Barnett Bank
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Barnett Bank, founded in 1877, eventually became the largest commercial bank in Florida. It was purchased by NationsBank in 1997, but even before signs on Barnett's branches were changed, NationsBank merged with BankAmerica Corp. in 1998, creating Bank of America. Therefore, the green logo on Barnett properties, including its 42-story headquarters in Jacksonville, was changed to the pseudo-flag logo of Bank of America.
Barnett Bank was founded by Bion Barnett and his father, William Boyd Barnett. The bank survived various economic downturns and crises, including the Great Depression, ultimately emerging stronger. Its headquarters, built during the Roaring 20s, was for many years the tallest building in Jacksonville. When Barnett died in 1958, at the age of 101, Barnett Bank had come to be known as "Florida's Bank". The bank continued to grow with the acquisition of many more Florida banks over the next two decades.
However, Barnett Bank was slow to become involved in the rapidly-evolving interstate banking mergers of the 1970s and 80s. Though eventually Barnett did make some purchases of out-of-state banks, starting in Georgia, it did so without growing its own brand recognition. While technically, according to federal statute, one bank cannot own another bank in another state, they can both be owned by the same holding company. Barnett, like other banks, grew across state lines in this way. But unlike other such banks, Barnett did not change the names of its new holdings, keeping the Barnett name exclusively within Florida. Ultimately, this weakened the company's stock, as the perception lingered that Barnett was not a major player in the area of mergers and acquisitions.
Despite its slower than average growth, in 1987, the company announced plans to build a new corporate headquarters building in downtown Jacksonville. At 42 stories, the Barnett Tower would be the highest building in Jacksonville, and the second-tallest in Florida. The company moved into its new headquarters in 1993. In 1997, Barnett CEO Charles Rice, who had recently completed rehabilitation for alcoholism, offered the company up for sale. Charlotte-based NationsBank made the highest offer, and the deal was done. Rice, who had publicly stated more than a decade earlier that he would never sell Bion Barnett's bank to any of its competitors, received a position with the new entity as its number two executive. However, less than a year later, NationsBank was no more, due to the Bank of America merger, and Rice was forced to retire.
As of 2007, the reinforced concrete Barnett Tower (now, the Bank of America Tower) remains the tallest building in Jacksonville.
