Around 1830, the Union Bank, Tallahassee's first bank, was established by William Williams. The Seminole Wars, unsound banking practices, and the Panic of 1837 caused the closing of the bank in 1843. In 1847, the bank was purchased by cotton plantation owners William Bailey and Issac Mitchell. It later became a Freedman (negro) bank from after the Civil War until 1879. The building has been used as a church, feed store, art house, coffee house, dance studio, locksmith's shop, beauty shop, and shoe factory. In 1971 the bank was moved from the original site on the west side of Adams Street, between College Avenue and Park Avenue, to just east of the Capitol on Apalachee Parkway and Calhoun Avenue.