Bay County's formal banking began in 1907
with the opening of the Bank of St. Andrews.
The Bank of Panama City opened for business
on May 27, 1908 with Oscar McKenzie as
cashier and Mr. Brown as bookkeeper.
Walter Sherman, envisioning the growth of
Panama City as a tourist haven, built the Pines
Hotel near Tarpon Dock overlooking the
beautiful waters of the St. Andrew Bay.
One of the landmarks for over forty years
was the Hotel Dixie Sherman. This multistory
skyscraper was built in 1926 by Walter
Sherman and served as a center for social
activities. It was demolished in 1970.