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The 550 Montgomery
Street Building, or simply Clay-Montgomery, is noteworthy
both for its grand architectural style and its unforgettable
place in the history of modern banking.
Built upon what is thought to be the
landing place of Captain J. B. Montgomery in 1846 (before
Yerba Buena Cove was filled in), this eleven-story Renaissance
Revival structure served as the headquarters of A. P.
Giannini's Bank of Italy (the predecessor to Bank of
America) from 1908 to 1921. It was here that Giannini
launched the branch banking system.
The Building's Place in the History
of Banking
On October 17, 1904, with $300,000
of capital, Bank of Italy opened its first headquarters
at Columbus and Washington in a building that formerly
housed a saloon. Less than two years later, fire and
earthquake destroyed the headquarters. Luckily, before
the fire reached the structure, Bank of Italy's directors
escaped to A. P. Giannini's country home in San Mateo
with a wagonload of money and securities - and another
of books, records and "odds and ends."
 As
a result of their foresight and quick action in a time
of panic, Giannini and his directors were able to reopen
Bank of Italy for service to the public nine days following
the calamity. Three months later, on July 21, 1906,
Giannini and his team decided to construct a new building
for their headquarters. Consequently, Bank of Italy
purchased a building site from Giannini and his stepfather,
Lorenzo Scatena, at the corner of Clay and Montgomery
for $125,000. On August 17, 1908, Bank of Italy opened
its new headquarters for business. For thirteen years,
Clay-Montgomery served as the central office for Bank
of Italy.
Like the floor of the main banking
room, the staircase leading to the basement is made
of Carrera marble. The basement area has undergone extensive
remodeling over the years. Its ceiling has been lowered,
and its marble flooring has been replaced. Fortunately,
the huge vault, one of the few original elements on
the ground floor, remains untouched. The vault is 20
feet in width and 40 feet in depth, protected by double
vestibule vault doors 15 inches thick. According to
a 1908 newspaper clipping, "In every particular
it represents the most advanced type of construction."
The interior of the vault is furnished with 5,000 metal
boxes, bronze grills and gates. In 1908 the vault cost
the Bank of Italy $45,000 to install.
 Above
the banking room, all of the floors have been arranged
for offices and have remained for that purpose up to
the present.
On May 6, 1982, on the 112th anniversary
of the birth of A. P. Giannini, the United States Department
of the Interior named Clay-Montgomery a National Historic
Landmark, the highest honor awarded to privately owned
historic structures in the United States.
According to the Department of the
Interior, the building was designated to honor the contribution
A. P. Giannini made to American Society. Moreover, the
Department of Interior also selected Clay-Montgomery
on the basis of the structure's architectural integrity
and the fact that the concept of branch banking originated
within its walls.
Final Note
For nearly twenty years, the 550 Montgomery Street building was the home of Bank of San Francisco. In 2001, Bank of San Francisco merged into the First Banks, Inc. family of subsidiary banks. First Bank is privileged to now be part of the continuing history of Clay-Montgomery.
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