Monnette's intention was to build capital for national expansion with Amadeo Giannini, founder of San Francisco-based Bank of Italy, as a minority investor.
[4] In 1928, Giannini approached Monnette about pursuing a merger with BoA; both were concerned about the state of the American economy.
[citation needed] One thing that the Bank of America, Los Angeles had that made it an attractive merge partner was its advanced bank branch system that employed centralized accounting and cash distribution system.
BoA LA had its own secure fleet of armoured cars to transport branch cash supplies, keeping its branches stocked with controlled amounts while other banks kept larger amounts on site, and thus away from investment purposes.
With Monnette wishing to ease into retirement, and with no real heir apparent, BoA LA welcomed the combination of the two concerns under the name Bank of America.