Bank of California
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The Bank of California was founded in San Francisco, California on July 5, 1864 by William Chapman Ralston. It was the first commercial bank in the western United States. It was founded with $2 million in capital. It was the second-richest bank in the nation and was instrumental in developing the west.
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[edit] Founding
Shares were sold by William Chapman Ralston in 1864 for USD $100 a share to 22 of the state's leading businessmen.
[edit] Comstock Lode
The bank made loans to Comstock Lode mining companies in Nevada. The bank took ownership of a number of these companies after their owners defaulted. Ownership of these mines was lucrative for the bank. United States Senator from Nevada William Sharon was the Nevada agent for the Bank of California.
[edit] The Ring
At the height of their influence, Ralston and his "Ring" (as his associates became known) had a corner on industry in San Francisco and in Virginia City, Nevada.
[edit] 1875
The bank closed for a short period after the collapse of William Chapman Ralston's financial empire in 1875 and his subsequent death.
[edit] Merger with Union Bank
Union Bank and The Bank of California merged on April 1, 1996, to form Union Bank of California. It is currently the third largest commercial bank in California.
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