A big news story recently was the collapse of Silicon Valley Bank, which happened after the bank’s announcement it would have to sell part of its bond holdings at a major loss, subsequently causing a run on the bank. The tech-focused lender was taken over by federal regulators, and we’ve been following the fallout ever since.
The story reminds me of another Northern California banking narrative that began in the small Italian town of Acereto…Amadeo Pietro (“A.P.”) Giannini was born in San Jose, California, the child of Maria Virginia De Martini and Luigi Giovanni, who left Acereto just a few months before Amadeo’s birth on May 6, 1870.
