History of First Bank of Valdez explored.

The First Bank of Valdez is one of the many private banks established in Valdez, Alaska during the 20th century. The First Bank of Valdez was established as a private bank in 1914 to serve as a small bank for the Valdez community. (Ref: https://books.google.com/books?id=SXHzjh5Y2pwC&pg=PA38&lpg=PA38)

 

 

Although First Bank of Valdez established in 1914, the origins of First Bank of Valdez date back to the at the beginning of the early 20th during the 1900s. Samuel Blum moved to Valdez in 1903. At some point during his early years in Valdez he separated from his partners, with his store becoming S. Blum & Company, and established a bank. Samuel Blum’s bank eventually became the First Bank of Valdez. He also continued to invest in new mining ventures. The Blum bank had become the First Bank of Valdez in 1914. (Ref: https://www.newsminer.com/features/sundays/sketches_of_alaska/samuel-blum-was-a-leading-citizen-in-early-valdez-cordova/article_51d510b6-a084-11eb-a50e-678084f10b4c.html)

The most important section of Sitka was totally destroyed by a terrifying fire which commenced at 4 o’clock the morning of Tuesday, July 15, 1915. Practically the entire business section of the city of Sitka was destroyed. First Bank of Valdez was among the buildings destroyed. (Ref: http://www.wsen.net/wsen/AR/JA2007.pdf)

First Bank of Valdez sustained losses totaling $15,000 dollars in damage. T losses sustained in the Valdez fire were as given by the Prospector. (Ref: http://www.gendisasters.com/alaska/11622/valdez-ak-fire-jul-1915)

The First Bank of Valdez was rebuilt into a concrete building. The First Bank of Valdez was the first of its kind in town. (Ref: https://www.newspapers.com/newspage/80744278/)

J. W. Gilson was president of the First Bank of Valdez by 1936. “Mr. Gilson is president of the First Bank of Valdez and owner of the Gilson General Mercantile Company.” (Ref: https://newspaperarchive.com/fairbanks-daily-news-miner-jul-20-1936-p-3/)

What led to the closure and fate of First Bank of Valdez was First Bank of Valdez merging into The First National Bank of Anchorage in 1968. The rest of First Bank of Valdez merged into the First National bank. (Ref: https://books.google.com/books?id=TIk6AAAAMAAJ&pg=PA111)

 

 

First Bank of Valdez is now home to Alaska’s first marijuana retail store. It’s a hip, clean building located in place of what was once the First Bank of Valdez. Derek Morris, the shop's owner, says his town is renowned for its natural beauty. (Ref: https://www.marijuanaventure.com/wp-content/uploads/woocommerce_uploads/2017/06/MV-Issue-7-2017-ao8fawjoe80fawe08j.pdf)

According to Morris, visitors to His store have come from all across North America and even overseas. The company keeps a map on the wall with pushpins indicating where its customers have come from, with pins in most U.S. states and a handful of foreign countries like Russia, China and Iran. But while some of those visitors chose his city and state because of legal marijuana shops like Herbal Outfitters, Morris says he thinks the majority have simply made it part of their already-planned Alaskan vacation. Compared to other states with legal cannabis, Alaska has not distinguished itself as a haven of pot-related tourism.  

First Bank of Valdez was located at 165 Fairbanks Drive, Valdez, Alaska, US 99686.