Bion Barnett
| Bion Barnett | |
|---|---|
 |
|
| Born |
Bion Hall Barnett October 7, 1857 Hiawatha, Kansas |
| Died | October 30, 1958 (aged 101) Jacksonville, Florida |
| Nationality | United States |
| Education | University of Kansas |
| Occupation | Banker |
| Known for | Co-founder, President and Chairman of Barnett Bank |
Bion Hall Barnett (October 7, 1857 – October 30, 1958) was an American banker. In 1877 he co-founded Barnett Bank, known as "Florida's Bank", the largest in the U.S. state of Florida at the time of its acquisition by NationsBank in 1997.
He was born in Hiawatha, Kansas, the son of William Boyd Barnett and the former Sarah Jane Blue. His father was a merchant and a banker in northeast Kansas.
Bion was the younger of two children who lived to adulthood. His older brother Will was five years older than he, and moved from Kansas to Jacksonville, Florida to start a furniture business in 1874, just as Bion enrolled at the University of Kansas. Will spoke highly of Florida's moderate winter, so the following year, his parents journeyed to Jacksonville to visit their oldest son. Sarah Barnett suffered from neuralgia, but her health improved during their time in Florida, so the Barnetts returned to Kansas, liquidated their assets, and relocated to Jacksonville in March 1877. Bion, who was a college senior, withdrew from school to join his parents three months before graduation.
On May 7, 1877, Barnett opened the Bank of Jacksonville on the corner of Main and Forsyth with $43,000 in capital. William was president, Bion acted as bookkeeper, and one other person was hired as teller/clerk. Most Florida banks at the time were private and unregulated. In spite of being a newcomer and a Yankee, Barnett and the new institution slowly gained the people's trust, but at the end of their first year, and deposits only amounted to $11,000. Undeterred, William invited Bion to be partner.
A conversation between Bion Barnett and Henry L’Engle changed the bank's fortunes. L'Engle, the Duval County Tax Collector, was annoyed because the bank holding the county's funds charged $6.25 for each transfer to New York City banks. Bion offered to waive the fee if Duval County deposited their funds in the Bank of Jacksonville. L'Engle agreed, and the BoJ began to prosper. Within a year, L'Engle was appointed Treasurer for the State of Florida, and the state's accounts were transferred to BoJ. Within a few years, operating capital exceeded $150,000, and in 1888, the Barnetts applied for and received a National Charter, pursuant to the National Bank Act. This allowed them to become the National Bank of Jacksonville. The institution's deposits exceeded $1 million in 1893. Florida's first Burroughs Adding Machine was installed at the bank during this time.
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