Grove Bank & Trust was founded on July 12, 1926 and is the longest continuously operating bank in Miami-Dade County.
The Bank was hit with and weathered the first of many challenges just weeks after opening its doors when a ferocious hurricane hit Miami in September of 1926.
Countless people sold their real estate holdings, resulting in a real estate “crash” that affected all of Miami-Dade County.
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.
One of the casualties of 1929 was a hometown institution:
The University of Miami.
A first of many philanthropic endeavors of the Bank was helping the then-insolvent University of Miami avoid being sold to the University of Florida (which had intended to rename it Pan-American University).
Grove Bank & Trust purchased the assets of the University, and developed a plan for the University to buy back its assets over time, thereby preserving the dream that there would always be a University of Miami.
During the 30s and 40s, the Bank regularly issued home loans. These construction loans, then unique provided the “American Dream” of home ownership. 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) to downtown Miami. The Bank provided the initial financing for what would become Ryder Trucks.
The Bank funded many other projects that have contributed to Miami Dade County’s development and progress including: the funding of the W.T. Price Dredging Corp., which dredged the current Port of Miami, and many of the canals in the southern part of the county and the funding of the Parrot Jungle. From 1926, as a small bank refusing to be blown away by the hurricane that hit just weeks after it opened its doors, the Bank flourishes more than 90 years later. 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.
Financial strength and stability have been a Grove Bank & Trust hallmark. Locally owned and operated, Grove Bank & Trust has five offices in Miami-Dade County including Aventura, Coconut Grove, Coral Gables, Palmetto Bay and South Miami.