Atlantic National Bank
Encyclopedia
The Atlantic National Bank was an American bank
based in Jacksonville, Florida
. It existed from 1903 until 1985, when it merged into First Union (which was subsequently acquired by Wachovia
and then Wells Fargo
.) The company constructed two significant buildings in Downtown Jacksonville: 121 Atlantic Place
(formerly the Atlantic National Bank Building) and the Schultz Building (formerly the Atlantic National Bank Annex).
Thomas P. Denham, and Fred W. Hoyt, Atlantic National Bank was one of the most significant locally-based banking institutions that emerged at the time. As time passed the bank went national, and developed correspondent relationships with banks in other regions of the country, including Wells Fargo
in San Francisco.
The bank was initially based in the Dyal-Upchurch Building
in Downtown Jacksonville, but built its own building, the Atlantic National Bank Building (now 121 Atlantic Place) between 1908 and 1909. The building narrowly lost out in a race to become Jacksonville's first skyscraper
, but at 135 feet (41.1 m) in height, it was slightly taller than its competition, making it the tallest building in Florida at the time. By 1926 the bank had grown so much that it opened the Atlantic National Bank Annex
(now the Schultz Building) directly behind the main building. Both buildings are among the most historically significant in Jacksonville.
In 1961 Edward Lane, Jr., son of founder Edward Lane, was named president. In 1976 he became chairman of the holding company, and the bank grew to include assets of $3.9 billion. In 1985 Lane negotiated the merger of Atlantic National Bank with First Union of Charlotte, North Carolina
. First Union later merged into Wachovia
and subsequently into Wells Fargo
.
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
based in Jacksonville, Florida
Jacksonville, Florida
Jacksonville is the largest city in the U.S. state of Florida in terms of both population and land area, and the largest city by area in the contiguous United States. It is the county seat of Duval County, with which the city government consolidated in 1968...
. It existed from 1903 until 1985, when it merged into First Union (which was subsequently acquired by Wachovia
Wachovia
Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo in 2008, Wachovia was the fourth-largest bank holding company in the United States based on total assets...
and then Wells Fargo
Wells Fargo
Wells Fargo & Company is an American multinational diversified financial services company with operations around the world. Wells Fargo is the fourth largest bank in the U.S. by assets and the largest bank by market capitalization. Wells Fargo is the second largest bank in deposits, home...
.) The company constructed two significant buildings in Downtown Jacksonville: 121 Atlantic Place
121 Atlantic Place
121 Atlantic Place, formerly the Atlantic National Bank Building, is a historic skyscraper in Jacksonville, Florida. It was built in 1909 as the headquarters for the Atlantic National Bank, and is located at 121 West Forsyth Street...
(formerly the Atlantic National Bank Building) and the Schultz Building (formerly the Atlantic National Bank Annex).
History
Founded in 1903 by Edward W. Lane, railroad magnateAtlantic, Suwannee River and Gulf Railway
The Atlantic, Suwannee River and Gulf Railroad Company was incorporated under the general incorporation laws of Florida.Florida state law chapter 4267, approved May 24, 1893, incorporated the Atlantic, Suwannee River and Gulf Railway Company, owned by Comer L. Peek, F. L. Babbitt, Thomas P. Denham,...
Thomas P. Denham, and Fred W. Hoyt, Atlantic National Bank was one of the most significant locally-based banking institutions that emerged at the time. As time passed the bank went national, and developed correspondent relationships with banks in other regions of the country, including Wells Fargo
Wells Fargo
Wells Fargo & Company is an American multinational diversified financial services company with operations around the world. Wells Fargo is the fourth largest bank in the U.S. by assets and the largest bank by market capitalization. Wells Fargo is the second largest bank in deposits, home...
in San Francisco.
The bank was initially based in the Dyal-Upchurch Building
Dyal-Upchurch Building
The Dyal-Upchurch Building is a six-story, 43,747-square-foot historic building in Jacksonville, Florida. It is located at 4 East Bay Street, and was designed by architect Henry John Klutho. On April 17, 1980, it was added to the U.S...
in Downtown Jacksonville, but built its own building, the Atlantic National Bank Building (now 121 Atlantic Place) between 1908 and 1909. The building narrowly lost out in a race to become Jacksonville's first skyscraper
Skyscraper
A skyscraper is a tall, continuously habitable building of many stories, often designed for office and commercial use. There is no official definition or height above which a building may be classified as a skyscraper...
, but at 135 feet (41.1 m) in height, it was slightly taller than its competition, making it the tallest building in Florida at the time. By 1926 the bank had grown so much that it opened the Atlantic National Bank Annex
Atlantic National Bank Annex
The Schultz Building, formerly the Atlantic National Bank Annex, is a historic building in Jacksonville, Florida, United States. It was built between 1925 and 1926 for the Atlantic National Bank as an annex to the Atlantic National Bank Building, located immediately behind it. It stands at 118 West...
(now the Schultz Building) directly behind the main building. Both buildings are among the most historically significant in Jacksonville.
In 1961 Edward Lane, Jr., son of founder Edward Lane, was named president. In 1976 he became chairman of the holding company, and the bank grew to include assets of $3.9 billion. In 1985 Lane negotiated the merger of Atlantic National Bank with First Union of Charlotte, North Carolina
Charlotte, North Carolina
Charlotte is the largest city in the U.S. state of North Carolina and the seat of Mecklenburg County. In 2010, Charlotte's population according to the US Census Bureau was 731,424, making it the 17th largest city in the United States based on population. The Charlotte metropolitan area had a 2009...
. First Union later merged into Wachovia
Wachovia
Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo in 2008, Wachovia was the fourth-largest bank holding company in the United States based on total assets...
and subsequently into Wells Fargo
Wells Fargo
Wells Fargo & Company is an American multinational diversified financial services company with operations around the world. Wells Fargo is the fourth largest bank in the U.S. by assets and the largest bank by market capitalization. Wells Fargo is the second largest bank in deposits, home...
.