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Barnett National Bank of Jacksonville (Jacksonville, Fla.)
Title, Dates:
Associated companies records, 1901-1945.
Amount:
8.00 v. 0.25 cubic ft.
Medium Included:
Organization/Arrangement:
Alphabetical by names of associated companies, then chronological by year.
Restrictions:
Terms Governing Use:
Biographical/Historical:
William B. Barnett moved to Jacksonville in 1877 and invested $43,000 to start Jacksonville's fifth financial institution, The Bank of Jacksonville. It opened on May 7, 1877 with three staff members: William B. Barnett, his son Bion Barnett, and a clerk. After several years of steady growth, the bank received a national charter in 1888 and its name changed to The National Bank of Jacksonville. In 1908, Bion Barnett, who succeeded his father in 1903, reorganized the bank as the Barnett National Bank of Jacksonville.
The economy of the nation was in recession when the First World War started in 1914 and Barnett National Bank of Jacksonville struggled with stagnant revenues and rising expenses due to the slow paying or defaulted loans to naval stores, lumber, and other businesses. In 1918, Bion Barnett reorganized management and charged off large numbers of defaulted loans and then established a separate company (not subject to the scrutiny of bank regulators) to which he sold the remaining problem loans, together with real estate properties and company stocks taken from delinquent borrowers. He returned the bank to profitability and increased its quarterly dividends. By 1930, Barnett Banks formed a bank holding company, Barnett National Securities Corporation, and expanded services through affiliate banks to DeLand, St. Augustine, Cocoa, Avon Park, and Ft. Lauderdale.
From 1900 to the 1940s, Barnett Bank formed some associated companies to perform functions that a regular bank could not do as prohibited by law. These companies included Assurance Investment Company, 1919 to 1926, which later became Barnett National Company, 1926 to 1945; Barnett Land Company, 1901 to 1942; Bimado Corporation, 1930 to 1945; Country Club Land Corporation, 1935 to 1944; Deep Water Land Company, 1928 to 1942; and Highway Investment Company, 1929 to 1937. The primary purpose of these companies was to do business in real estate.
Summary:
This collection contains minute books and ledgers of the Barnett Bank's associated companies established to perform functions that banking institutions could not legally perform. The minute books include certificates of incorporation, minutes of directors' and shareholders' meetings, and statements of receipts and reimbursements. The ledgers list cash, organization expenses, dividends, interests, insurance, commissions, bonds and mortgages, real estate, mortgage receivable, profit and loss, and balance sheets.
Finding Aids:
Folder listing available. 0
Additional Physical Form:
Reproduction Note:
Location of Originals/Duplicates:
Associated Materials:
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Ownership/Custodial History:
Publication Note:
General Note:
This collection was arranged and described from materials obtained from Barnett Banks, Inc. when the Barnett Bank records were transferred to the Florida State Archives between 1999 and 2002.
Electronic Records Access:
Subject Access Fields:
Barnett, Bion, 1857-1958
Assurance Investment Company Barnett Land Company Barnett National Company Bimado Corporation Country Club Land Corporation Deep Water Land Company Highway Investment Company
Banks and banking History Florida. Real estate business Florida
Minutes. aat Ledgers
Added Entries
Barnett National Bank of Jacksonville (Jacksonville, Fla.)
for detailed listing.