Farmers and Merchants Bank (F&M) is a historic lending institution (1871−1952) based in

Downtown Los Angeles Downtown Los Angeles (DTLA) contains the central business district of Los Angeles. In addition, it contains a diverse residential area of some 85,000 people, and covers . A 2013 study found that the district is home to over 500,000 jobs. It is ...

California California is a U.S. state, state in the Western United States, located along the West Coast of the United States, Pacific Coast. With nearly 39.2million residents across a total area of approximately , it is the List of states and territori ...

. It is known both for its architecture and its pivotal role in the economic development of early Los Angeles. Other, non-related "F&M Banks" exist in many cities and towns across the

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...

History

The Farmer's and Merchants Bank was founded in 1871 by 23 prominent Los Angeles businessmen, with an initial capital of $500,000. The three largest subscribers were financier Isaias W. Hellman ($100,000), former California Governor John G. Downey ($100,000), and Ozro W. Childs ($50,000) who in later years became the founders of the

University of Southern California The University of Southern California (USC, SC, or Southern Cal) is a Private university, private research university in Los Angeles, California, United States. Founded in 1880 by Robert M. Widney, it is the oldest private research university in C ...

. Other investors included Charles

Ducommun Ducommun Incorporated () is a technology-driven manufacturing company that designs, engineers and builds complex electronic systems, large contoured Aerostructures and high reliability engineered products and aftermarket services for global aero ...

($25,000), I.M. Hellman ($20,000), and Jose Mascarel ($10,000.). Its original location was at the Pico Building, on Main Street, between what is now

US 101 U.S. Route 101, or U.S. Highway 101 (US 101), is a north–south United States Numbered Highway that runs through the states of California, Oregon, and Washington, on the West Coast of the United States. It is also known as (The Royal Roa ...

and Temple, roughly at the site of the ''

Triforium A triforium is an interior gallery, opening onto the tall central space of a building at an upper level. In a church, it opens onto the nave from above the side aisles; it may occur at the level of the clerestory windows, or it may be locate ...

''. The Farmers and Merchants Bank was the first incorporated bank in Los Angeles, founded in 1871 by Isaias W. Hellman, a successful merchant, real estate investor, and banker who immigrated to Los Angeles in 1859; with John G Downey, the seventh governor of California; and

Herman W. Hellman Herman W. Hellman (1843–1906) was a German-born businessman, banker, and real estate investor in Los Angeles, California. Early life Herman W. Hellman was born on September 25, 1843, in Reckendorf, Germany, Bavaria. He emigrated to the Unite ...

, the brother of Isaias. Downey was named the first president, with Isaias actually running the bank. Isaias served as president of the bank from 1890 until his death in 1920. The bank built and moved into new offices designed by architect Ezra F. Kysor in 1874 across the street from the Pico Building. The Los Angeles National Bank moved into its facilities in the Pico Building. In 1883 the F&M Bank moved again, to Main and Commercial streets. I.W. Hellman, was a cautious lender, insisting that major borrowers have good character and provide good security. Its subsequent presidents, J.A. Graves (who had been Hellman's attorney) and Victor H. Rosetti, continued Hellman's conservative practices, with a large portion of the bank's capital constantly held in Treasury securities. As a result, the Bank survived every economic panic period, from the

Panic of 1873 The Panic of 1873 was a financial crisis that triggered an economic depression in Europe and North America that lasted from 1873 to 1877 or 1879 in France and in Britain. In Britain, the Panic started two decades of stagnation known as the ...

Panic of 1893 The Panic of 1893 was an economic depression in the United States that began in 1893 and ended in 1897. It deeply affected every sector of the economy, and produced political upheaval that led to the political realignment of 1896 and the pres ...

, and

Panic of 1896 The Panic of 1896 was an acute economic depression in the United States that was less serious than other panics of the era, precipitated by a drop in silver reserves, and market concerns on the effects it would have on the gold standard. Deflatio ...

, through the

Great Depression The Great Depression (19291939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The economic contagio ...

. However, a one-branch downtown bank was eventually seen as not likely to continue to grow. In 1956, it merged with Security First National Bank, which became in later years

Security Pacific National Bank Security Pacific National Bank (SPNB) was a large U.S. bank headquartered in Los Angeles, California. It was acquired by Bank of America in 1992. History On September 1, 1868, Hellman, Temple and Co. opened their first bank branch in Lo ...

, and ultimately was acquired by the

Bank of America The Bank of America Corporation (often abbreviated BofA or BoA) is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina. The bank w ...

. The location of the bank prior to 1905 was on the southeast corner of Main and Commercial streets.

Architecture

Designed in the Classical Revival style, the 1905 Farmers and Merchants Bank remains one of Southern California's finest examples of the early "temples of finance" which were popular at the turn of the century. Its two-story facade, reminiscent of a

Roman temple Ancient Roman temples were among the most important buildings in Roman culture, and some of the richest buildings in Roman architecture, though only a few survive in any sort of complete state. Today they remain "the most obvious symbol of Ro ...

, is punctuated by an entrance framed with

Corinthian columns The Corinthian order (Greek: Κορινθιακός ρυθμός, Latin: ''Ordo Corinthius'') is the last developed of the three principal classical orders of Ancient Greek architecture and Roman architecture. The other two are the Doric order w ...

topped by a large triangular pediment. Built in 1905, the bank was designed by the firm of Morgan and Walls.

Present-day

The Farmers & Merchants Bank building has been established as

Los Angeles Historic-Cultural Monument Los Angeles Historic-Cultural Monuments are sites which have been designated by the Los Angeles, California, Cultural Heritage Commission as worthy of preservation based on architectural, historic and cultural criteria. History The Historic-Cult ...

#271.

Much of the original banking room remains, including light fixtures, a central

skylight A skylight (sometimes called a rooflight) is a light-permitting structure or window, usually made of transparent or translucent glass, that forms all or part of the roof space of a building for daylighting and ventilation purposes. History Open ...

, and the

loggia In architecture, a loggia ( , usually , ) is a covered exterior gallery or corridor, usually on an upper level, but sometimes on the ground level of a building. The outer wall is open to the elements, usually supported by a series of columns ...

with its Victorian-style railings. Operating as a bank until its closure in the late 80s, the building now functions primarily as a special events and banquet facility and film location. The building is slated for renovation by developer Tom Gilmore and Associates.

Notes

References

*Isaias W. Hellman and the Farmers and Merchants Bank, by Robert Glass Cleland and Frank B. Putnam (The Huntington Library, San Marino (1965) *"Guide Français de Los Angeles et du Sud de la Californie", published in 1932 by F. Loyer et C. Beaudreau *1872 Los Angeles City and County Directory

External links