Orra E. Monnette - Banking Business

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, Nevada (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.