Orra E. Monnette
Encyclopedia
Orra Eugene Monnette was an attorney, author and banker. Monnette was also the Founder of the Bank of America
, L.A., but his contribution to the organization is often overlooked in its corporate history.
to Mervin J. Monnette and Olive Hull Monnette. Monnette's father was involved in farming, raising stock, and banking. Mervin J. Monnette, along with his brother's established Monnett, Ohio in southern Crawford County Ohio for the purposes of shipping cattle to the markets north of their farms. His family were staunch members of the Methodist Episcopal Church
(aka "M.E. Church") which is now part of the modern United Methodist Church
. Monnette attended Ohio Wesleyan University
in Delaware, Ohio
, where he joined the Phi Kappa Psi
fraternity. A first cousin of his grandfather – Mary Monnett Bain
– had donated a sizable sum to the college in the 1850s which resulted in the building of Monnett Hall.
Monnette was admitted to the Ohio bar in 1896, practicing in Bucyrus, Ohio
, and later relocating to Toledo, Ohio
. He was admitted to the California bar in 1909.
(near Goldfield, Nevada
). The strike, known as the Monnette-Hayes Lease set records for the value of the ore shipped in 1906. Eventually, Mervin Monnette realized a $5,000,000 profit on the Mohawk, which he assigned to his son for investment.
With his father’s mining proceeds, Orra Monnette began purchased stock in Los Angeles area banks. Eventually this led to a controlling interest in the American National Bank of Los Angeles (ANB). In 1909, ANB was merged into Citizens Trust and Savings Bank of Los Angeles. 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, of which Orra E. Monnette was Chairman of the Board.
In 1923, Citizens Bank and Trust Company was renamed Bank of America
, Los Angeles (BoA). Monnette’s intention was to build capital for national expansion; however in 1928 Monnette was approached by Amadeo Giannini
, founder of the Bank of Italy, (San Francisco, California) who was interested in pursuing a merger with BoA. Monnette, who was growing concerned about the stock and financial markets, accepted Giannini’s offer of a merger. The resulting Bank of America
National Trust and Savings Bank emerged prior to the stock market crash
of 1929. Initially, Monnette was named Co-chairman of the new BoA, and made a Director of the bank. During the early 1930s, with his interests elsewhere, Monnette was made a Vice President in the bank, and retained his Board seat.
Monnette also founded the Lincoln Mortgage Company of California, which was not included in the BoA merger. Monnette retained control of the company and continued to serve as its President until his death.
, Orra Monnette served on numerous commissions and boards charged with public projects and the operation of various public organizations. Monnette was appointed to the Los Angeles Municipal Annexation Commission in 1913, to the Los Angeles City Planning Commission in 1920 and was made a member of the Board of Freeholders which framed Los Angeles’ city charter between 1923 and 1924.
In 1914, Monnette was appointed to the Los Angeles Public Library
Board, and reappointed every five years until his death in 1936. Monnette was elected President of the Library Board in 1916, and retained that office until his death as well. During the twenty-three years of his tenure, Monnette championed three major library bond packages which were supported by the citizens of Los Angeles. The bond packages allowed the city to build forty-eight (48) branches throughout the Los Angeles area as well as the landmark art deco Main Library in Downtown Los Angeles.
Orra E. Monnette died in Los Angeles California in 1936; his death was noted in the Los Angeles City Council minutes following the passage of a resolution in his honor. In addition to the placement of a memorial bronze bust of Monnette honoring him in the lobby of the Main Library, his complete genealogical private papers were given to the Los Angeles Public Library System and are accessible in the manuscript division. In 2006, the remainder of Monnette's personal papers were given to the Huntington Museum in Pasadena, California
.
A street in Koreatown (intersecting Western Avenue at the location of his father's former mansion) "Monnette Place" is named in his honor.
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...
, L.A., but his contribution to the organization is often overlooked in its corporate history.
Early Life
Orra E. Monnette was born in southern Crawford County, OhioCrawford County, Ohio
Crawford County is a county located in the state of Ohio, United States. It was named for Colonel William Crawford, a soldier during the American Revolution....
to Mervin J. Monnette and Olive Hull Monnette. Monnette's father was involved in farming, raising stock, and banking. Mervin J. Monnette, along with his brother's established Monnett, Ohio in southern Crawford County Ohio for the purposes of shipping cattle to the markets north of their farms. His family were staunch members of the Methodist Episcopal Church
Methodist Episcopal Church
The Methodist Episcopal Church, sometimes referred to as the M.E. Church, was a development of the first expression of Methodism in the United States. It officially began at the Baltimore Christmas Conference in 1784, with Francis Asbury and Thomas Coke as the first bishops. Through a series of...
(aka "M.E. Church") which is now part of the modern United Methodist Church
United Methodist Church
The United Methodist Church is a Methodist Christian denomination which is both mainline Protestant and evangelical. Founded in 1968 by the union of The Methodist Church and the Evangelical United Brethren Church, the UMC traces its roots back to the revival movement of John and Charles Wesley...
. Monnette attended Ohio Wesleyan University
Ohio Wesleyan University
Ohio Wesleyan University is a private liberal arts college in Delaware, Ohio, United States. It was founded in 1842 by Methodist leaders and Central Ohio residents as a nonsectarian institution, and is a member of the Ohio Five — a consortium of Ohio liberal arts colleges...
in Delaware, Ohio
Delaware, Ohio
The City of Delaware is a city in and the county seat of Delaware County in the United States state of Ohio. Delaware was founded in 1808 and was incorporated in 1816. It is located near the center of Ohio, is about north of Columbus, and is part of the Columbus, Ohio Metropolitan Area...
, where he joined the Phi Kappa Psi
Phi Kappa Psi
Phi Kappa Psi is an American collegiate social fraternity founded at Jefferson College in Canonsburg, Pennsylvania on February 19, 1852. There are over a hundred chapters and colonies at accredited four year colleges and universities throughout the United States. More than 112,000 men have been...
fraternity. A first cousin of his grandfather – Mary Monnett Bain
Mary Monnett Bain
Mary Monnett Bain , following her mother's death, came into a very large sum of money...
– had donated a sizable sum to the college in the 1850s which resulted in the building of Monnett Hall.
Monnette was admitted to the Ohio bar in 1896, practicing in Bucyrus, Ohio
Bucyrus, Ohio
As of the census of 2000, there were 13,224 people, 5,559 households, and 3,552 families residing in the city. The population density was 1,812.0 people per square mile . There were 5,955 housing units at an average density of 816.0 per square mile...
, and later relocating to Toledo, Ohio
Toledo, Ohio
Toledo is the fourth most populous city in the U.S. state of Ohio and is the county seat of Lucas County. Toledo is in northwest Ohio, on the western end of Lake Erie, and borders the State of Michigan...
. He was admitted to the California bar in 1909.
Banking Business
While Monnette was trained as an attorney, his father’s foray into mining in 1904-1906 changed his career path. In 1906, the elder Monnette struck a significant gold vein in the previously thought tapped out Mohawk Mine, Tonopah, NevadaTonopah, Nevada
Tonopah is a census-designated place located in and the county seat of Nye County, Nevada. It is located at the junction of U.S. Routes 6 and 95 approximately mid-way between Las Vegas and Reno....
(near Goldfield, Nevada
Goldfield, Nevada
Goldfield is an unincorporated community and the county seat of Esmeralda County, Nevada, United States, with a resident population of 440 at the 2000 census. It is located about southeast of Carson City, along U.S...
). The strike, known as the Monnette-Hayes Lease set records for the value of the ore shipped in 1906. Eventually, Mervin Monnette realized a $5,000,000 profit on the Mohawk, which he assigned to his son for investment.
With his father’s mining proceeds, Orra Monnette began purchased stock in Los Angeles area banks. Eventually this led to a controlling interest in the American National Bank of Los Angeles (ANB). In 1909, ANB was merged into Citizens Trust and Savings Bank of Los Angeles. 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, of which Orra E. Monnette was Chairman of the Board.
In 1923, Citizens Bank and Trust Company was renamed 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...
, Los Angeles (BoA). Monnette’s intention was to build capital for national expansion; however in 1928 Monnette was approached by Amadeo Giannini
Amadeo Giannini
Amadeo Pietro Giannini, also known as Amadeo Peter Giannini or A.P. Giannini , born in San Jose, California, was the American founder of Bank of America.-Biography:...
, founder of the Bank of Italy, (San Francisco, California) who was interested in pursuing a merger with BoA. Monnette, who was growing concerned about the stock and financial markets, accepted Giannini’s offer of a merger. The resulting 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...
National Trust and Savings Bank emerged prior to the stock market crash
Stock market crash
A stock market crash is a sudden dramatic decline of stock prices across a significant cross-section of a stock market, resulting in a significant loss of paper wealth. Crashes are driven by panic as much as by underlying economic factors...
of 1929. Initially, Monnette was named Co-chairman of the new BoA, and made a Director of the bank. During the early 1930s, with his interests elsewhere, Monnette was made a Vice President in the bank, and retained his Board seat.
Monnette also founded the Lincoln Mortgage Company of California, which was not included in the BoA merger. Monnette retained control of the company and continued to serve as its President until his death.
Civic Life
Throughout his life in Los Angeles, CaliforniaLos 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...
, Orra Monnette served on numerous commissions and boards charged with public projects and the operation of various public organizations. Monnette was appointed to the Los Angeles Municipal Annexation Commission in 1913, to the Los Angeles City Planning Commission in 1920 and was made a member of the Board of Freeholders which framed Los Angeles’ city charter between 1923 and 1924.
In 1914, Monnette was appointed to the Los Angeles Public Library
Los Angeles Public Library
The Los Angeles Public Library system serves the residents of Los Angeles, California, United States. With over 6 million volumes, LAPL is one of the largest publicly funded library systems in the world. The system is overseen by a Board of Library Commissioners with five members appointed by the...
Board, and reappointed every five years until his death in 1936. Monnette was elected President of the Library Board in 1916, and retained that office until his death as well. During the twenty-three years of his tenure, Monnette championed three major library bond packages which were supported by the citizens of Los Angeles. The bond packages allowed the city to build forty-eight (48) branches throughout the Los Angeles area as well as the landmark art deco Main Library in Downtown Los Angeles.
Orra E. Monnette died in Los Angeles California in 1936; his death was noted in the Los Angeles City Council minutes following the passage of a resolution in his honor. In addition to the placement of a memorial bronze bust of Monnette honoring him in the lobby of the Main Library, his complete genealogical private papers were given to the Los Angeles Public Library System and are accessible in the manuscript division. In 2006, the remainder of Monnette's personal papers were given to the Huntington Museum in Pasadena, California
Pasadena, California
Pasadena is a city in Los Angeles County, California, United States. Although famous for hosting the annual Rose Bowl football game and Tournament of Roses Parade, Pasadena is the home to many scientific and cultural institutions, including the California Institute of Technology , the Jet...
.
A street in Koreatown (intersecting Western Avenue at the location of his father's former mansion) "Monnette Place" is named in his honor.
Further reading
- Resolution Concerning the Death of Orra E. Monnette, Los Angeles City Council, February 1936.
- Los Angeles Examiner February 24, 1936 “O.E. Monnette Loses Battle Against Death”