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Laredo National Bank |
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Laredo,
TX,
USA
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Texas State
Historical Marker |
Villa de San Agustin de Laredo, founded here by area rancher Tomas Sanchez in 1755, was an agrarian-based community for its first 125 years. The convergence of three railroad lines here in the 1880s significantly expanded business activity in Laredo and attracted many new European and Mexican immigrants to this area. These events heralded a shift to a mercantile economy and prompted San Antonio merchant John King Beretta to open a privately-owned bank in 1892. The bank prospered and was chartered by the U.S. Treasury as the Laredo National Bank in 1895. The bank's initial success was sustained by Mexican trade, local Bermuda Union production in the 1890s, and commercial activity associated with the production of oil in the area during the early 1900s. The bank continued to prosper during the Mexican Revolution (1910-1917), due partially to increased U.S. military activity in the area. By 1922 Laredo National Bank boasted $2 million in assets. Sound fiscal policies allowed the bank to emerge from the 1930's depression on solid ground. In 1979-1983 this building (former site of the Robert E. Lee and Plaza hotels) was renovated for use as the bank's headquarters. Sesquicentennial of Texas Statehood 1845-1995
This page last updated: 7/15/2008 |
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