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became board chairman of
NationsBank. However, less than a year later, NationsBank purchased Bank of America and took the Bank of America name, and Rice himself was forced out as chairman, becoming vice chairman of corporate development. More than a few of those who lost their jobs found the situation ironic. After retiring in early 2001, Rice died in a swimming pool accident in December 2008.
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deposited their funds in the Bank of
Jacksonville. L'Engle agreed, and the BoJ began to prosper. Within a year, L'Engle was appointed Treasurer for the State of Florida, and the state's accounts were transferred to BoJ. Within a few years, operating capital exceeded $ 150,000, and the Barnetts applied for and received a
393:
made the highest offer, and the deal was done. At the time of
Barnett's demise, the company had an annual payroll of a quarter billion dollars spread among 6,800 employees. Rice, who had publicly stated more than a decade earlier that he would never sell Bion Barnett's bank to any of its competitors,
419:
secured the
Florida corporate names to three former Barnett Bank entities Barnett Mortgage Company, Barnett Lending Services, and Barnett Credit Services. Bank of America fought over the intellectual property rights to the names, and over the subsequent years Mr. Mack abandoned the possible use to
264:
A conversation between Bion
Barnett and Henry L’Engle changed the bank's fortunes. L'Engle, the Duval County Tax Collector, was annoyed because the bank holding the county's funds charged $ 6.25 for each transfer to New York City banks. Bion immediately offered to waive the fee if Duval County
436:
They acquired the company archives containing annual reports, investor presentations, press releases, correspondence, miscellaneous ledgers, videos and account books; then solicited former employees for other material, including photographs, scrapbooks, news clippings, marketing materials and
204:
William Boyd
Barnett was a merchant and a banker in northeast Kansas when he journeyed with his wife to Jacksonville to visit their oldest son in 1875. Sarah Barnett's health improved during their time in Florida, so the Barnetts returned to Kansas, liquidated their assets, and relocated to
223:(BoJ) on the corner of Main and Forsyth with $ 43,000 in capital. William was president, Bion acted as bookkeeper, and one other person was hired as teller/clerk. Most Florida banks at the time were private and unregulated. In spite of being a newcomer and a
319:
However, under
Chairman of the Board Hugh Jones, Barnett Bank was slow to become involved in the rapidly evolving interstate banking mergers of the 1970s and 80s. Though eventually Barnett did make some purchases of out-of-state banks, starting in
248:
Never make a promise you cannot and do not fulfill. Investigate carefully before granting a line of credit; once granted, there being no adverse change in your client's financial condition, fulfill your promise. Your word must be as good as your
332:. Barnett, like other banks, grew across state lines in this way. But unlike other such banks, Barnett did not change the names of its new holdings, keeping the Barnett name exclusively within Florida. Ultimately, this weakened the company's
376:
in 1990. But in 1997, Barnett CEO Charles Rice, who was named
Jacksonville's highest paid individual among public companies at $ 4.5 million (excluding stock options), offered the company up for sale, just six weeks after a month spent at a
316:, ultimately emerging stronger. When Barnett died in 1958 at the age of 101, Barnett Bank had come to be known as "Florida's Bank". The bank continued to grow with the acquisition of many more Florida banks over the next two decades.
432:
was created in
December, 1997, after NationsBank purchased Barnett. Former Barnett president Allen Lastinger joined several other bank officers to create a non-profit organization to preserve and document Barnett's historical legacy.
402:
In the 1980s, CEO Hugh Jones began a corporate-wide program of giving back to their communities. All the bank's employees, which numbered 1,000, were encouraged to donate time to the charitable cause of their choosing. The
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destroyed most of the city, but the
National Bank of Jacksonville was the only bank still standing. William Boyd Barnett died September 2, 1903, and Bion renamed the institution Barnett Bank in his father's honor.
245:
If a young man is of good habits - honest, capable, saving, giving close attention to his business and making progress but lacking in capital - help him. The young man of today is the businessman of tomorrow.
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style of architecture. At 18 stories, it was the tallest skyscraper in the city and remained so until 1954. The bank survived various economic downturns and crises, including the
679:
227:, Barnett and the new institution slowly gained the people's trust, but at the end of their first year, deposits amounted to only $ 11,000. Undeterred, William invited his son,
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For many years, it looked like Barnett would be the only bank of Jacksonville's "Big Three" to ignore the lure of big money from nationwide banking conglomerates.
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242:
Give a man 50 cents if you can make a dollar out of him. In other words, be liberal in your dealings but always have a net profit. Do not do business at a loss.
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216:, and Jacksonville already had three banks. The city's population was under 10,000 and there was no infrastructure to support a beginning tourism industry.
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328:. While technically, according to federal statute, one bank cannot own another bank in another state, they can both be owned by the same
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employee publications. Over 70 interviews were conducted which generated 3,000 pages of transcripts that were included in an
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and acquisitions. Despite its slower than average growth, the holding company built a new corporate headquarters building in
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The Bank of America Tower, originally the Barnett Center, which served as the headquarters of Barnett Bank until 1997
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448:, which also holds the Florida State Department of Banking records, as well as records from other defunct banks.
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was the highest building in Jacksonville, and the second-tallest in Florida as of 2010. As of 2019, the
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Jacksonville: announced in 1987 and occupied in 1993, the year Hugh Jones retired. At 42 stories, the
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According to Bion Barnett, "I have never found a flaw in it. It is good advice today."
252:
Watch your expense account and your losses; your profits will take care of themselves.
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resulted in over 40,000 hours of assistance to worthy projects where they lived.
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336:, as the perception lingered that Barnett was not a major player in the area of
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with over 600 offices and $ 41.2 billion in deposits. Barnett was purchased by
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Jacksonville in March, 1877. Bion, their youngest son, was a senior at the
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was opened to house the company's operations and was built in the popular
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26:
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176:
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37:
539:"Barnett: The rise and fall of Florida's largest bank | Modern Cities"
466:"Barnett: The rise and fall of Florida's largest bank | Modern Cities"
239:. You cannot go wrong treating the other man as you would be treated.
224:
936:
231:, to be partner and passed along Barnett's five rules of business:
951:
764:"Records of Charles E. Rice, CEO of Barnett Banks, Inc. 1970-1998"
652:"The Barnett gearing up to come back to life | Metro Jacksonville"
333:
284:
212:
In the spring of 1877, the United States was in the middle of the
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152:
840:
The Heart of America: Ten Core Values That Make Our Country Great
1171:
1286:
American Security and Trust Company Building (Washington, D.C.)
955:
947:
Barnett Bank of Jacksonville records, 1877-1998 (Finding Aid)
735:"Whistling at work: Florida Bank CEO grows bank from 'zero'"
277:. The institution's deposits exceeded $ 1 million in 1893.
633:
Ginzl, David J.: "Barnett: The Story of Florida's Bank"
444:
In 2001, the Barnett Bank collection was donated to the
766:. State Library and Archives of Florida. Archived from
588:"Call Box: Cruise ships downtown and Barnett statue"
515:"Call Box: Cruise ships downtown and Barnett statue"
171:. Founded in 1877, it eventually became the largest
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356:) remains the tallest building in Jacksonville.
920:"Barnett Bank Historic Preservation Foundation"
430:Barnett Historic Preservation Foundation, Inc.
209:and withdrew from school to join his parents.
16:Former American bank that was based in Florida
967:
836:Halamandaris, Bill; Halamandaris, W. (2004).
680:"Headstone: William Boyd Barnett (1824–1903)"
8:
1341:Bank of America Corporate Center (Charlotte)
750:"Lineup of NE Florida's big banks shuffling"
19:
906:"Oops! Bank buys Barnett, but not its name"
563:"Oops! Bank buys Barnett, but not its name"
490:"Oops! Bank buys Barnett, but not its name"
974:
960:
952:
615:Ginzl, David: "The Last Days of Barnett",
25:
18:
1122:Farmers and Merchants Bank of Los Angeles
816:
814:
937:Barnett Historic Preservation Foundation
790:"Barnett's Chairman Now Back From Leave"
748:Witkowski, Rachel (September 18, 2009).
368:of Florida was the first to sell out to
821:Witkowski, Rachel (December 10, 2008).
682:. Jacksonville Observer. Archived from
457:
1535:American companies established in 1877
942:Barnett Banks Collection (Finding Aid)
871:
861:
728:
726:
673:
671:
629:
627:
611:
609:
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1271:555 California Street (San Francisco)
1097:Citizens & Southern National Bank
889:Harrington, Jeff (October 13, 2000).
823:"Former Barnett Banks CEO dies at 73"
805:"Bank rooted in city's past, present"
446:State Library and Archives of Florida
7:
1530:Banks based in Jacksonville, Florida
1477:
324:, it did so without growing its own
702:THE JACKSONVILLE HISTORICAL SOCIETY
678:Miller, Joseph E. (July 26, 2009).
219:On May 7, 1877, Barnett opened the
136:all of Florida and parts of Georgia
1525:Defunct banks of the United States
1520:Defunct companies based in Florida
891:"Banker to revive name of Barnett"
803:Foley, Bill (September 14, 1997).
273:. This allowed them to become the
14:
1202:Provident Institution for Savings
641:, University of Tampa Press, 2001
1476:
1465:
1464:
1020:
825:. Jacksonville Business Journal.
752:. Jacksonville Business Journal.
737:. Jacksonville Business Journal.
733:Ivice, Paul (February 7, 2003).
405:Community Involvement Initiative
1132:First Republic Bank Corporation
1077:Benj. Franklin Savings and Loan
904:Freer, Jim (October 13, 2000).
1545:1877 establishments in Florida
788:Flynn, Barry (July 17, 1997).
306:Barnett National Bank Building
290:Barnett National Bank Building
167:was an American bank based in
1:
1187:National Westminster Bank USA
1157:Gibraltar Savings Association
275:National Bank of Jacksonville
1510:Banks disestablished in 1997
1505:Bank of America legacy banks
1197:North Carolina National Bank
1142:Fourth Financial Corporation
1044:Bank of America, Los Angeles
1002:Bank of America Private Bank
1172:MBNA/Maryland National Bank
908:. Orlando Business Journal.
79:; 27 years ago
1561:
1152:Gibraltar Savings and Loan
1039:Banc of America Securities
997:Bank of America Home Loans
381:facility for treatment of
1515:Banks established in 1877
1460:
1290:Bank of America Building
1049:Bank of America NT&SA
1018:
698:"Florida's Seminole Wars"
656:www.metrojacksonville.com
352:Barnett Center (now, the
24:
1416:Hearst Tower (Charlotte)
1250:Western Savings and Loan
1167:Mercury Asset Management
1102:Commercial National Bank
1310:Bank of America Center
893:. St. Petersburg Times.
592:The Florida Times-Union
519:The Florida Times-Union
415:In late 2000 financier
372:in 1985/7, followed by
1385:Bank of America Tower
1345:Bank of America Plaza
1177:Michigan National Bank
1147:G. H. Walker & Co.
1117:E. A. Pierce & Co.
1092:Central Bank and Trust
807:. Florida Times-Union.
366:Atlantic National Bank
293:
201:
1230:Standard Federal Bank
1222:Security Pacific Bank
1182:Montgomery Securities
1112:Countrywide Financial
1087:Cassatt & Company
618:Jacksonville Magazine
424:Historic preservation
374:Florida National Bank
354:Bank of America Tower
288:
214:Depression of 1873-79
199:
108:Jacksonville, Florida
1255:White Weld & Co.
1107:Continental Illinois
1082:Boatmen's Bancshares
543:www.moderncities.com
470:www.moderncities.com
221:Bank of Jacksonville
207:University of Kansas
65:William Boyd Barnett
1276:701 Brickell Avenue
1059:Bank of New England
792:. Orlando Sentinel.
586:Strickland, Sandy.
567:www.bizjournals.com
513:Strickland, Sandy.
494:www.bizjournals.com
379:drug rehabilitation
350:reinforced concrete
122:Number of locations
21:
1212:Robertson Stephens
298:Great Fire of 1901
294:
269:, pursuant to the
202:
48:Financial services
1492:
1491:
1281:Albuquerque Plaza
715:Dougal, April S.
686:on July 13, 2011.
326:brand recognition
271:National Bank Act
162:
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267:National Charter
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1442:Amadeo Giannini
1430:
1369:Fort Lauderdale
1259:
1207:Rainier Bancorp
1031:
1025:
1016:
1007:BofA Securities
985:
983:Bank of America
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1452:Brian Moynihan
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1240:Summit Bancorp
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1127:First Franklin
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719:. answers.com.
717:"Barnett Bank"
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621:, October 1998
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158:$ 41.2 billion
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1217:Seafirst Bank
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770:on 2016-03-04
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1389:Jacksonville
1226:Shawmut Bank
1162:LaSalle Bank
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165:Barnett Bank
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153:Total assets
103:Headquarters
95:acquired by
68:Bion Barnett
34:Company type
20:Barnett Bank
1421:Miami Tower
1324:Los Angeles
1235:Sovran Bank
1192:NationsBank
1030:Historical
872:|work=
441:component.
420:the names.
391:NationsBank
370:First Union
237:Golden Rule
235:Follow the
181:NationsBank
132:Area served
97:NationsBank
1499:Categories
1435:Executives
1137:Fleet Bank
1064:BankBoston
1032:components
844:. p.
774:2019-10-11
661:2017-11-03
597:2020-07-23
572:2020-07-23
548:2020-07-23
524:2020-07-23
499:2020-07-23
475:2020-07-23
452:References
383:alcoholism
192:Foundation
1447:Ken Lewis
1394:Manhattan
1374:St. Louis
1354:Charlotte
1314:Baltimore
1294:Baltimore
1264:Buildings
1245:Suretrade
990:Divisions
874:ignored (
864:cite book
417:Reid Mack
387:Charlotte
183:in 1997.
145:Financial
1471:Category
342:downtown
141:Services
1483:Commons
1399:Phoenix
1359:Chicago
1349:Atlanta
1329:Norfolk
1319:Houston
1304:Oakland
1299:Midland
1073:Baybank
1012:Merrill
389:-based
338:mergers
322:Georgia
292:in 2011
187:History
177:Florida
169:Florida
82: (
74:Defunct
62:Founder
54:Founded
38:Banking
1364:Dallas
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360:Demise
225:Yankee
1379:Tampa
1334:Tulsa
334:stock
249:bond.
44:Genre
876:help
850:ISBN
635:ISBN
428:The
296:The
260:Fate
126:600+
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