The Bank. On the Southeast Corner of Pacific and Soquel, Part 1

The Bank

If you stand on Pacific avenue looking east down Soquel, the New Leaf Market will be your right, a thriving grocery store that serves downtowners, and a neighborly place to get a sandwich or draught kombucha. It’s nice to have an alternative to Trader Joe’s around the corner.

It seems like they moved in a few months ago, but the downtown New Leaf Market has found its home in the old bank for twenty years now. I’m sure I’m not the only one who was delighted that the grocery store uncovered the original name of “Bank of Italy.”

When I moved here in 1981, I knew the place as Bank of America. That bank was another stuffy and scary example of an old Santa Cruz that overlay the new Santa Cruz with the healthfood store next door and the street musician out front. The tellers at this bank counted money back to you through a marble-framed window, and I imagined executives in offices on a mezzanine looking down on the scruffy college student trying to cash a financial aid check.

Shortly after that, Bank of America moved to their new building at the corner of River and Water, leaving their naked doorway gods behind.  As far as I can tell, the bank remained empty until the developer Barry Swenson bought it in 1995. The paper reported rumors of a Walgreens or McDonalds, but by that time its historical value had been recognized, so at least we knew that it wasn’t going to be torn down.

Immigrant A. P. Giannini started the Bank of Italy in 1904 in San Francisco’s North Beach, providing banking services to working classes, mostly to his Italian neighbors. In the next few decades it expanded with branches throughout California, buying the bank of Watsonville in 1923, and opening a Santa Cruz branch at Pacific and Cooper sometime after that. The bank bought the corner lot sometime in the late 1920s, and once it had sold its old building, it announced that it would build a “modern bank” at Pacific and Soquel, building to commence in 1929. In July, the News reported:

For the last two weeks the workmen have been largely occupied in erecting the complicated wooden forms which will mould the paneled and pillared walls of the bank building. Allowance for practically all the irregularities and ornamental designs that will appear on the finished walls has to be made in the forms.

Later in 1929, in October, the Evening News reporter was given a tour of the nearly-completed bank.

Fine Marble Used

The best and the most expensive of the world marbles are being used in the building to give it a beautiful effect. The lobby of the bank will be 80 x 18 feet in size with a low grill facing along the north side and east end. The body of the partitions in this portion of the bank will be built of pink Tennessee marble, with borders of black and gold Belgium marble. Counterfacings and top of the partitions are composed of Skyros Greacian [sic] marble. … On the floor of the lobby will be placed round top marble check tables with carved pedestal which will depict certain events of early California history. In addition to these there will be two built in settees and a drinking fountain."

This postcard shows the Bank of America on the right, the Trust Building across the street. In the distance, the Palomar and IOOF building with its clock tower. On the left, the Hihn building, and the New Santa Cruz Theatre neon in the distance. (Rosewood postcard collection)

Five thousand people attended the grand opening, which included live chamber music and free flowers for the ladies. One of the attendees was  J. A Brown, who happened to be the last depositor at the old location, and the first depositor in the new location. It is his bulb ranch which is now Brown Ranch Marketplace in Capitola, and the location of the county’s first Trader Joe’s.

I have wondered why the big bank building on the corner also seems to be part of the little row of shops to the south. The bank built these at the same time, replacing earlier shops, but allowing for its own expansion.

"Provision for two stores have been made in the plans. These will front on Pacific avenue and will be 15 and 16 feet wide respectively, and about 53 feet in length. The stores have been so constructed that by removing one partition, the bank will be able to extend its interior at any desired time."

These stores are now Bloom, EcoGoods, a Bank of America ATM, and World Market Bazaar. This little row of shops is always the best place to go when looking for a gift for someone who doesn't live in Santa Cruz.

When bank opened, and as far as I can tell, nobody clutched their pearls about big naked male bodies or god knows what nude art was carved into the pedestals of the round check tables. I wonder what people would say today? Probably express concern for the children.

There at the bank Santa Cruzans deposited their money, signed their documents, and mortgaged their homes.  Bank of Italy became Bank of America in 1930. Bank business was transacted right here for more than 50 years, but I could find no interesting newspaper articles about it. Just column after column of real estate and legal activities. All those events momentous in the lives of those our ancestors, but the significance is difficult for us to see at this distance.

What was here before the bank? It was a building called the Farmer’s Union, and I think it was the center of Santa Cruz bohemia.

Read: On the Southeast Corner of Pacific and Soquel. Part 2: The Farmers' Union.

Download a version of these posts as a pdf with citations.