Bion Barnett
Bion Hall Barnett | |
|---|---|
| Born | Error: Invalid birth date for calculating age Hiawatha, Kansas, U.S. |
| Died | 30 October 1958 (aged 101) |
| Occupation | Banker |
| Known for | Co-founder and president of Barnett Bank |
Bion Hall Barnett (October 7, 1857 – October 30, 1958) was a prominent American banker. In 1877, he played a key role in establishing Barnett Bank, famously dubbed "Florida's Bank", which grew to become the largest banking institution in Florida until its acquisition by NationsBank in 1997.
Early years
Bion was born in Hiawatha, Kansas to William Boyd Barnett, a businessman and banker, and Sarah Jane Blue. His elder brother Will relocated to Jacksonville, Florida in 1874 to launch a furniture enterprise. After visiting Florida and observing improvements in Sarah’s health, the family moved to Jacksonville in 1877. Bion left the University of Kansas just before completing his degree to join them.
Bank of Jacksonville
The Bank of Jacksonville was launched on May 7, 1877, with $43,000 in capital; William took on the role of president while Bion served as bookkeeper. Although growth was initially modest and deposits limited, Bion became a partner by the end of that year.
Growth
A crucial arrangement with Henry L'Engle, the Duval County Tax Collector, allowed the bank to waive transfer fees for county funds. This agreement led Duval County—and subsequently the State of Florida—to deposit their funds with the bank, increasing operating capital to over $150,000. In 1888, the bank obtained a National Charter under the National Bank Act, becoming the National Bank of Jacksonville. By 1893, deposits had grown beyond $1 million. During this era, the bank was among the first in Florida to install a Burroughs Adding Machine.
Lessons learned
Around 1890, Bion invested $3,000 in a phosphate mining project that promised returns of $100,000 within three months but resulted in a total loss. This setback influenced his prudent approach at Barnett Bank. He frequently remarked, "It is not the things you don't know that get you in trouble. It is the things you think you know for sure that get you in trouble."
When Barnett Bank celebrated its 50th anniversary in 1927, Bion emphasized his father’s Five Rules of Business:
20th century
The Great Fire of 1901 devastated much of Jacksonville; however, only the National Bank remained standing. Following William’s death in 1903, Bion assumed the presidency and rechartered the institution as Barnett National Bank of Jacksonville in 1908.
To mark its semicentennial, the bank erected the 18-story Barnett National Bank Building, which held the title of Jacksonville’s tallest structure from 1926 until 1954. Bion highlighted that this family-run bank had endured epidemics, fires, freezes, and financial crises.
Depression
In 1929, Barnett attempted unsuccessfully to merge with Florida National Bank. Later that year, it sold a significant portion of its stock to Baker, Fentress & Company—owners of Consolidated Naval Stores—fortifying capital but ending exclusive family ownership.
After the stock market crash of 1929, Barnett National Securities Corporation acquired several failing banks and reopened them. Anticipating a bank run prior to a banking holiday on March 5, 1933, Bion directed employees to remove small bills from vaults and slow teller withdrawals by providing larger denominations instead. This strategy helped restore depositor confidence and prevented a run.
Over the next twenty years, the bank expanded by acquiring multiple Florida banks.
Personal
On April 8, 1880, Barnett wed Carolina Hallowes L'Engle, and together they had four children: Madeleine Barnett, William L'Engle Barnett, Bion Hall Barnett Jr., and Donald Murray Barnett. Among their descendants was the noted author Madeleine L'Engle. The family owned a residence in France, which they visited often, while Barnett pursued golfing activities in Scotland.
Prior to 1910, Bion and Carolina ended their marriage. That same year, he remarried Anna Hardy Bell Daniel, daughter of Dr. Alexander Taylor Bell from Baltimore. The couple lived in North Berwick, Scotland, where they undertook renovations on a property named "Gribdae." Between 1910 and Anna’s death in 1937, they made multiple crossings between Europe and America. At the time of her passing in Monte Carlo, Monaco, Barnett was reportedly by her side. Anna brought two daughters from her earlier marriage to Richard Bowen Daniel.
Public service
Beginning in the late 1800s, Jacksonville’s Board of Bond Trustees oversaw essential city services such as electricity, water supply, sewage management, fire and police departments, along with municipal employment excluding elected officials. Barnett held positions as a member or chairman on this board from October 1896 until his resignation in March 1911.
In addition to his official duties, he was deeply involved in community organizations: he was a distinguished Mason serving as treasurer of Damascus Commandry of the Knights Templar, and belonged to several clubs including the Seminole Club, Florida Yacht Club, Florida Country Club, and the Benevolent and Protective Order of Elks.
Retirement
After an extensive tenure spanning 75 years on the Barnett Bank board, Barnett retired in 1952 at the age of 94 and was honored with the title of honorary chairman. Despite stepping down, he remained engaged by reviewing the bank’s daily reports each evening until his passing. He died in 1958 at the age of 101.
Family Papers
In 2019, Madeleine L'Engle, Barnett’s granddaughter and acclaimed author, donated the Barnett/Camp/Franklin family archives to the Sophia Smith Collection at Smith College. This collection encompasses 43 linear feet of documents including personal correspondence among family members and materials related to the history, assets, and legal matters of Barnett Bank. These records offer significant perspectives on the family's enduring business heritage.
References
External links
- Madeleine L'Engle papers at the Sophia Smith Collection, Smith College