DeLand, FL - $10 1929 Ty. 1 The Barnett NB Ch. # 13388. ...

Description

DeLand, FL - $10 1929 Ty. 1 The Barnett NB Ch. # 13388
With the demise of the First National Bank of DeLand in July of 1929, the town was left without a nationally chartered bank. That gap was filled in October of 1929 when the Barnett NB of Deland received its charter. This institution was an offshoot of the Barnett NB of Jacksonville and was owned in its entirety by that bank. Unlike many other states, Florida law did not allow branch banking by nationally chartered institutions, so a new charter had to be obtained for the Deland operation, which was organized with its own board of directors as though it was an independent entity. This proved so cumbersome that Barnett elected not to charter any other national banks, although it did expand into other cities such as Avon Park and Cocoa with state chartered institutions. This example is an attractive piece which is certain to please, having been graded by PMG as Choice Extremely Fine 45.
From The Sunshine State Collection.

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