Good Day to all! Did you know financial services offered by Bank of America, until Hurricane Ian, at its East Olympia Avenue and Nesbit Street location had their beginnings with Punta Gorda’s first locally owned bank?
In late 1889, the city’s first “official” bank opened, operating from an office in West Marion Avenue’s “100 block” from the back of Hotel Punta Gorda. Actually, a branch of the Polk County Bank, 73 miles away in Bartow, it was managed by S. P. Hinckley, who’s primary livelihood was as a wholesale merchant and owner of the schooner Lizzie M. Eels, which made regular “runs” between Punta Gorda and Mobile, Alabama.
Apparently, the bank intended to construct a permanent building at some point as lots were purchased in February 1890 at the corner of West Olympia Avenue and Taylor Street, today the site of Charlotte County’s historic courthouse. However, that never occurred and a portion of the parcel was sold to Fort Ogden cattleman Ziba King in October 1893.
He owned adjoining property at the now vacant southeast corner of West Marion and Taylor. There, King built a two-story frame building and leased it to the newly formed Punta Gorda Bank, of which he was president. Banking operations occurred on the first floor and John Farrington, bank cashier, occupied the second floor with his family. In reality a branch of the First State Bank of Fort Meade, 64 miles up the Peace River, it was said to be the only bank on Florida’s west coast until you reached Key West.
In late 1896, Perry McAdow, a wealthy Montana miner, arrived for the winter season with his wife Marian and never left. With a considerable fortune to protect, and invest, in 1897 he purchased a controlling interest in the Punta Gorda Bank. That same year, McAdow bought land at the now vacant northwest corner of West Marion and Cross Street (U. S. 41 south) and built his banking headquarters. An historic marker designates the site. The bank received its state charter in 1899 with McAdow as president and Farrington vice-president. Capitalized at $15,000, McAdow owned 100 of the 150 shares outstanding.
Competition arrived in April 1912 when the Merchants Bank opened in a building at 133 West Marion, still standing today. Finally, a location where the building still stands! Wholesale fish dealer Edwin W. Smith was president. In 1919, the bank received its federal charter and took the name First National Bank of Punta Gorda. More on Punta Gorda’s early banks in my next column.
Visit Charlotte County’s website to view photographs of the banks and folks mentioned. Select “Community Services”, then “Libraries and History”. Click on “Physical Items”, then “Archive Search”. Enter the subject of your search on the “Search” line.
“Did You Know” appears, typically, every other Wednesday, courtesy of this newspaper and the Charlotte County Historical Society. The Society’s mission is to help promote and preserve Charlotte County’s rich history. We are also always looking for volunteers and interested individuals to serve as board members. If you believe our area’s history is as important as we do, please visit Charlotte County Historical Society on-line at https://cchistoricalsociety.com/, or call 941- 769-1270 for more information
Check out History Services’ yearlong project, “Telling Your Stories: History in the Parks”. It began in January 2021 with placement of the first interpretive sign “Charlotte Harbor Spa” at South County Regional Park. The last was dedicated December 15, 2021 at Centennial Park featuring Florida postcards. All dedicated signs can be viewed at online library resources. Select “Programs and Services”, then “History Services” and “Virtual Programs”.
Visit the same site to access recently released oral histories featuring 40 local folks. Select “History Services” and scroll down, or phone 941-629-7278, to find out what history related programs and videos are available.
September 17 column
