Everything about Barnett Bank totally explained
Barnett Bank, founded in
1877, eventually became the largest
commercial bank in
Florida. It was purchased by
NationsBank in
1997, but even before signs on Barnett's branches were changed, NationsBank merged with
BankAmerica Corp. in 1998, creating
Bank of America. Therefore, the green logo on Barnett properties, including its 42-story headquarters in
Jacksonville, was changed to the pseudo-flag logo of Bank of America.
Barnett Bank was founded by
Bion Barnett and his father, William Boyd Barnett. The bank survived various economic downturns and crises, including the
Great Depression, ultimately emerging stronger. Its headquarters, built during the Roaring 20s, was for many years the tallest building in Jacksonville. 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.
However, 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
Georgia, it did so without growing its own
brand recognition. While technically, according to federal statute, one bank can't own another bank in another state, they can both be owned by the same
holding company. Barnett, like other banks, grew across state lines in this way. But unlike other such banks, Barnett didn't change the names of its new holdings, keeping the Barnett name exclusively within Florida. Ultimately, this weakened the company's
stock, as the perception lingered that Barnett wasn't a major player in the area of
mergers and acquisitions.
Despite its slower than average growth, in 1987, the company announced plans to build a new corporate headquarters building in
downtown Jacksonville. At 42 stories, the Barnett Tower would be the highest building in Jacksonville, and the second-tallest in Florida. The company moved into its new headquarters in 1993. In 1997, Barnett CEO Charles Rice, who had recently completed rehabilitation for
alcoholism, offered the company up for sale.
Charlotte-based NationsBank made the highest offer, and the deal was done. Rice, who had publicly stated more than a decade earlier that he'd never sell Bion Barnett's bank to any of its competitors, received a position with the new entity as its number two executive. However, less than a year later, NationsBank was no more, due to the Bank of America merger, and Rice was forced to retire.
As of 2007, the
reinforced concrete Barnett Tower (now, the
Bank of America Tower) remains the tallest building in Jacksonville.
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