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22-550: Construction began in 1960 and was completed the following year. It was intended as the new location for Florida National Bank which had outgrown its old facility (known as the Marble Bank) on the corner of Forsyth and Laura Streets. Edward Ball managed the Alfred I. duPont Testamentary Trust , which controlled the bank. The architects were Saxelbye & Powell; it was built by George A. Fuller Company of New York City . Ball dictated

44-486: A bank in another state. The law was implemented, in part, to regulate and control banks that had formed bank holding companies to own both banking and non-banking businesses. The law generally prohibited a bank holding company from engaging in most non-banking activities or acquiring voting securities of certain companies that are not banks. The interstate restrictions of the Bank Holding Company act were repealed by

66-546: A coffee shop. Bank Holding Company Act of 1956 The Bank Holding Company Act of 1956 ( 12 U.S.C.   § 1841 , et seq. ) is a United States Act of Congress that regulates the actions of bank holding companies . The original law (subsequently amended), specified that the Federal Reserve Board of Governors must approve the establishment of a bank holding company and that bank holding companies headquartered in one state are banned from acquiring

88-542: A coffee shop. Florida National Bank Florida National Bank (FNB), founded in 1905, was the second largest commercial bank in Florida . Florida National Group was acquired in 1990 by First Union Corporation , which was renamed Wachovia in 2001; Wachovia was subsequently acquired by Wells Fargo in 2008. Samuel Hubbard's Mercantile Exchange Bank eventually became Florida National Bank after Jacksonville's Great Fire of 1901 . Millionaire Alfred I. du Pont acquired

110-559: A major interest in the FNB shortly after moving to Jacksonville in the mid-1920s, but he was unable to gain control until the Great Depression struck in 1929. The FNB stayed solvent throughout the 1930s because du Pont put $ 15 million of his own money into the institution to cover Bank runs . During the early 1930s, six other Florida National Banks were opened throughout Florida, including Lakeland and Bartow; Alfred's wife, Jessie Ball du Pont

132-430: A revised merger plan between FNB and Chemical Bank in 1984. However, at the time, interstate banking acquisitions were prohibited by Federal law and required state legislative approval. With the 1990 deadline running out for its option to buy FNB and no sign of state legislative approval, Chemical Bank sold their 4.9% interest to First Union Corporation of Charlotte, North Carolina for $ 115 million. On March 7, 1989, it

154-522: A takeover bid in 1980, which the FNB board rejected. That same year, a group of foreign investors from Chile, Venezuela, Canada and south Florida sought 40% ownership and control of FNB. FNB filed suit in circuit court and the group was enjoined from acquiring more than 25% of the bank holding company's outstanding shares. However, Florida National revealed in 1981 that it was willing to permit acquisition by Chemical Banking Corporation of New York City after laws preventing interstate banking were lifted. At

176-559: Is common. Private equity firms, which solicit funds but are not classified as banks and, more importantly, are not backstopped by the Federal Deposit Insurance Corporation, may acquire large ownership positions in a number of non-bank corporations. That is not a problem since private equity firms are not banks. On September 23, 2016, the Federal Reserve Board of Governors (Board) issued a Notice of Proposed Rulemaking concerning whether to impose new restrictions on

198-579: The City of Jacksonville purchased the building from First States Investors in February, 2006 for $ 23 million. Less than two blocks from city hall, it was designated the City Hall Annex. The Building & Planning department relocated there. After a $ 1.3 million, 2012 renovation, additional city departments moved into the upper floors. Ground floor building tenants include a VyStar Credit Union , Quiznos and

220-582: The Riegle–Neal Interstate Banking and Branching Efficiency Act of 1994 (IBBEA). The IBBEA allowed interstate mergers between "adequately capitalized and managed banks, subject to concentration limits, state laws and Community Reinvestment Act (CRA) evaluations." In the United States , financial holding companies continue to be prohibited from owning non-financial corporations in contrast to Japan and continental Europe, where this arrangement

242-524: The Florida National Bank building at 214 North Hogan Street in Jacksonville in 1961. The structure was constructed using materials which would appreciate in value, such as marble floors and granite exteriors, but excluded items that Ball considered frills. There were no executive washrooms and no hot water faucets in the entire eleven story edifice. The corporate offices of the group were housed in

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264-475: The Florida National Bank building at 214 North Hogan Street to First States Investors in September, 2004 for $ 23,234,071. The St. James Building became Jacksonville's City Hall in 1997, but it was too small to accommodate all departments. Needing more room, the City of Jacksonville purchased the building from First States Investors in February, 2006 for $ 23 million. Less than two blocks from city hall, it

286-405: The building's specifications. The structure contains over 400,000 sq ft (37,000 m) and was constructed using materials which would appreciate in value, such as marble floors and granite exteriors, but excluded items that Ball considered frills. There were no executive washrooms and no hot water faucets in the entire eleven story edifice. The corporate offices of the group were housed in

308-473: The du Pont Trust with 24.9%, below the legal definition of a bank holding company. The CEO of Charter was Raymond Mason , a protégé of Ed Ball. Additionally, Ed Ball personally owned 6.4% of FNB and was executor of his sister's estate, which owned 4.5% of FNB. On July 9, 1973, the Federal Reserve Board issued a preliminary determination that the du Pont Trust had retained enough stock that would allow

330-503: The same time, C.A. Cavendes Sociedad Financiera, a Venezuelan investment company, announced that it had acquired 24.99 percent of the common stock of Florida National. In February, 1982, SBC sued to obtain an injunction against the merger in Federal court, citing contrary banking laws in both Federal and Florida codes. Florida National Bank countered with an antitrust suit against SBC. It was FNB's contention that if SBC were allowed to complete

352-405: The takeover, commercial banking competition would be unlawfully reduced. In early 1983, Southeast Banking Corporation dropped its takeover attempt and agreed to exchange their 1.73 million FNB shares for 24 FNB branch offices, $ 5.7M in cash, a downtown Miami real estate parcel and other assets. This was during the time when Charter was going through a bankruptcy. The Federal Reserve Board approved

374-421: The trust to continue to exert some control over the bank. Ball was forced to sell the trust's remaining shares and resign as chairman of FNB. However, the du Pont Trust owned a significant block of Charter stock, and the close personal relationship between Mason and Ball still allowed some indirect control. Miami -based Southeast Banking Corporation (SBC), Florida's largest bank holding company, targeted FNB with

396-488: The upper floors and the bank's principal location was on the ground floor. Ed Ball also kept his personal office there for managing the du Pont Trust. A six-story parking garage with 339 parking spaces was constructed in 1986, adjacent to the office building and accessed from Monroe Street. After Ball's death, the building and garage were renamed the Edward Ball Building and Ed Ball Parking Garage. Wachovia sold

418-630: The upper floors and the bank's principal location was on the ground floor. Ed Ball also kept his personal office there for managing the du Pont Trust. After Ball's death, the structure was renamed the Edward Ball Building . Congress forced the du Pont Trust to divest itself of banking interests when they withdrew the trust's 15-year exemption from the Bank Holding Company Act of 1956 . The trust sold 34.7% ownership in Florida National Banks to Charter Company in 1971 for $ 42M, leaving

440-426: Was designated the City Hall Annex. The Building & Planning Department relocated there. A $ 1.3 million, 2012 renovation affected 208,000-square-foot (19,300 m). The Municipal Code Compliance Division occupied the basement and first floors; Environmental and Compliance went to the 5th floor; Teach For America moved to the 6th floor. Ground floor building tenants included a VyStar Credit Union , Quiznos and

462-575: Was named a director of the bank. When Alfred du Pont died in 1935, the du Pont Trust, managed by Ed Ball , Jessie du Pont's brother, continued to control the bank. Growth continued with the acquisition of many more Florida banks over the next two decades and became known as the Florida National Group , which was one of the strongest banks in the state. In size, the branches eventually numbered 185, second only in Florida to Barnett Bank . Ball built

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484-423: Was revealed First Union would acquire the remainder of FNB. The transaction, valued at $ 849 million, was consummated the following year. Wachovia sold the Florida National Bank building at 214 North Hogan Street to First States Investors in September, 2004 for $ 23,234,071. The St. James Building became Jacksonville's City Hall in 1997, but it was too small to accommodate all departments. Needing more room,

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