bank of America has invested $350 million into minority-owned venture capital firms that back underrepresented entrepreneurs, with several here in California. We know the Hispanic business segment is the fastest growing in the United States, in California and here in Los Angeles; and during the pandemic, black entrepreneurship grew at record rates, which is a very exciting trend. (Source: labusinessjournal.com)

 

 

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