The Union Bank building in Tallahassee was purchased in 1847 by William Bailey and Isaac Mitchell after it closed in 1843 due to the Panic of 1837, Second Seminole War, and unsound banking practices. William Bailey also served on the Tallahassee Railroad Board of Directors 1861–1865.
In 1847, William Bailey and Isaac Mitchell bought the Union Bank building in Tallahassee after it closed in 1843 because of economic turmoil, a war, and banking problems. William Bailey was also on the Tallahassee Railroad Board from 1861 to 1865.