Since 1950. The Fiesta of Five Flags organization was formed to celebrate the founding of Pensacola. In 1559, Spanish Conquistador, Don Tristan de Luna, established Pensacola as the first European settlement in the United States. Since that time five different flags have flown over the City: Spanish, French, British, Confederate, and American. Fiesta plans and produces over 20 events throughout the year with the help of a plethora of volunteers. These events are designed to appeal to all ages and interests, as well as promote tourism for the area. Fiesta has always been a significant celebration for the Pensacola Bay Area.