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.