The Farmers 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. Other investors included Charles
Ducommun ($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 and Temple, roughly at the site of the
Triforium. The Farmers and Merchants Bank was the first incorporated bank in Los Angeles, founded in 1871 by
Isaias W. Hellman. 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,
Panic of 1893, and
Panic of 1896, through the
Great Depression. 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, and ultimately was acquired by the
Bank of America. The location of the bank prior to 1905 was on the southeast corner of Main and Commercial streets. ==Building ==