Florida National Bank
Company type | Banking |
---|---|
Predecessor | Mercantile Exchange Bank |
Founded | 1905 |
Founder | Samuel Hubbard |
Defunct | 1990 |
Fate | Acquired by First Union |
Successor | Wells Fargo (through Wachovia and First Union) |
Headquarters |
Florida National Bank (FNB), founded in 1905, was the second largest
History
Early years
Samuel Hubbard's Mercantile Exchange Bank eventually became Florida National Bank
Ball built the Florida National Bank building at 214 North Hogan Street in Jacksonville in 1961.[6] The structure was constructed using materials which would appreciate in value, such as marble floors and granite exteriors, but excluded items that Ball considered frills.[citation needed] There were no executive washrooms and no hot water faucets in the entire eleven story edifice.[citation needed] The corporate offices of the group were housed in the upper floors and the bank's principal location was on the ground floor. Ed Ball also kept his personal office there for managing the du Pont Trust. After Ball's death, the structure was renamed the Edward Ball Building.[6]
Congress forced the du Pont Trust to divest itself of banking interests when they withdrew the trust's 15-year exemption from the
On July 9, 1973, the Federal Reserve Board issued a preliminary determination that the du Pont Trust had retained enough stock that would allow the trust to continue to exert some control over the bank.[9] Ball was forced to sell the trust's remaining shares and resign as chairman of FNB. However, the du Pont Trust owned a significant block of Charter stock, and the close personal relationship between Mason and Ball still allowed some indirect control.
Acquisition
In February, 1982, SBC sued to obtain an injunction against the merger in Federal court, citing contrary banking laws in both Federal and Florida codes.[12] Florida National Bank countered with an antitrust suit against SBC. It was FNB's contention that if SBC were allowed to complete the takeover, commercial banking competition would be unlawfully reduced.[13]
In early 1983, Southeast Banking Corporation dropped its takeover attempt and agreed to exchange their 1.73 million FNB shares for 24 FNB branch offices, $5.7M in cash, a downtown Miami real estate parcel and other assets.[14] This was during the time when Charter was going through a bankruptcy. The Federal Reserve Board approved a revised merger plan between FNB and Chemical Bank in 1984. However, at the time, interstate banking acquisitions were prohibited by Federal law and required state legislative approval.[15] With the 1990 deadline running out for its option to buy FNB and no sign of state legislative approval, Chemical Bank sold their 4.9% interest to First Union Corporation of Charlotte, North Carolina for $115 million.[5] On March 7, 1989, it was revealed First Union would acquire the remainder of FNB.[5] The transaction, valued at $849 million,[5] was consummated the following year.
Building Ownership/Use
Wachovia sold the Florida National Bank building at 214 North Hogan Street to First States Investors in September, 2004 for $23,234,071.[16]
The St. James Building became Jacksonville's City Hall in 1997, but it was too small to accommodate all departments. Needing more room, the
See also
- Jacksonville Bank, based in the same city
References
- ^ Florida Times-Union: December 10, 2005-Pioneering Hubbard family's name is still remembered in Jacksonville by LENI BESSETTE AND LOUISE STANTON WARREN
- ^ "Alfred I. du Pont". Alfred I. du Pont Trust. Archived from the original on December 16, 2008. Retrieved 2009-03-10.
- ^ Florida Department of State: Great Floridians 2000 Program-Jacksonville Archived 2010-10-31 at the Wayback Machine
- ^ "Florida Times-Union: February 21, 1999-A powerful man craved little but gave a lot by Raymond Mason". Archived from the original on August 12, 2011. Retrieved November 6, 2008.
- ^ a b c d New York Times: March 8, 1989-First Union to Acquire Florida National Bank by Michael Quint
- ^ a b c "JAX EVOLVED: Edward Ball Building". Thecoastal.com. The Coastal. Retrieved 20 November 2018.
- ^ New York Times: March 11, 1979-Ed Ball at 91: Embattled, Implacable by Jon Nordheimer
- ^ New York Times: June 13, 1971-Florida Banker at Bay
- ^ New York Times: July 10, 1973-DuPont Interest in Bank Held Inadequately Divested
- ^ New York Times: May 6, 1981-Company News; Florida Bank Fights To Block Takeover
- ^ New York Times: May 20, 1982-Florida Bank's Special Meeting
- ^ New York Times: February 9, 1982-Florida Bank Merger Fought
- ^ New York Times: February 17, 1982-Florida Bank Antitrust Suit
- ^ New York Times: March 3, 1983-Southeast Banking
- ^ New York Times: March 2, 1984-Fed Will Accept Florida Bank Plan
- ^ "Special Warranty Deed". OR.Duvalclerk.com. Duval County Clerk of the Court. Retrieved 12 March 2022.
- ^ "Special Warranty Deed". OR.Duvalclerk.com. Duval County Clerk of the Court. Retrieved 12 March 2022.