Florida National Bank
| File:Florida National Bank logo.png | |
| File:EdwardBallBuilding.jpg Edward Ball Building, formerly known as the Florida National Bank Building | |
| Company type | Bank |
|---|---|
| Predecessor | Mercantile Exchange Bank |
| Founded | 1905 |
| Founder | Samuel Hubbard |
| Defunct | 1990 |
| Fate | Acquired by First Union |
| Successor | Wells Fargo (via Wachovia and First Union) |
| Headquarters | |
Florida National Bank (FNB), established in 1905, ranked as the second largest commercial bank operating in Florida. In 1990, it was purchased by First Union Corporation, which later rebranded as Wachovia in 2001; subsequently, Wachovia was absorbed by Wells Fargo in 2008.
Founding and Growth
Following Jacksonville's devastating Great Fire of 1901, Samuel Hubbard's Mercantile Exchange Bank was transformed into Florida National Bank. During the mid-1920s, millionaire Alfred I. du Pont acquired a controlling stake in FNB, ultimately gaining full control amid the financial turmoil of the Great Depression in 1929. Du Pont injected $15 million to ensure the bank’s stability during the widespread banking crises of the 1930s. The institution expanded its footprint with six branches throughout Florida, including locations in Lakeland and Bartow; Alfred’s wife, Jessie Ball du Pont, also held a position on the board of directors. Upon Alfred’s passing in 1935, governance shifted to the du Pont Trust under the stewardship of Jessie’s brother, Ed Ball. Over the next twenty years, the bank grew through strategic acquisitions, forming the Florida National Group and emerging as one of Florida’s leading banking entities with a network of 185 branches, second only to Barnett Bank.
In 1961, Ed Ball commissioned construction of the Florida National Bank building located at 214 North Hogan Street in Jacksonville. This eleven-story edifice featured robust materials such as marble flooring and granite facades but deliberately excluded lavish executive amenities. The upper floors housed corporate offices while the main banking hall occupied the ground level. Ball maintained his personal office there to oversee operations of the du Pont Trust. After his death, this structure was renamed the Edward Ball Building.
Federal regulations compelled the du Pont Trust to divest its banking holdings once it lost exemption under the Bank Holding Company Act of 1956. Consequently, in 1971, the trust sold a 34.7% stake in FNB to Charter Company for $42 million while retaining a 24.9% share—below thresholds that would classify it as a holding company. Charter’s CEO, Raymond Mason, was a protégé of Ed Ball. Ball himself directly owned 6.4% of FNB shares and managed an additional 4.5% on behalf of his sister’s estate.
On July 9, 1973, the Federal Reserve Board ruled that the du Pont Trust continued to exert controlling influence over Florida National Bank. As a result, Ball was required to divest his remaining shares and step down as chairman. Despite this, through substantial ownership in Charter and close relations with Mason, Ball maintained indirect sway over the bank’s affairs.
Acquisition
In 1980, Southeast Banking Corporation (SBC) of Miami, recognized as Florida's largest bank holding entity, attempted to acquire FNB, but the proposal was declined by FNB's board. That same year, investors from Chile, Venezuela, Canada, and South Florida aimed to secure a 40% share in FNB; nonetheless, FNB restricted their combined ownership to 25%. By 1981, Florida National expressed willingness to be acquired by New York-based Chemical Banking Corporation once interstate banking regulations were eased. At the same time, Venezuelan company C.A. Cavendes Sociedad Financiera purchased nearly a quarter (24.99%) of FNB's common shares.
In February 1982, SBC initiated legal action to prevent the merger, citing violations of federal and state banking statutes; in response, FNB filed an antitrust lawsuit contending that SBC’s acquisition would diminish market competition. Early in 1983, SBC withdrew its takeover attempt after negotiating compensation that included 24 FNB branch locations, $5.7 million in cash, Miami real estate holdings, and additional assets.
Although the Federal Reserve sanctioned an updated merger agreement between FNB and Chemical Bank in 1984, interstate banking acquisitions still required state approval. Facing a legislative deadline in 1990 without such consent, Chemical Bank divested its 4.9% interest by selling shares to Charlotte-based First Union Corporation for $115 million. Subsequently, on March 7, 1989, First Union announced its intention to purchase the remaining shares of FNB in an $849 million deal finalized the following year.
Building Ownership/Use
In September 2004, Wachovia sold the Florida National Bank building at 214 North Hogan Street to First States Investors for $23.2 million.
The St. James Building was converted into Jacksonville’s City Hall in 1997 but proved insufficient for accommodating all municipal departments. To address space constraints, the City of Jacksonville acquired the property from First States Investors in February 2006 for $23 million. Situated less than two blocks from the main city hall, it was renamed the City Hall Annex and became home to the Building & Planning department. After undergoing renovations costing $1.3 million in 2012, additional city offices occupied the upper floors. The ground level hosts tenants such as VyStar Credit Union, Quiznos, and a coffee shop.
See also
- Jacksonville Bank, another financial institution headquartered in the same city