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Bank of America and the California wine industry: Celebrating the power of connections
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For more than one hundred years, Bank of America has been an unwavering supporter and champion of California’s agricultural industries. We are particularly proud of the indispensable role we have played in the development of the California wine industry and tremendously gratified by the success it enjoys today.
Cultivating opportunity for all (Copy)
When A.P. Giannini founded Bank of Italy in 1904, he did so based on the principle that banking services should be accessible to people of all classes and ethnic backgrounds. In 1930, Giannini renamed his institution Bank of America. With a strong foundation in agriculture and keen insight into the varied needs of farmers and agribusinesses, we created a branch system of banking to support the diverse agricultural communities throughout the California landscape.
Planting the seeds for a major industry (Copy)
In 1911, we recorded our first loan to the California Wine Association. We opened a branch in Napa County in 1917, appointing the president of the Migliavacca Wine Company, Joseph Migliavacca, to chair our advisory board. Throughout Prohibition, we remained committed to growers and vintners as they changed varietals, catered to home vintners and engaged in international export. In 1928, with a sole donation from Bank of America, the University of California created the Giannini Foundation of Agricultural Economics, which continues to provide innovative thinking for the industry today.
Promoting awareness and growth (Copy)
With the end of Prohibition – and despite the Great Depression – Bank of America did not hesitate in its support and promotion of the California wine industry. In 1933, we financed the dream of two young brothers, Ernest and Julio Gallo. Today, E.&J. Gallo Winery is the largest in the world. In 1938, we created marketing advisory boards for the wine industry, requiring the creation of advertising campaigns as a condition of production loans. We also provided California wines to the White House to be served at state dinners throughout Franklin Delano Roosevelt’s presidency.
A toast to the future (Copy)
We are proud of our storied history and deep relationship with the California wine trade. Today, California is home to 90% of all wines produced in the United States, and Americans are the leading consumers of wine worldwide. We remain as committed to supporting the industry as we were more than a century ago.