The historical backdrop of Bank of America goes back to October 17, 1904, when Amadeo Pietro Giannini established the Bank of Italy in San Francisco. The Bank of Italy served the necessities of numerous workers settling in the United States around then, giving administrations denied to them by the current American banks which were ordinarily oppressed them and frequently refused assistance to everything except the wealthiest. Giannini was raised by his mom and stepfather Lorenzo Scatena, as his dad was lethally shot over a compensation question with an employee. When the 1906 San Francisco tremor struck, Giannini could spare all stores out of the bank building and far from the discharge. Since San Francisco's banks were in seething vestiges and not able to open their vaults, Giannini could utilize the saved assets to begin loaning inside a couple days of the debacle. From an alternative work area comprising of a couple boards more than two barrels, he loaned cash to the individuals who wished to rebuild.

In 1922, Giannini set up Bank of America and Italy in Italy by purchasing Banca dell'Italia Meridionale, the last settled in 1918.

In 1928 Giannini combined his save money with Bank of America, Los Angeles, headed by Orra E. Monnette and united it with other bank property to make what might turn into the biggest keeping money foundation in the nation.