Editor’s note: Allen Staff has been the long-time leader of Bank of America’s operations in Orange County. The Business Journal’s annual special report on banks with headquarters in Orange County begins on page 21.

 

Orange County’s economic prosperity and growth have been guided by the entrepreneurial spirit of true business visionaries, from Chapman and Segerstrom to Disney, to name a few.

These legendary leaders were also key partners and clients who helped Bank of America proudly serve Orange County for 100 years. Throughout this time, Bank of America has been a key partner and financier in the business-led planning and transformation of our region from an agricultural community to one of the most diverse and dynamic economies in the nation.

A centennial is a great time to reflect not just on the region’s growth but also our own expansion and to recognize those local partners who helped us along the way. As a child growing up in Irvine, I witnessed the transformation firsthand. I watched orange groves and strawberry stands become communities for new families and thriving business centers emerge with multi-story office towers topped by the names of global brands.

Having been with Bank of America for nearly 40 years myself, currently as bank president for Orange County, as well as overseeing our national commercial real estate banking division, I am proud of what we have achieved here. We have helped create new housing communities and retail centers. We have financed the growth of businesses large and small, from the local family-run corner store to leading medical groups to international enterprises. Our focus has always been on making lives better.

The story of Bank of America in Orange County began in 1925 with just three bank branches—in Santa Ana, Anaheim and Fullerton. Today, with 76 retail financial centers, 2,100 teammates and senior leaders from every line of business based here, our goal from that very first day has been to serve the people, businesses, neighborhoods and even military bases and a major theme park that has defined Orange County.

From those humble beginnings, Bank of America currently has $7.2 billion in loans to local companies; we manage more than $50 billion in assets for affluent households; and have $27 billion in consumer deposits and $731 million in mortgages, along with free downpayment and closing costs grants to help first-time homebuyers afford the American dream of homeownership in Orange County. All this reflects our positive impact today.

The Beginning

How we got here is a classic recounting of some early risk-taking, unique visions, bold leadership and deepening relationships.

Let us start with vision.

Charles C. Chapman, known as the “Orange King” for his large orchard operations and the first mayor of Fullerton, played a pivotal role in the bank’s early days. In the 1920s, A.P. Giannini, who founded the Bank of Italy and was expanding across California, purchased “Bank of America, Los Angeles,” where Chapman was chairman. It soon became clear to Giannini and Chapman that “Bank of America” was the ideal name, and it was officially changed in 1930 to reflect the bank’s growing national footprint. You may still catch a few of the old Bank of Italy logos in downtown Orange or at the Crab Cooker in Newport Beach.

Relationships also helped shape Orange County and Bank of America. The bank played a foundational role in supporting Henry Segerstrom, the visionary real estate developer behind South Coast Plaza. With financing from Bank of America, Segerstrom transformed his family’s lima bean fields into what is now one of the most iconic shopping destinations in the country and a required stop for international travelers coming to Southern California. Like Chapman, Segerstrom also served on the Bank of America board of directors.

Another example of how long-standing relationships helped shape Orange County is with Ganahl Lumber, California’s oldest lumberyard and our client for more than 100 years. We supported Ganahl through challenging periods, including the Great Depression.

And when you combine vision with relationships and a little risk-taking, you arrive at the happiest place on earth.

In the 1930s, Bank of America played a key role in supporting Walt Disney’s ambitions—first by financing landmark animated films like “Snow White,” “Cinderella” and “Fantasia.” Then, in the 1950s, Disney once again turned to Bank of America to provide financing for the construction of Disneyland, which is celebrating its 70th birthday this year.

When the theme park opened in 1955, the bank operated a branch on Main Street USA, issuing Disney-themed money orders. Many readers may also recall Bank of America’s sponsorship of the new “It’s a Small World” attraction when it opened in 1966.

For a more up-close view of this history and partnership, visit the “Banking on a Dream” exhibit at the Hilbert Museum on the Chapman campus. The exhibit, which also features the bank’s corporate art collection, is running through the end of the year.

More Changes, More Growth

As Orange County continued to change and grow, Bank of America also evolved. During World War II, for example, Bank of America was the only bank operating on military bases across California, including the Santa Ana Army Base. After the war, as the county launched into one of its biggest and fastest growth periods, the bank hired local artists to create ads promoting Orange County’s growth—even its newly built Coast Highway.

The Bank has also done its part to help our region’s housing supply. Our Community Development Bank division has financed half a billion dollars to construct high-quality affordable housing in partnership with longtime local developers like C&C Development and Jamboree Housing that help working families, veterans, seniors and others afford to call Orange County home.

Corporate Philanthropy

Bank of America also recognizes that our quality of life is dependent upon giving back in ways that help the community, including helping those in need get back on a stable footing so that they can flourish.

Over the past 25 years, Bank of America has directed $12 million in philanthropic capital to local nonprofits, while OC employees have volunteered more than 200,000 hours to local causes. Our grants span the arts, conservation and economic mobility. This includes our early investments in Segerstrom Center for the Arts, and recent support for United Way, the Second Harvest Food Bank’s farm initiatives and Crystal Cove Conservancy.
Bank of America remains bullish on Orange County.

As we celebrate this centennial, Bank of America is proud to reflect on a legacy of partnership, service and impact. For the past 100 years, we have been woven into the fabric of Orange County—not just as a financial institution but as a trusted collaborator in building stronger communities.

We look forward to being a part of the next century of progress in our beloved Orange County.