Florida National Bank Opens in 1931
The Florida National Bank & Trust, owned by Alfred I Dupont, opened at 118 East Flagler Street in downtown Miami on Monday, August 17, 1931, in the former location of City National Bank.
The Florida National Bank & Trust, headquartered in Jacksonville Florida and headed by Alfred I du Pont, formally opened their Miami branch on Monday, August 17, 1930, at 118 East Flagler Street in downtown Miami. Du Pont’s bank took over the assets and location of City National Bank of Miami, which was backed by retailer J.C. Penney and had operated out of the Flagler Street edifice from 1926 until December 1930, when it abruptly closed due to insolvency.
The Florida National Bank branch location expanded to Miami under the stewardship of Benjamin S. Weathers, president of the new branch location. The bank opened with paid-in capital of $400,000 and a surplus of $100,000, which was an important disclosure considering the concern Miami depositors had following their experience with most of the city’s banks following the stock market crash in 1929.
The board of directors issued a statement to reassure residents that they were opening on sound financial footing during a very difficult time as 1931 was considered the worst year of the Great Depression:
“It is our purpose to give Miami a bank operated in accordance with the soundest bank principles, administered by friendly and experienced officers. The bank will offer a complete, courteous service to individuals, business houses and the community at large. We believe we are in a position to assist materially in development of Miami and surrounding territory, and we hope to form an integral part of the progressive growth of which we know this community is assured.”
Benjamin Weathers went on to say that:
“I have long admired Miami’s spirit of progress and enthusiasm and look forward to my association with the life of this community. South Florida has unlimited possibilities for development through its strategic location and matchless soil and climate. I sincerely believe that Miami faces a new era of development and prosperity.”
The Miami branch of the Florida National Bank was the sixth bank in Florida to be established or come under control of the du Pont interests. After moving to north Florida in the mid-1920s, du Pont, who made his money as a principal of a variety of manufacturing enterprises, purchased an interest in the Florida National Bank in 1929 when he invested $15 million to quell the panic run on the bank after the stock market crash.
By the end of the business day on August 17th, Florida National opened new accounts that totaled over $1.1 million in deposits. Weathers announced that “this figure is said to be at least a half a million dollars more than any other Florida bank received on its opening day.” What facilitated the opening of so many new accounts was the liquidation of the Third National Bank which began shortly before the commencement of Florida National Bank.
Florida National Bank operated out of the office building at 118 East Flagler until they purchased the property at 168 East Flagler Street, which was the location of the Halcyon Hall Hotel. After razing the hotel building, the bank constructed the Alfred I. du Pont edifice which opened on October 23, 1939. As part of the opening of the du Point building, the bank vacated 118 East Flagler Street which still stands today. Although the exterior façade of the building looks very different than it did in the 1930s, the structure remains in the heart of downtown Miami.
Resources:
Miami News: “Doors of New Bank to Open Here Monday”, August 16, 1931
Miami Herald: “New Dupont Bank Opening Here Monday”, August 16, 1931.
Miami News: “Depositors Throng New Florida National Bank”, August 17, 1931.
Miami Herald: “New National Bank Opens Doors Today”, August 17, 1931.
Miami News: “New Bank Accounts Total $1,125,000”, August 18, 1931.