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| From Vernon Peeples Photograph Collection |
The Punta Gorda Bank, Punta Gorda’s first true local bank
was chartered 120 years ago in 1899, an outgrowth of an earlier branch bank of
the State Bank of Fort Meade, opened in 1894 (see sketch below of building destroyed in
1905 fire). Actually, Punta Gorda had
another branch bank even earlier in 1889, a branch of the Polk City Bank
managed by S.P. Hinckley (the Hinckley-Harvey house still stands on Retta
Esplanade).
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| From Vernon Peeples, Punta Gorda and Charlotte Harbor Area. |
The 1899 bank opened its doors at the northwest corner of Marion
and Cross Street (now 41 south). Perry W. McAdow, a wealthy owner of goldmines
in Montana, had just relocated in Punta Gorda and needed a bank. He constructed the one-story building and
helped recapitalize the original Fort Meade branch bank, becoming the first
President of the Punta Gorda local bank.
The building housed the bank on the corner with Earnest Dry Goods, the
Punta Gorda Trading Company and a community social hall comprising the rest of
the space. A Charlotte County Historical Marker noting
where the bank was located can be seen on 41 South before reaching Marion
Avenue on the west side of the street.
In 1917 the bank’s assets were turned over to form the Punta
Gorda State Bank with the wealthy cattleman, W. Luther Koon, as its first
President. Originally operating in a leased building at Olympia and Nesbitt, it
moved to a new building on the southwest corner of Marion and what is now North
41 in 1921.
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| Punta Gorda State Bank in 1931 during Barron Collier Bridge Opening Celebration. From V. Peeples Collection. |
The stock market crash of 1929 hit the banking business in
Punta Gorda hard. The Punta Gorda State
Bank was the only one to survive it, according to legend, by a suitcase full of
cash brought to the bank by Barron Collier.
The bank continued to grow through acquisition, and then in 1960
was reorganized as First National Bank of Punta Gorda1. At that time a one-story building was built
on the corner of Olympia and Nesbitt to house the growing business. In 1975, the building was remodeled and a four-
story building was added, to become the tallest business building in the
City. It reorganized and was renamed several times after that (First
Florida Bank, Barnett Bank, Nations Bank) until in 1999 when it was merged into
and began operations as Bank of America in Punta Gorda.
1 The original First National Bank of Punta Gorda
was the name of the Merchants Bank after it was federalized in 1914. That bank went under during the
Depression. Its building though still
stands on Marion Avenue and in write-ups recording it is often referred to as
the “Old” First National Bank of Punta Gorda to distinguish it from the renamed
Punta Gorda State Bank.
2 The long winding history of this bank is very
confusing especially given the reuse of names.
While we believe what is presented to be the accurate course of this
business based on extensive research, we welcome corrections.
Sources include:
Peeples,
Vernon, Punta Gorda and Charlotte Harbor Area, 1986.
Punta Gorda in
the Beginning, 1965-1900, 2012.
Williams,
Lindsey, Our Fascinating Past, 1996.
Rhode,
Byron, Punta Gorda Remembered, 1988.
Punta Gorda Herald,
articles 1890-1900 in Vernon Peeples Collection.
Fort Myers
Newspress, Jan. 1, 1981.
Historical
Market Charlotte County, Punta Gorda Bank.
USbanklocations.com
Sanborn Map,
Punta Gorda, 1914.
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