Valley National Bank of Arizona
| Company type | Private |
|---|---|
| Industry | Banking, Financial services |
| Founded | January 16, 1900 in Solomonville, Arizona, United States |
| Fate | Acquired by Bank One in 1992 |
| Headquarters | Phoenix, Arizona , United States |
Key people | Charles E. Mills (president until 1929), Walter Bimson (president 1933–1952, chairman until 1970) |
| Products | Banking services, credit cards, home financing programs |
Number of employees | Not specified |
| Parent | Valley National Corporation (from 1981 until acquisition) |
Valley National Bank of Arizona, established in Phoenix in 1900, was a prominent financial institution in Arizona until its acquisition by Bank One in 1992. At the time of purchase, it stood as the state's last significant independent bank.
Origins and Initial Growth
The roots of Valley National Bank trace back to the Gila Valley Bank, founded on January 16, 1900, in Solomonville, Arizona. This bank primarily catered to the copper mining communities of Safford, Morenci, and Clifton. By 1908, Charles E. Mills had assumed the presidency and became the majority stakeholder.
Valley Bank, headquartered in Phoenix, focused mainly on serving agricultural enterprises but encountered capital challenges in 1914. To avert failure, Gila Valley Bank acquired certain assets from Valley Bank, culminating in a formal merger in 1922 under the name Valley Bank of Arizona, with Mills leading until 1929. The institution was later renamed The Valley Bank and Trust Company and expanded through mergers, including the 1935 union with Consolidated National Bank of Tucson, which resulted in the formation of Valley National Bank of Arizona.
In 1932, the bank established its headquarters within Phoenix’s Professional Building. By 1939, it occupied the entire structure, which prominently displayed a rotating neon sign from 1958 through 1972.
Impact of the Great Depression and Leadership of Walter Bimson
The Great Depression deeply affected Valley Bank. In 1933, during widespread bank failures, Walter Bimson—an original founder figure with an economics background from Harris Trust and Savings Bank in Chicago—was appointed president.
Bimson adopted an assertive approach by directing employees to maintain lending activities despite the economic crisis, confident that local capital could drive recovery. Under his guidance, Valley Bank became Arizona’s first institution to join the Federal Deposit Insurance Corporation and an early adopter of government-backed home financing programs. By 1936, local enterprises attributed substantial growth to both Valley National Bank and Federal Housing Administration initiatives. Bimson steered the bank’s financial recovery and expansion as president until 1952 and continued as chairman until 1970.
Expansion After World War II
In response to Arizona’s postwar economic surge, Valley National Bank undertook extensive growth throughout Phoenix’s metropolitan region and statewide. In 1961, Senator Barry Goldwater remarked that the bank’s development "mirrors Arizona’s rapid advancement," underscoring its market significance.
The bank erected the Valley Center in 1972—the tallest building in Arizona at that time. By 1981, it celebrated opening its 200th branch in Solomonville, where it was originally founded. Valley National Bank led several banking innovations: it became Arizona’s first credit card issuer in 1965 and launched direct Social Security deposit services in 1973—a program later adopted nationally. The bank also introduced drive-in branches and photo identification issuance, enhancing its service offerings and competitive positioning.
Interstate Expansion Efforts
The late-1980s savings and loan crisis inflicted heavy losses on Valley National, including a $149 million deficit in 1989. The bank rebounded with profits of $7.5 million in 1990 and $34.6 million in 1991.
To support expansion beyond Arizona borders, Valley National Bank reorganized into a holding company named Valley National Corporation on July 1, 1981.
Early interstate growth involved acquiring California Valley Bank in Fresno and Valley Utah Bancorp based in Salt Lake City during 1987. At that point, Valley National operated around 250 branches within Arizona while Valley Utah maintained 35 branches. Both banks preserved their existing names following acquisition.
By 1988, difficulties stemming from problematic foreign loans forced Valley National to suspend further interstate growth. Facing severe liquidity constraints, the company contemplated divesting out-of-state assets in 1990 and shuttering underperforming branches to cut expenses. Nevertheless, improvements in the real estate market led Valley National to retain these subsidiaries by early 1991.
Bank One Arizona
On April 14, 1992, Valley National Corp. combined with Bank One through a $1.2 billion stock transaction, forming the nation's eighth-largest banking entity. At that moment, Valley National operated 206 branches throughout Arizona, 35 in Utah under the name Valley Bank and Trust Company of Utah, and seven in California as California Valley Bank, managing assets totaling $11 billion. The merger was completed on March 31, 1993, resulting in Valley National Corp. being renamed Banc One Arizona and Valley Utah Bancorp becoming Banc One Utah. Consequently, Valley National Bank transitioned to Bank One Arizona, Valley Bank and Trust became Bank One Utah, and California Valley Bank was rebranded as Bank One Fresno. Within two years of the merger, Banc One withdrew from the California market by divesting Bank One Fresno to ValliCorp Holdings.
In May 1994, Banc One Corporation further increased its presence in Arizona by purchasing 58 out of 60 branches of the failed Great American Bank from the Resolution Trust Corporation for $49.36 million. These acquired branches were incorporated into the Banc One Arizona holding company and merged into Bank One Arizona.
Several former Valley National Bank sites, including the Valley Center (now known as Chase Tower), continue to be occupied by Bank One's successor, Chase.
Historic buildings
Four buildings originally belonging to Valley National Bank are recognized on the National Register of Historic Places in Arizona:
- The Gila Valley Bank and Trust Building located in Globe, erected in 1909
- The Valley National Bank Building in Tucson, completed in 1929 for Consolidated National Bank of Tucson and noted as the city's oldest skyscraper
- The Professional Building in Phoenix, which housed The Valley Bank and Trust/Valley National Bank from 1932 until 1972
- The Casa Grande branch, constructed in 1950
Art
Prior to its acquisition in 1992, Valley National Bank maintained a significant art collection showcased throughout its offices and branch locations. By that time, this collection encompassed roughly 3,500 artworks displayed on every floor of Valley Center—including the Walter Reed Bimson Gallery of Art—as well as across all branches. The bank employed a professional art curator responsible for overseeing this collection. After the takeover by Bank One, many pieces were either sold or transferred to museums, private collectors, and JPMorgan Chase’s headquarters in Manhattan. This extensive art collection served as a distinctive corporate asset that enhanced the bank’s cultural identity before its absorption into larger banking institutions.