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Astor Trust Company

From Alfawiki
Astor Trust Company
Company typePrivate
IndustryBanking, Financial services
PredecessorAstor National Bank, New Netherlands Trust Company
FoundedFebruary 9, 1898; 128 years ago (1898-02-09) in New York City, United States
FateMerged with Bankers Trust in 1917
Headquarters
New York City
,
United States
Key people
George Fisher Baker (President), Charles F. Bevins (Cashier), Edmund C. Converse (President), Thomas Cochran (Vice-President), Alexander Henry Stevens (Vice-President), Seward Prosser (Vice-President and President)
ProductsBanking services, Trust company services

Astor Trust Company was a notable American banking institution that merged with Bankers Trust in 1917.

History

The Astor National Bank of New York commenced operations on February 9, 1898, starting with a capital of $300,000. Its inaugural depositor on the February 14 opening day was John Jacob Astor IV, with George Fisher Baker serving as president and Charles F. Bevins as cashier. The initial deposit amount reached $700,000. The bank’s premises were situated in the Astor Court Building adjacent to the Waldorf-Astoria Hotel at 34th Street and Astor Court near Fifth Avenue.

In 1899, the Sixth National Bank, which had been established in 1864 under the leadership of Alexander Henry Stevens, merged into Astor National Bank. Stevens assumed a vice-presidential role until his passing in 1916. By the year 1900, the capital of the bank had increased to $350,000. Between 1906 and 1914, Thomas Cochran acted as vice-president before moving to J.P. Morgan & Company. From 1907 through 1917, Edmund C. Converse held the position of president.

The year 1907 saw Astor National Bank combine forces with the New Netherlands Trust Company, resulting in the formation of Astor Trust Company with a capital base of $1,250,000. The New Netherlands Trust Company had been founded in 1906 by groups affiliated with Bankers Trust. Following this consolidation, Astor Trust relocated its headquarters to 369 Fifth Avenue at 36th Street.

During the 1912 investigation by the Pujo Committee into financial monopolies, Astor Trust was listed among eighteen entities exerting control over substantial corporate capital through overlapping board memberships. Its twenty-nine directors collectively held sixty-four directorships across various banks and trust companies. That same year, speculation about a merger involving Jefferson and Century Banks was publicly refuted by Astor Trust.

Subsequent mergers

On April 23, 1917, Astor Trust Company unified with Bankers Trust, merging leadership structures as multiple directors held roles in both organizations (for example, Seward Prosser was president of Bankers Trust and also a director at Astor; meanwhile, Edmund C. Converse was president at Astor and served on Bankers Trust’s board). Post-merger, Astor functioned as Bankers Trust’s uptown branch while retaining its management team. The combined institution possessed capital amounting to $11.25 million, undivided profits exceeding $5 million, and deposits nearing $300 million. Subsequently, Bankers Trust was acquired by Alex. Brown & Sons in 1997 and then purchased by Deutsche Bank for $10.1 billion in November 1998. Deutsche Bank later divested Bankers Trust’s Trust and Custody division to State Street Corporation in February 2003.

Astor Trust Company building

In 1915, the Oceanic Investment Company announced plans for a new edifice at Fifth Avenue and 42nd Street, intended to replace an older commercial building dating back to around 1884—which itself had been constructed on the former site of the House of Mansions (1856). This new structure bore the name of the Astor Trust Company, which secured a lease for twenty-one years and moved from its previous location at 389 Fifth Avenue and 36th Street upon completion in 1917. The former offices were then taken over by the American Red Cross.

Retail stores occupied the building’s ground floor while Astor Trust utilized the first three floors along with basement vaults. Its principal banking hall extended across three floors with a ceiling height of thirty-five feet and featured three expansive arched windows overlooking Fifth Avenue.

The building was designed by architect Ernest Flagg, recognized for his work on the Thomas Cook building at 565 Fifth Avenue. Later renamed as the Bankers' Trust building, it still stands today.

In 1919, Bankers Trust expanded its presence uptown by acquiring another branch at Madison Avenue and 57th Street from Union Trust Company and also purchased adjacent property near its headquarters at 14 Wall Street and Nassau Street from William Waldorf Astor for roughly $1.75 million.

Prominent Former Staff

Among the distinguished personnel associated with the bank were:

Governing Board

The bank's board of directors comprised the following individuals:

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