Philadelphia banker Francis Martin Drexel offered to assist Peder Sather and his business partner Edward W. Church in establishing a bank in San Francisco. In 1850, Sather and Church moved to San Francisco and established the banking firm of Drexel, Sather & Church. From 1863, Peder Sather became the sole owner of the bank. He went on to become one of California’s richest men. Upon his death, the Sather and Church banking firm was absorbed by the Bank of California. Peder Sather was a trustee of the College of California, which would later become the University of California, Berkeley.