Jacksonville has a rich history in banking and finance in the area. From the turn of the 20th century through the 1980s, locally headquartered Atlantic National Bank, Florida National Bank, and Barnett Bank dominated the market in Florida before being all bought in a nationwide wave of mergers and acquisitions throughout the entire financial sector. The final of these banks to be acquired, Barnett Bank, was acquired by NationsBank in 1997, resulting in the biggest banking merger in American history at the time. Two Fortune 500 financial services organizations, Fidelity National Financial and FIS, are located in the city, which continues to hold distinction on a national and worldwide level. FIS is widely regarded as a world leader in financial technology.
EverBank is the largest bank in the state by deposits, with its headquarters located in Downtown Jacksonville along the banks of the St. Johns River. Ameris Bancorp, Atlantic Coast Financial, Black Knight Financial Services, MedMal Direct Insurance Company, US Assure, Jax Federal Credit Union, and VyStar Credit Union are just a few of the significant financial services companies based in the city. The Jacksonville Branch of the Federal Reserve Bank of Atlanta is also located in the city.
As in other Sunbelt cities like Atlanta, Tampa, and Charlotte, Jacksonville’s financial sector has profited from a fast evolving business culture. Financial firms are nearshoring, or moving activities away from high-cost locations like Wall Street, and have moved some trading responsibilities to Jacksonville. Jacksonville has emerged as a candidate for staff relocation due to its affordable real estate, simple aircraft access to New York City, great quality of life, and 19,000 finance sector personnel.
The expansion of Deutsche Bank in the city is an illustration of such development. The second-largest US unit of Deutsche Bank is located in Jacksonville, trailing only New York City in size. They serve as an illustration of a company that has expanded its reach into the suburbs. Aetna, Citizens Property Insurance, Bank of America, Wells Fargo, JPMorgan Chase, Citi, Macquarie Group, Bank of America, Wells Fargo, Wells Fargo, Fidelity Investments, and Bank of America all have significant operations in Jacksonville.
At the northwest intersection of Bay and Laura streets in Jacksonville, Florida, stands the Bank of America Tower, formerly known as the Barnett Center. The highest structure in Jacksonville is 617 feet (188 meters) tall, making it the sixteenth tallest structure in Florida (the top ten are all in Miami). When Barnett Bank was acquired by NationsBank in 1998, the building’s name, Barnett Center, which had been established as the institution’s headquarters, was changed to NationsBank Tower. After Bank of America quickly bought NationsBank, the name of the structure was changed to Bank of America Tower in 1999. German-American architect Helmut Jahn created the 42-story building, which is made of reinforced concrete.
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