Dublin Core
Title
First National Bank
Subject
Downtown Businesses
Description
The First National Bank in downtown Florence had connections to one of the more powerful Northern transplants to the Florence area in founder, Nial C. Elting. Elting, one of the founding partners of the Cherry Cotton Mill in Sweetwater, was a financial power broker in the industrial boom in Florence. Elting spent many years in Florence, eventually becoming the president of twenty-four businesses. Elting was an ambitious entrepreneur investing in a multitude of businesses in Florence while accumulating a massive amount of wealth. He and his wife, Annie Van Sickler, did not have any children, thus they left almost all of their estate to the First Presbyterian Church of Florence where the two were devout members of the congregation.
When the First National Bank was founded in 1889, Elting partnered with Colonel Robert L. Bliss, who already owned a dry goods business, to form the First National Bank. Colonel Bliss was the first President of the bank; whereas, Nial C. Elting was the first cashier of the bank in 1889. When founded by Elting and Bliss, they had a capital stock of one hundred thousand dollars. Elting was an intelligent banker and did not make poor investments with the money he loaned out from the bank, because of his ability to judge proper character in loaning money from the bank, he was able to survive the economic depression of the 1890s in Florence.
The original home of the First National Bank was in the Bliss Building in downtown Florence on the corner of Court and Tennessee Street. Then, in 1919, First National Bank moved from the Bliss Building to the corner of Mobile and Court street after building a new bank site. The First National Bank remained at the 1919 location before branching out into the community with new satellite branches in the 1950s. By 1983, The First National Bank was renamed The First National Bank of Florence. In 1985, The First National Bank of Florence moved to the multi-story building located at 201 South Court Street. In 1995, The First National Bank of Florence was renamed SunTrust Bank, Alabama, and became an independent bank associated with the SunTrust Bank organization out of Atlanta, Georgia. By 2000, SunTrust bought the independent branch of SunTrust Bank, Alabama, and merged it into its national organization of banks, therefore ending the First National Bank as an independent entity in downtown Florence.
When the First National Bank was founded in 1889, Elting partnered with Colonel Robert L. Bliss, who already owned a dry goods business, to form the First National Bank. Colonel Bliss was the first President of the bank; whereas, Nial C. Elting was the first cashier of the bank in 1889. When founded by Elting and Bliss, they had a capital stock of one hundred thousand dollars. Elting was an intelligent banker and did not make poor investments with the money he loaned out from the bank, because of his ability to judge proper character in loaning money from the bank, he was able to survive the economic depression of the 1890s in Florence.
The original home of the First National Bank was in the Bliss Building in downtown Florence on the corner of Court and Tennessee Street. Then, in 1919, First National Bank moved from the Bliss Building to the corner of Mobile and Court street after building a new bank site. The First National Bank remained at the 1919 location before branching out into the community with new satellite branches in the 1950s. By 1983, The First National Bank was renamed The First National Bank of Florence. In 1985, The First National Bank of Florence moved to the multi-story building located at 201 South Court Street. In 1995, The First National Bank of Florence was renamed SunTrust Bank, Alabama, and became an independent bank associated with the SunTrust Bank organization out of Atlanta, Georgia. By 2000, SunTrust bought the independent branch of SunTrust Bank, Alabama, and merged it into its national organization of banks, therefore ending the First National Bank as an independent entity in downtown Florence.
Creator
M.C. Fesmire, University of North Alabama
Source
Text Sources:
McDonald, William Lindsey. "Remembering Sweetwater: The Mansions, The Mills, The People." photos by L.D. Staggs, Jr. Killen, Ala., Bluewater Publications, 2002.
“First National Bank Was Organized 1889.” The Florence Herald, 1968, 20, sesquicentennial edition.
“Florence As She Is.” The Florence Times, 1903.
“Florence Main Branch.” last updated January, 2000. National Information Center. http://www.ffiec.gov/nicpubweb/nicweb/InstitutionHistory.aspx?parID_RSSD=623137&parDT_END=99991231.
Picture Source:
UNA Archives & Special Collection. William L. McDonald Collection. “First National Bank.” Florence, Alabama, Box 12: Downtown Business, 12-53.
McDonald, William Lindsey. "Remembering Sweetwater: The Mansions, The Mills, The People." photos by L.D. Staggs, Jr. Killen, Ala., Bluewater Publications, 2002.
“First National Bank Was Organized 1889.” The Florence Herald, 1968, 20, sesquicentennial edition.
“Florence As She Is.” The Florence Times, 1903.
“Florence Main Branch.” last updated January, 2000. National Information Center. http://www.ffiec.gov/nicpubweb/nicweb/InstitutionHistory.aspx?parID_RSSD=623137&parDT_END=99991231.
Picture Source:
UNA Archives & Special Collection. William L. McDonald Collection. “First National Bank.” Florence, Alabama, Box 12: Downtown Business, 12-53.
Publisher
Alabama Cultural Resource Survey
Date
Late Nineteenth Century-Early Twenty-First Century
Format
Image