Day to all! Did you know the First National Bank of Punta Gorda established by Edwin W. Smith was just the first “First”? Perry McAdow’s Punta Gorda Bank had gotten competition in 1912 when Smith’s Merchants Bank began operations. Its name was changed to First National Bank of Punta Gorda in 1919. A few years after Smith opened his bank, with Perry McAdow ill, change was also underfoot at the Punta Gorda Bank.
In April 1917, it was recapitalized with a saddlebag of $20 gold coins from prominent cattleman W. Luther Koon. With Koon installed as president, and its state charter actually received 18 years earlier, the name became Punta Gorda State Bank. Albert Dewey, owner of the Charlotte Harbor Lighterage Company, was vice-president.
Initially, Punta Gorda State Bank’s operations were moved from the Cross Street (U. S. 41 south) and West Marion Avenue location, an historical marker notes the spot, to a concrete block building on the now vacant northeast corner of East Olympia and Nesbit. By 1921, they were moved to a new building, no longer standing, on the corner of King Street (U. S. 41 north), at 103 West Marion. Koon was a demanding banker requiring strong collateral and prompt repayment. In fact, talk around town was he would only loan money to folks who owned a cow.
In 1925, a second reorganization of Punta Gorda State Bank occurred when Baron G. Collier purchased a large interest in the bank, along with the Hotel Punta Gorda. The bank’s capital doubled to $50,000 and Collier became chairman of the board, with Koon staying as president. Marian McAdow remained, the only woman, as one of seven directors. Collier also made major renovations to the hotel, adding a fifth-floor ballroom and renaming it Hotel Charlotte Harbor.
That same year, Edwin W. Smith and other First National Bank of Punta Gorda investors opened a second bank, Fidelity Trust Company. It occupied prime corner space at West Marion and Taylor in the new Charlotte Bay Hotel, where the Sunloft Building is today.
Then, as many know, the stock market crash of 1929 led panic-stricken depositors to demand their accounts be closed and money returned, creating devastating “runs” on financial institutions across the country. Punta Gorda was not spared and of the city’s three banks, only Punta Gorda State Bank survived, the story goes, due to Collier’s fortuitous arrival with a suitcase full of cash.
Punta Gorda State Bank continued operating and reorganized in 1960 as the “second” First National Bank of Punta Gorda, moving to a new building at the corner of East Olympia and Nesbit, across the street from its location in 1917. In 1990, it reorganized again as First Florida Bank and in 1993 was acquired by the Barnett system. Until Hurricane Ian, banking services were offered at the same spot by Bank of America.
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.
October 1 column
