Coconut Grove Bank, the oldest continuously operating bank in Dade County, commemorated its 80th year in business in July of 2006. The well-known institution was preceded by The Bank of Coconut Grove, part of a chain of approximately 100 banks with direct ties to the Farmers & Traders Bank, located in Atlanta, Georgia. As a result of unscrupulous business dealings by its principals, nearly all the banks in the chain were forced to close their doors.

On July 12th of 1926, from the determined efforts of several former customers, the new Coconut Grove Bank opened its doors for business…and has been in business ever since. Angus D. Harrison, Sr., who had recently settled in the area after moving from Alabama, was one of the first four employees hired. He assumed the position of clerk, responsible for bookkeeping, tellers and a plethora of other duties. When his firstborn son, Angus D. Harrison, Jr., was born barely two weeks later, “Gus Sr.” had earned $87 in wages which, ironically, was the exact amount of the hospital bill for the birth of “Gus Jr.”

Under the guidance of its board of directors, and knowledge of its employees, the Bank pulled through the crisis, only to face one of the greatest financial challenges the U.S. has ever known: The 1929 stock market crash, and the ensuing Great Depression. The Bank remained open immediately after the crash and, as the Depression continued, the board of directors, investors and dedicated employees worked to ensure its survival.

In 1933 President Roosevelt, combating the depths of the Depression, declared a "banking holiday," closing all the banks in the nation for approximately two weeks. The Coconut Grove Exchange Bank (as it was named after a merger with the Florida Exchange Bank in 1930) was one of a very few Dade county banks to survive and open again following the bank holiday. During the rest of the 30s, the loan officers of the Bank, including A.D. Harrison, Sr., began making “construction” loans to Dade County residents, so they could build their homes. During the 30s and 40s, the Bank regularly issued these then-unique loans in a pioneering plan that helped countless families in the area build their own homes.

While pioneering the concept for home loans in the area, the Bank also recognized the value of investing in promising business ventures. In the mid-30s, the Bank was approached by Ralph and James Ryder, brothers who had been awarded a contract to take the mail from Lemon City (the original Port of Miami, near 79th Street) to downtown Miami. The brothers took the contract to the Coconut Grove Exchange Bank, and on the strength of the contract alone, the Bank provided the initial financing for what would become Ryder Trucks. Another local icon, Austrian born Franz Scherr, founder of the Parrot Jungle, was supported by the Bank in 1936, when it loaned him the money to found his unique tourist attraction, the Parrot Jungle.

The involvement of the U.S. in World War II changed the face of banking. Prior to the War, the Coconut Grove Exchange Bank was housed in a small building in the middle of “The Grove.” Located near the Coconut Grove Playhouse building, its shape was unique in the resemblance of the façade to The Alamo. The tellers and loan officers were male employees, while the few female employees were secretaries and bookkeeping clerks. However, when the War took many area men away from their homes – and their jobs – A.D. Harrison Sr. (then the Executive Vice President) made a decision that was considered very radical for its time: he put women in the teller cages. Once this “gender barrier” was broken, more and more women forged a career in banking, and it became increasingly common for a person seeking a loan to work with a female loan officer.

In 1956, the name of the Bank was formally changed to Coconut Grove Bank. And after three decades of progressive service, A.D. Harrison, Sr. was elected President. In 1959, Coconut Grove Bank formed a partnership with Ryder to fund and build a modern new bank building. The Bank took residence in the bottom two floors in 1960, and has remained there to this day, expanding to take over more of the building when Ryder built its corporate offices in Doral in 1973.

In 1972, a legacy was continued: A.D. Harrison's son, "Gus" Harrison, Jr. joined the management team as Executive Vice President after 16 years on Wall Street. “Gus Jr.” had served in the navy during WWII, was a commissioned officer in the Navy during Korea, serving there for a year before beginning what would be a long and fruitful career in finance. Following in his father’s footsteps, he was elected President of Coconut Grove Bank, the same year that his father became Chairman. The senior Harrison served as Chairman for 20 years, and continued to serve as Chairman Emeritus, and was an active participant of the Bank’s board meetings through June of 1999. A.D. Harrison, Jr. was also a cornerstone of the Bank during his tenure, and many of the traditions beloved by the employees to this day were instigated under his leadership.

In 1993, “Gus Jr.” was elected Chairman and CEO of Coconut Grove Bank. In his nearly thirty years of senior management, to his retirement in 2003, the Bank grew from $50 million in deposits and $5 million in capital to $275 million in deposits and $50 million in capital. “Gus Jr.” has remained an important figure to both employees and clients, and celebrates his 80th birthday in the same month that the bank celebrates its 80th anniversary. He continues to stay on the board, serving as Chairman Emeritus.

With the new millennium, new management is at the helm of Coconut Grove Bank. In April of 2003, Daniel Eggland was promoted to the position of President, having served as Executive Vice President since 2000. The Board has several new faces merged with the long-term members, and as a team, they are forging into the future of the Bank.

Combining the conservative principles that can be credited with the longevity over the last 80 years with an increasingly aggressive investment and profitable investment strategy, the Bank has nearly doubled its assets over the last three years to $680 million and deposits to $500 million. The hometown bank of “The Grove” has grown, with branches in Aventura, Palmetto Bay and Coral Gables, and more branches throughout Miami-Dade County are now in the planning stages. The Bank has also kept up with the world’s growing dependence on the Internet, implementing any technological means necessary to provide clients with easy, instant and virtual access to their information.

In addition to talented, experienced employees, the Bank’s clientele is one of its most highly-valued assets. The clients range in age from child to retiree, from new graduates to multi-national business moguls, and everywhere in between. With clients from around the globe, and Miami’s status as the “Gateway” to South America and the Caribbean, Coconut Grove Bank is a unique combination of local icon and Pan-American banking institution. The “Village Bank that grew and grew and grew” continues to flourish after 80 years in operation. Its success is bolstered by the shared belief of its leaders past and present: a belief in the potential of South Florida, and in the opportunities the Bank makes possible for the residents and businesses who believe in it too.