Boatmen's Bancshares
Encyclopedia
Boatmen's Bancshares Inc. was one of the 30 largest bank holding companies in the United States when it was acquired by NationsBank
in 1996.
The company, founded in St. Louis, Missouri
in 1847, claimed to be the oldest bank west of the Mississippi River
at the time of its acquisition.
The bank was founded by George Knight Budd whose family had a fortune on the East Coast. He was to serve as St. Louis councilman and arranged for the purchase of the land that now forms the municipal building complex including the St. Louis City Hall.
According to company legend, Budd started Boatmen's Savings Institution to help the working class; many of whom worked on riverboats on the Mississippi.
The bank received its state charter on February 16, 1847 and offered 3 percent interest on deposits and invested the first $1,000 in a city bond that paid 6 percent.
Its early history was marked by deadly city-wide disasters in 1849 of a cholera
outbreak that killed more than 1,000 and the Great St. Louis Fire of 1849 of May 17-18 that destroyed 23 steamers and at least 430 buildings.
Compounding the bank's problems was the April 5, 1854, robbery in which the bank's secretary Joseph Thornton was implicated because the vault had been opened at night with a bank key. Testifying against him was Joseph Charless, president of the Bank of Missouri
, who had received for deposit water and mud-soaked notes from Thornton. Thornton was acquitted but was to shoot and kill Charless on the street afterwards. Thornton was then lynched.
According to company legend, a run on the bank in 1855 was halted when a madame from a bordello deposited $4,500 in gold.
It became Boatmen's Saving Bank in 1873, Boatmen's Bank in 1890, and Boatmen's National Bank of St. Louis in 1926 when it became a national bank. It remained a local bank until 1969 with the formation of Boatmen's Bancshares and began an acquisition of banks throughout the region including CharterCorp of Kansas City, Missouri
and General Bancshares.
In the 1980s, it became the largest bank in Missouri with the acquisition of Centerre Bancorporation. In 1981, it moved its headquarters to the 31-story Boatmen's Bank Building
in Downtown St. Louis
.
William H.T. Bush
, younger brother of President George H.W. Bush, was president of the bank from 1978 to 1986.
In 1995 it had $33.4 billion in assets and in 1994 had a net income of $355 million. It had 17,863 employees. That year, it acquired Fourth Financial Corporation
.
In 1996, it was purchased by NationsBank
for $9.6 billion. NationsBank, in turn, became Bank of America
NationsBank
NationsBank was one of the largest banking corporations in the United States, based in Charlotte, North Carolina. In 1998, it acquired BankAmerica to become Bank of America.-Corporate history:...
in 1996.
The company, founded in St. Louis, Missouri
St. Louis, Missouri
St. Louis is an independent city on the eastern border of Missouri, United States. With a population of 319,294, it was the 58th-largest U.S. city at the 2010 U.S. Census. The Greater St...
in 1847, claimed to be the oldest bank west of the Mississippi River
Mississippi River
The Mississippi River is the largest river system in North America. Flowing entirely in the United States, this river rises in western Minnesota and meanders slowly southwards for to the Mississippi River Delta at the Gulf of Mexico. With its many tributaries, the Mississippi's watershed drains...
at the time of its acquisition.
The bank was founded by George Knight Budd whose family had a fortune on the East Coast. He was to serve as St. Louis councilman and arranged for the purchase of the land that now forms the municipal building complex including the St. Louis City Hall.
According to company legend, Budd started Boatmen's Savings Institution to help the working class; many of whom worked on riverboats on the Mississippi.
The bank received its state charter on February 16, 1847 and offered 3 percent interest on deposits and invested the first $1,000 in a city bond that paid 6 percent.
Its early history was marked by deadly city-wide disasters in 1849 of a cholera
Cholera
Cholera is an infection of the small intestine that is caused by the bacterium Vibrio cholerae. The main symptoms are profuse watery diarrhea and vomiting. Transmission occurs primarily by drinking or eating water or food that has been contaminated by the diarrhea of an infected person or the feces...
outbreak that killed more than 1,000 and the Great St. Louis Fire of 1849 of May 17-18 that destroyed 23 steamers and at least 430 buildings.
Compounding the bank's problems was the April 5, 1854, robbery in which the bank's secretary Joseph Thornton was implicated because the vault had been opened at night with a bank key. Testifying against him was Joseph Charless, president of the Bank of Missouri
Bank of Missouri
The Bank of Missouri began as The Bank of Perryville which received a state charter on November 2, 1891.From 1891 until 1902, The Bank of Perryville served as the only bank in Perry County, Missouri....
, who had received for deposit water and mud-soaked notes from Thornton. Thornton was acquitted but was to shoot and kill Charless on the street afterwards. Thornton was then lynched.
According to company legend, a run on the bank in 1855 was halted when a madame from a bordello deposited $4,500 in gold.
It became Boatmen's Saving Bank in 1873, Boatmen's Bank in 1890, and Boatmen's National Bank of St. Louis in 1926 when it became a national bank. It remained a local bank until 1969 with the formation of Boatmen's Bancshares and began an acquisition of banks throughout the region including CharterCorp of Kansas City, Missouri
Kansas City, Missouri
Kansas City, Missouri is the largest city in the U.S. state of Missouri and is the anchor city of the Kansas City Metropolitan Area, the second largest metropolitan area in Missouri. It encompasses in parts of Jackson, Clay, Cass, and Platte counties...
and General Bancshares.
In the 1980s, it became the largest bank in Missouri with the acquisition of Centerre Bancorporation. In 1981, it moved its headquarters to the 31-story Boatmen's Bank Building
Bank of America Plaza (St. Louis)
The Bank of America Plaza is an award-winning skyscraper located in Downtown St. Louis, Missouri. Formerly Boatmen's Bancshares of St. Louis and First National Bank, the tower is 384 ft tall and has 31 floors. Built in 1982, it comprises , and has a view of the downtown skyline. It is the fourth...
in Downtown St. Louis
Downtown St. Louis
Downtown St. Louis is the central business district of St. Louis, Missouri, the hub of tourism and entertainment, and the anchor of the St. Louis metropolitan area. The downtown is bounded by Cole Street to the north, the river front to the east, Chouteau Avenue to the south, and Jefferson Avenue...
.
William H.T. Bush
William H.T. Bush
William Henry Trotter "Bucky" Bush is the youngest son of Prescott Sheldon Bush and Dorothy Walker Bush, the younger brother of former President George H.W. Bush, and the uncle of former President George W...
, younger brother of President George H.W. Bush, was president of the bank from 1978 to 1986.
In 1995 it had $33.4 billion in assets and in 1994 had a net income of $355 million. It had 17,863 employees. That year, it acquired Fourth Financial Corporation
Fourth Financial Corporation
Fourth Financial Corporation was a Wichita, Kansas bank holding company that was the largest and one of the oldest banks in Kansas as well as a dominant bank in Oklahoma when it was bought by Boatmen's Bancshares for $1.2 billion in stock in 1995....
.
In 1996, it was purchased by NationsBank
NationsBank
NationsBank was one of the largest banking corporations in the United States, based in Charlotte, North Carolina. In 1998, it acquired BankAmerica to become Bank of America.-Corporate history:...
for $9.6 billion. NationsBank, in turn, became Bank of America
Bank of America
Bank of America Corporation, an American multinational banking and financial services corporation, is the second largest bank holding company in the United States by assets, and the fourth largest bank in the U.S. by market capitalization. The bank is headquartered in Charlotte, North Carolina...