Farmers and Merchants Bank
Encyclopedia
Los Angeles, California
Los Angeles , with a population at the 2010 United States Census of 3,792,621, is the most populous city in California, USA and the second most populous in the United States, after New York City. It has an area of , and is located in Southern California...
, USA
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, known both for its architecture and its pivotal role in the economic development of early Los Angeles. Other, non-related "F&M Banks" exist in many cities and towns across the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
.
History
The Farmer's and Merchants Bank was founded by 23 prominent Los Angeles businessmen, with an initial capital of $500,000. The three largest subscribers were Isaias W. Hellman ($100,000), former California Governor John G. DowneyJohn G. Downey
John Gately Downey was an Irish-American politician and the seventh Governor of California from January 14, 1860 to January 10, 1862. Until the election of Arnold Schwarzenegger in 2003, Downey was California's only foreign-born governor...
($100,000), and Ozro W. Childs
Ozro W. Childs
Ozro Childs was a Protestant horticulturalist, merchant, and banker in the 19th century in Los Angeles, California. He was a founding father of the University of Southern California.-Early years:...
($50,000) who in later years became the founders of the University of Southern California
University of Southern California
The University of Southern California is a private, not-for-profit, nonsectarian, research university located in Los Angeles, California, United States. USC was founded in 1880, making it California's oldest private research university...
. Other investors included Charles Ducommun ($25,000), I.M. Hellman ($20,000) and Jose Mascarel ($10,000.) The Farmers and Merchants Bank was the first incorporated bank in Los Angeles, founded in 1871 by John G Downey, the seventh governor of California and Isaias W. Hellman
Isaias W. Hellman
Isaias Wolf Hellman was a German-Jewish banker and philanthropist, and a founding father of the University of Southern California.-Biography:...
, a successful merchant, real estate speculator and banker, and brother of Hermann W. Hellman. Downey was named the first president. Isaias later served as president of the bank till his death in 1920.
I.W. Hellman, was a cautious lender, insisting that major borrowers have good character and provide good security. Its subsequent presidents, J.A. Graves (who had been Hellman's attorney) and Victor H. Rosetti, continued Hellman's conservative practices, with a large portion of the bank's capital constantly held in Treasury securities. As a result, the Bank survived every panic, from 1873 through the Great Depression. However, a one-branch downtown bank was eventually seen as not likely to continue to grow. In 1956, it merged with Security First National Bank, which became in later years Security Pacific National Bank, and ultimately was acquired by the Bank of America
Bank of America
Bank of America Corporation, an American multinational banking and financial services corporation, is the second largest bank holding company in the United States by assets, and the fourth largest bank in the U.S. by market capitalization. The bank is headquartered in Charlotte, North Carolina...
.
Architecture
Designed in the Classical Revival style, the Farmers and Merchants Bank remains one of Southern California's finest examples of the early "temples of finance" which were popular at the turn of the century. Its two-story facade, reminiscent of a Roman templeRoman temple
Ancient Roman temples are among the most visible archaeological remains of Roman culture, and are a significant source for Roman architecture. Their construction and maintenance was a major part of ancient Roman religion. The main room housed the cult image of the deity to whom the temple was...
, is punctuated by an entrance framed with Corinthian columns topped by a large triangular pediment. Built in 1905, the bank was designed by the firm of Morgan and Walls.
Modern-day
Los Angeles Historic-Cultural Monument
Los Angeles Historic-Cultural Monuments are sites in Los Angeles, California, which have been designated by the Los Angeles Cultural Heritage Commission as worthy of preservation based on architectural, historic and cultural criteria.-History:...
#271.
Much of the original banking room remains, including light fixtures, a central skylight
Skylight
Skylight may refer to:* Skylight * Skylight , by David Hare* Skylight of a lava tube, a hole in the ceiling of the tube* Skylight, Arkansas* Skylight, a short film by David Clayton Rogers* Skylight Pictures, a film company...
, and the loggia
Loggia
Loggia is the name given to an architectural feature, originally of Minoan design. They are often a gallery or corridor at ground level, sometimes higher, on the facade of a building and open to the air on one side, where it is supported by columns or pierced openings in the wall...
with its Victorian-style
Victorian architecture
The term Victorian architecture refers collectively to several architectural styles employed predominantly during the middle and late 19th century. The period that it indicates may slightly overlap the actual reign, 20 June 1837 – 22 January 1901, of Queen Victoria. This represents the British and...
railings. Operating as a bank until its closure in the late 80s, the building now functions primarily as a special events and banquet facility, and film location. The building is slated for renovation by developer Tom Gilmore and Associates.