Valley National Bank of Arizona
Valley National Bank branch in Safford in the 1950s, prominently showing the bank's longtime octagonal logo
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| Industry | Banking |
|---|---|
| Fate | Acquired by Bank One |
| Successor | Bank One |
| Founded | January 16, 1900 in Solomonville, Arizona as Gila Valley Bank |
| Defunct | March 31, 1992 |
| Headquarters | Valley Center (now Chase Tower), Phoenix, Arizona United States |
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Key people
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Walter Bimson, chairman (1933-1970) |
| Products | Financial services |
| Subsidiaries |
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Valley National Bank of Arizona was a bank based in Phoenix, Arizona, founded in 1900 and acquired by Bank One in 1992. The bank was one of Arizona's leading financial institutions during the 20th century and the last major independent bank in Arizona at the time of its acquisition.
The history of Valley National Bank can be traced back to the establishment of the Gila Valley Bank in Solomonville, Arizona, in Graham County, on January 16, 1900. The primary shareholder of the Gila Valley Bank was town founder Isadore Solomon, who established the town to support the area's copper mines. The bank was well-positioned to contribute to nearby communities in Arizona's copper mining country, such as Safford, Morenci and Clifton.
The Valley Bank, another predecessor to Valley National Bank, was a Phoenix-based institution that primarily served agricultural businesses. In 1914, overlending left Valley Bank short on capital, and fearing a run on the bank, shareholders closed the bank in November. They turned to Gila Valley Bank, asking that institution to assist Valley Bank; Gila Valley purchased some Valley Bank assets, and in 1922, the two combined into the Valley Bank of Arizona, later named The Valley Bank and Trust Company. The bank continued to grow by mergers; upon its 1935 merger with Consolidated National Bank of Tucson, the institution became known as Valley National Bank of Arizona.
In 1932, Valley Bank built a headquarters for the expanding company in conjunction with the Maricopa County Medical Society, the Professional Building. In 1939, Valley Bank took over the entire building; from 1958 to 1972, a large rotating Valley National Bank neon sign adorned the structure.
The Great Depression hurt Valley Bank severely. In 1933, many banks nationwide were closing their doors. Meanwhile, Walter Bimson, the son of a blacksmith who had studied economics and was working at Harris Trust and Savings Bank in Chicago, traveled to the Southwest and was impressed with the region. In that year, Valley Bank hired Bimson as its president.
Bimson's banking policy broke with conventional wisdom. Amidst the depression, he instructed bank personnel to continue lending, believing that adequate funds existed in the communities but that lending would be the spark needed to restart the economy. These policies began to put Valley Bank at the forefront. Within a year after coming to Arizona, Valley Bank was the first in Arizona to become a member of the Federal Deposit Insurance Corporation, and it was one of the first to provide government-guaranteed home loans; in 1936, one Miami, Arizona furniture company credited the government's FHA programs and Valley National Bank for a 60% increase in business.
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