Balthazar P. Melick
Balthazar P. Melick | |
|---|---|
| Born | Template:Birth date Lebanon Township, New Jersey, U.S. |
| Died | November 20, 1835 (aged 65) |
| Occupation(s) | Entrepreneur, financier |
| Known for | Founder and first president of Chemical Bank |
Balthazar P. Melick—also referred to as Baltus—(October 26, 1770 – November 20, 1835) was an American entrepreneur and financier who established Chemical Bank in 1823. He held the position of the bank's inaugural president until 1831.
Biography
Melick was born in Lebanon Township, New Jersey in 1770 and began his career as an apprentice at the age of thirteen. By 1792, he had advanced to become a partner in a trading enterprise and achieved success as a merchant based in Greenwich Village, New York City. In 1795, he was listed as a "grocer" at 183 Washington Street. He founded the trading company Melick & Burger, which owned ships engaged mainly in Caribbean trade, with significant activity involving St. Croix. The firm's office was located at 76 Washington Street, and it operated the vessel "Chase," which played a key role in the sugar commerce.
In addition to his mercantile ventures, Melick served on the boards of several insurance firms, including Equitable Fire Insurance Company, Greenwich Fire Insurance, and Union Marine and Life Insurance Company.
He also participated as a member and secretary of the Black Friars Society, a distinguished social and musical organization.
Founder of Chemical Bank
In 1823, Melick was instrumental in founding the New York Chemical Manufacturing Company—the forerunner of Chemical Bank—alongside associates such as John C. Morrison and Mark Spenser. The company specialized in producing chemicals like blue vitriol, alum, nitric acid, camphor, saltpeter, along with pharmaceuticals, paints, and dyes. This industrial foundation was essential for obtaining a banking charter from New York State during an era when such charters were more readily granted to companies with substantial business operations. By April 1824, the company revised its charter to commence banking activities.
Melick stepped down from his role as president in 1831, with John Mason—a notable New York merchant and early investor in the bank—assuming leadership. Melick remained unmarried throughout his life and passed away in 1835.