First American National Bank

Last updated
First American National Bank
Industry Finance and Insurance
FoundedSeptember 1883 [1]
DefunctOctober 1, 1999 [2]
FateMerged
Successor AmSouth Bancorporation
Regions Financial Corporation
Headquarters Nashville, Tennessee, USA
Products Financial services
Old ad for American National Bank, predating its name change to First American. American national bank 1921.jpg
Old ad for American National Bank, predating its name change to First American.

First American National Bank was a subsidiary of First American Corporation, a financial institution based in Nashville, Tennessee, that served the states of Tennessee, Kentucky, Georgia and Virginia. It was headquartered in the First American Center in downtown Nashville.

Contents

The bank began, in Nashville, as the American National Bank and later (1930), merged with James E. Caldwell's Fourth and First National Bank, to become First American National Bank. In 1971, construction of the First American Center (now the UBS Tower) in downtown Nashville resulted in the discovery of the skeleton of a sabertooth cat ( Smilodon floridanus) within a cave beneath the bedrock. [3] First American National Bank facilitated archaeological excavations at the site, funded radiocarbon analysis of the bone, and altered their original building design to protect the remnants of the cave, which still exist beneath the lower level of the building's parking garage. [4] [5] The cave is known variously as the "First American Cave" or by its official state archaeological site number, 40DV40. In 1997, the Smilodon skeleton from the First American Site was the source for the logo of the Nashville Predators hockey team and the inspiration for their mascot, Gnash. [6]

Its name and logo disappeared in December 2000 when it was acquired by AmSouth Bancorporation, an institution based in Birmingham, Alabama that was slightly smaller in size. First American had operated as a fully owned subsidiary of AmSouth for most of the year 2000. First American was sold after a series of unprofitable mergers, including one with Jackson, Mississippi-based Deposit Guaranty Bank that proved to be a hurdle the corporation could not clear financially. Deposit Guaranty was fully integrated into First American, but kept its name. This allowed FANB to gain significant market share in Mississippi, Arkansas, and Louisiana, though it did not operate these branches under the corporate brand, nor under recent the Iowa purchaser. [7]

First American's demise ended Nashville's storied history as a strong financial center. It, along with Third National Bank (now a part of SunTrust) and Commerce Union Bank (now a part of Bank of America), was once involved in a tight three-way battle for market share that ultimately helped all three banks expand well beyond their respective bounds. When the resources of the three could no longer stand the rapid expansion and numerous acquisitions, they all succumbed and merged with other banks. FANB, the largest of these three banks, was the only one to fold itself into a smaller institution. As of 2007, Nashville is still home to several local banks, but most do not exist outside of Davidson County.

Until 2005, AmSouth Bank continued First American's former tradition of having the highest market share in Nashville, however it was surpassed by SunTrust after its acquisition of Memphis-based National Commerce Financial. In 2006, however, AmSouth reclaimed the distinction of largest market share in metropolitan Nashville. In 2006-2007, AmSouth merged with Regions Financial Corporation which is headquartered in Birmingham. The newly combined bank retained Nashville's largest market share in addition to AmSouth's CEO, C. Dowd Ritter continuing as CEO of the company.

Sponsorships

First American was very visible in the Nashville area and carried a large load of sponsorships, most notably the now-closed First American Music Center, to which it held naming rights for just one season before selling to AmSouth. First American also prided itself as the "official bank" of several Nashville-based sports franchises, including the Tennessee Titans, Nashville Predators, Nashville Kats, and Nashville Sounds. Following the purchase, AmSouth/Regions opted to let each of these sponsorships expire without renewal.

Other First American Banks

There are several regional banks around the United States that now carry the "First American" name. One in particular, in Mississippi, has adopted the full name "First American National Bank". None of these regional institutions are affiliated with the former First American National Bank or AmSouth Bancorporation.

Related Research Articles

Nashville Predators National Hockey League team in Nashville, Tennessee

The Nashville Predators are a professional ice hockey team based in Nashville, Tennessee. They compete in the National Hockey League (NHL) as a member of the Central Division. The Predators have played their home games at Bridgestone Arena since 1998. Their television broadcasting rights are held by Bally Sports South, and radio broadcasting rights are held by WPRT-FM.

<i>Smilodon</i> An extinct genus of saber-toothed cat

Smilodon is a genus of the extinct machairodont subfamily of the felids. It is one of the most famous prehistoric mammals and the best known saber-toothed cat. Although commonly known as the saber-toothed tiger, it was not closely related to the tiger or other modern cats. Smilodon lived in the Americas during the Pleistocene epoch. The genus was named in 1842 based on fossils from Brazil; the generic name means "scalpel" or "two-edged knife" combined with "tooth". Three species are recognized today: S. gracilis, S. fatalis, and S. populator. The two latter species were probably descended from S. gracilis, which itself probably evolved from Megantereon. The hundreds of individuals obtained from the La Brea Tar Pits in Los Angeles constitute the largest collection of Smilodon fossils.

UBS Tower (Nashville) Skyscraper in Nashville, Tennessee

UBS Tower is a 108-meter (354-foot), 28-story skyscraper at 315 Deaderick Street in Nashville, Tennessee.

Bob Ferguson (musician) American country music songwriter and record producer

Robert Bruce Ferguson was an American country music songwriter and record producer who was instrumental in establishing Nashville, Tennessee as a center of country music. He was also a movie producer, and Choctaw Indian historian. Ferguson is best known for writing the bestselling songs "On the Wings of a Dove" and "The Carroll County Accident". The "Carroll County Accident" won the Country Music Association Song of the Year in 1969. In 1983 "Wings of a Dove" was featured in the movie Tender Mercies starring Robert Duvall. In 1987, Broadcast Music Incorporated (BMI) awarded Ferguson with the "million air" plays for the "Wings of a Dove."

AmSouth Bancorporation was a banking company headquartered in Birmingham, Alabama, and operated for its final year in existence as a bank holding company (subsidiary) of Regions Financial Corporation after a merger between the two banks. AmSouth was previously known as First National Bank of Birmingham, which was first organized by Charles Linn in 1872. AmSouth was in the financial services industry and at its peak employed over twelve thousand people.

SouthTrust Corporation was a banking company headquartered in Birmingham, Alabama. In 2004, SouthTrust reached an agreement to merge with Wachovia in a stock-for-stock deal. At the time of the merger with Wachovia was completed, SouthTrust had $53 Billion in assets. SouthTrust was listed on the NASDAQ exchange under the ticker symbol SOTR. The Company was headquartered in the SouthTrust Tower, now known as the Shipt Tower. SouthTrust had branches in Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee, Texas and Virginia. By the end of 2005, all former SouthTrust branches that remained open carried the Wachovia name.

Atlantic Union Bank is headquartered in Richmond, Virginia and whose Virginia roots go back to 1902. They offer a wide range of financial solutions including checking accounts, savings accounts, credit cards, mortgages, home equity loans and lines of credit, car loans, personal loans, small business and commercial business bank accounts, loans and more. With 129 branches, all of which are in either Virginia, Maryland, or North Carolina. It is the primary subsidiary of Atlantic Union Bankshares Corporation, a bank holding company.

Regions Financial Corporation

Regions Financial Corporation is a bank holding company headquartered in the Regions Center in Birmingham, Alabama. The company provides retail banking and commercial banking, trust, stockbrokerage, and mortgage services. Its banking subsidiary, Regions Bank, operates 1,952 automated teller machines and 1,454 branches in 16 states in the Southern United States and Midwestern United States.

First American Bank may refer to several independent banks in the United States:

Firstar Corporation was a Milwaukee, Wisconsin-based regional bank holding company that later became U.S. Bancorp, a nationwide bank corporation in the United States. In 2001, Firstar acquired U.S. Bancorp and assumed its name, moving its headquarters to Minneapolis.

Zions Bancorporation U.S. financial services company

Zions Bancorporation is a bank holding company headquartered in Salt Lake City, Utah. Zions Bancorporation originated as Keystone Insurance and Investment Co., a Utah Corporation, in April 1955. In April 1960, Keystone, together with several individual investors, acquired a 57.5 percent interest in Zions First National Bank from the LDS Church. In 1965, the name of the company was changed to Zions Bancorporation. The first public offering of shares in Zions Bancorporation was made in January 1966. There continued to be some minority shareholders until April 1972, when the company exchanged the remaining minority shares for common shares. In 2018, Zions Bancorporation merged into its bank subsidiary, ZB, N.A., which was then renamed Zions Bancorporation, N.A. Zions Bancorporation now operates as a national bank doing business under eight local brands, rather than as a holding company.

Mercantile Bancorporation was the largest bank holding company in Missouri when it was acquired by Firstar Corporation in 1999.

Rainier Bancorp

Rainier Bancorporation was the Seattle-based parent corporation of Rainier National Bank, a Washington state bank with branches throughout the state. Rainier traced its roots back to the National Bank of Commerce, which was founded by Richard Holyoke in 1889. The name Rainier National Bank was adopted in 1974. Rainier Bancorp expanded into Alaska with the purchase of Anchorage's People's Bank & Trust in 1983 and into Oregon with the purchase of Gresham's Mount Hood Security Bank in 1986, expanding further in Oregon in 1986 with the government-assisted purchase of Portland's failed Lincoln Savings & Loan Association.

Union Planters Bank was a United States financial institution and multi-state bank holding corporation headquartered in Memphis, Tennessee prior to being acquired by Regions Financial Corporation. With over $34 billion in assets, Union Planters Bank was the largest bank in Tennessee and among the 30 largest bank holding companies in the United States. Union Planters operated over 760 banking centers in the states of Alabama, Arkansas, Florida, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, Tennessee, and Texas.

Jackson W. Moore is an American attorney and retired Executive Chairman of Union Planters Bank and Regions Financial Corporation.

United Community Banks, Inc. is a bank holding company headquartered in Blairsville, Georgia, with executive offices in Greenville, South Carolina. United is one of the largest full-service financial institutions in the Southeast, with $17.8 billion in assets, and 160 offices in Florida, Georgia, North Carolina, South Carolina and Tennessee. United Community Bank, United's wholly owned bank subsidiary, specializes in personalized community banking services for individuals, small businesses and companies throughout its geographic footprint, including Florida under the brand Seaside Bank and Trust. Services include a full range of consumer and commercial banking products, including mortgage, advisory, treasury management, and wealth management.

First American Cave

The First American Cave is an archaeological and palentological site in downtown Nashville, Davidson County, Tennessee. The site was initially recorded in 1971 during construction of the foundations for the First American National Bank building at 315 Deaderick Street, when workers noticed a collection of bones being unearthed within a pocket of dirt approximately 30 feet below ground surface. Excavations were halted and both the Vanderbilt University Department of Anthropology and the Southeastern Indian Antiquities Survey were notified of the find. It was subsequently determined that the bones included those of humans, as well as a number of animal species, including a saber-tooth cat. The dirt pocket from which the bones had been disinterred was in fact a filled in cave, most of which had been destroyed by construction. The Southeastern Indian Antiquities Survey was given permission to excavate within the remaining portion of the cave with the assistance of Vanderbilt University students.

National Bank of Commerce was a bank headquartered in Memphis, Tennessee until it was taken over by SunTrust Banks in 2005.

Dennis C. Bottorff is an American businessman, banker and philanthropist. As chairman and chief executive officer of the First American Corporation, he was responsible for its merger with the AmSouth Bancorporation. He served as the chairman of the Tennessee Valley Authority from 2010 to 2012. He is the co-founder and general partner of Council Capital, a private equity and venture capital firm based in Nashville, Tennessee. He is also the co-founder and the chairman of CapStar Bank.

Renasant Bank Regional bank based in Tupelo, Mississippi

Renasant Bank is an American regional commercial financial institution based in Tupelo, Mississippi. The bank has a market cap of greater than $1 billion and more than 190 branches in Alabama, Florida, Georgia, Mississippi and Tennessee. Renasant Bank operates under the parent company Renasant Corporation and is affiliated with Renasant Nation, a platform through which they publish blogs and shows.

References

  1. Sarles, Judy (2000-10-08). "Nashville's banking legacy fades with time". Nashville Business Journal. Retrieved 2007-07-19.
  2. "AmSouth Completes Acquisition of First American; Emphasis Shifts to Smooth Transition for Customers". PR Newswire. Retrieved 2007-07-19.
  3. Guilday, John E. (July 1977), "Sabertooth Cat, Smilodon Floridanus (Leidy), and Associated Fauna From a Tennessee Cave (40DV40), the First American Bank Site.", Journal of the Tennessee Academy of Science, 52 (3): 84–94
  4. Ingram, Tom (August 16, 1971), "1St American to Aid Cave Study", Nashville Tennessean , p. 2
  5. "Tiger in the Bank", Time Magazine , p. 53, August 6, 1973
  6. Nashville Predators Timeline - Sports News Story - WSMV Nashville Archived September 24, 2010, at the Wayback Machine
  7. https://www.desmoinesregister.com/story/money/2019/06/25/greenstate-university-of-iowa-community-credit-union-buys-7-first-american-bank-locations/1566120001/