The Oldest Bank North of the Snake River

Spokane's first bank once stood on this site. Located on the northwest corner of Howard St. and Spokane Falls Boulevard (formerly Front St.), approximately where the Fountain Cafe is today, first stood the Bank of Spokane Falls.

Pioneer and businessman Anthony McCue Cannon came to Spokane in April 1878. After he and along with J.J. Browne purchased half of James Glover's townsite to establish Spokan Falls, Cannon sought to establish a bank in order to generate business and new settlers into his fledgling town. At the time, the only bank in eastern Washington was in Walla Walla. In 1879, he borrowed $1000 from his sister-in-law, Mrs. Pope, and began his bank without any formal license. Cannon also successfully lobbied the Northern Pacific Railroad to build a line to Cheney where he invited new settlers to come and live in his town. As the region's sole bank, Cannon's business soon prospered.

The location of the bank would change several times over the course of its history. In 1879, Cannon occupied the same building as James Glover's first store, built in 1873. Cannon later built an entire block from Main St. to Riverside and Mill St. (now Wall St.) to Howard St. where it would serve as his economic and financial hub. His new building was two stories tall and made of wood and located just west of the northwest corner of Mill and Riverside.

Wood might not have been the right choice. On the evening of August 4, 1889, the Great Spokane Fire swept away most of the fledgling city. Originating near the intersection of Post Street and Railroad Avenue, the fire quickly ravaged its way northward and consumed Cannon's Block. Immediately after the fire, he temporarily moved his bank to the Review Building where he used his connections with the Hypotheekbank Dutch firm to quickly rebuild downtown Spokane. There, the bank would remain, temporarily.

Cannon began construction on arguably one of the most audacious buildings in Spokane history, the Marble Bank Building. But on June 5, 1893, just a few weeks before the Bank of Spokane Falls was suppose to move into its new place, the bank failed. Cannon's reputation as a successful businessman belied the risks that he had taken. At the time of failure, the bank had $200,000 in cash deposits. But construction costs for his new bank building proved costly, costs that Cannon covered with his depositor's money and an additional $80,000 loan from Hypotheekbank.

When the Panic of 1893 struck, Cannon desperately tried to acquire loans to replenish his vault but to no avail. Cannon had no choice but to close his doors. He died two years later in 1895, broke. For the Bank of Spokane Falls, Spokane's oldest financial institution that began in 1879, its doors would remain forever shut.

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It was once considered by Spokanites as the most beautiful bank building west of the Mississippi River.

Banking has a long history here on the northwest corner of Wall St. and Riverside Avenue. Where Sterling Bank is today, once stood the Marble Bank, considered by some the most beautiful bank building west of the Mississippi River.

In 1892, Anthony McCue Cannon, a pioneer of Spokane, began construction for a new building for his bank, the Bank of Spokane Falls. Known for his extravagance in architecture, Cannon designed his building to emulate a Greek temple. The roof was done in the Corinthian order and lined with friezes. Cannon had specific types of black and blue colored slabs of marble imported from a specific quarry in Vermont. Black would be used for the door; blue for the facade and surrounding walls. At the construction site, the walls and pillars were custom cut and polished to the highest quality. A glass cupola was placed on top of the ceiling to allow ample light inside. Teller's booths and other fixtures were made of mahogany and other exotic woods. Nearing its completion, Cannon thought his bank would be a place where his clientele could do business in luxury and style.

He would be cruelly surprised. On June 5, 1893, just a few weeks before the planned move, the Bank of Spokane Falls failed. Because of the exorbitant costs of construction, Cannon had extended his credit far more than was prudent. The windows and doors of the Marble Bank Building were boarded up and remained empty for the rest of year. Cannon passed away two years later in 1895 unable to revive his bank. The Bank of Spokane Falls, Spokane's oldest bank when it began in 1879 would forever remain shut.

Over the course of 63 years, the building would change tenants three times. The Old National Bank owned by S.S. Glidden moved into the building the following year and stayed until 1907 when the Union Trust Company bought the building. That same year, the building underwent a massive renovation where the Union Trust kept to the late Cannon's idea of opulence and upscale banking. The most impressive of these projects was the installation of a new safe deposit vault. The 26-ton circular door and vestibule not only served as an imposing security feature but also as a tourist destination. The Trust Company ran ads in both the Spokesman-Review and Chronicle to invite the public to come and see. At the time of its implementation, it was the largest vault system west of Chicago.

Fidelity National Bank bought the building in 1917 and would be the building's last tenants. By the 1950's, downtown districts nationwide, including Spokane, began to modernize. New buildings would be taller and made with concrete, steel, and glass. The Marble Bank Building had also suffered years of neglect. Weathering darkened the once polished marble exterior to become grimy. Water crept into the walls and during the freeze and thaw cycles in the winter caused large cracks and chips to form.

By 1954, Fidelity National, then renamed to First National, vacated the premise and for Spokanites, the building became something of an eye-sore. The Marble Bank Building was demolished piece-by-piece in 1955.

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