Businessman, Philanthropist. A native of New York, Mills first came to California in 1848 after the discovery of gold and opened a general store in Sacramento. Making large profits, he soon started up the bank of D.O. Mills and Co. In 1864, he went to San Francisco where he co-founded the Bank of California with William Ralston and was appointed the bank's first president. Under Mills and Ralston's leadership, the Bank of California invested in the silver mines of Nevada's Comstock Lode and as a result became one of the west's leading finanicial establishments. In 1873 he resigned as president and Ralston was appointed in his place. Two years later, on August 28, 1875, the Bank of California collapsed due to overspending and failed ventures, followed by Ralston's sudden death the next day. Mills resumed the bank's presidency and within three years re-built it to its former strength. In 1878 he again resigned and moved back to New York. A noted philanthropist, he is best remembered for the Mills Building (1891) in San Francisco and the Mills House No. 1 (1897) in New York City, the latter being one of three he built to serve as cheap hotels for poor single men. The town of Millbrae, which is located on what was once his California estate south of San Francisco, is named in his honor. He was the grandfather of former United States Congressman and Secretary of the Treasury, Ogden Livingston Mills.
Businessman, Philanthropist. A native of New York, Mills first came to California in 1848 after the discovery of gold and opened a general store in Sacramento. Making large profits, he soon started up the bank of D.O. Mills and Co. In 1864, he went to San Francisco where he co-founded the Bank of California with William Ralston and was appointed the bank's first president. Under Mills and Ralston's leadership, the Bank of California invested in the silver mines of Nevada's Comstock Lode and as a result became one of the west's leading finanicial establishments. In 1873 he resigned as president and Ralston was appointed in his place. Two years later, on August 28, 1875, the Bank of California collapsed due to overspending and failed ventures, followed by Ralston's sudden death the next day. Mills resumed the bank's presidency and within three years re-built it to its former strength. In 1878 he again resigned and moved back to New York. A noted philanthropist, he is best remembered for the Mills Building (1891) in San Francisco and the Mills House No. 1 (1897) in New York City, the latter being one of three he built to serve as cheap hotels for poor single men. The town of Millbrae, which is located on what was once his California estate south of San Francisco, is named in his honor. He was the grandfather of former United States Congressman and Secretary of the Treasury, Ogden Livingston Mills.
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