Brooklyn Trust Company
| Company type | Private |
|---|---|
| Industry | Banking, Trust services |
| Founded | April 14, 1866 in Brooklyn, New York City, United States |
| Founder | Not explicitly stated (initial board included Henry E. Pierrepont, J. Carson Brevoort, Daniel Chauncey, Jasper W. Gilbert, Alexander McCue, John T. Runcie, William Wall, James Weaver) |
| Fate | Merged with Manufacturers Trust Company in 1950 |
| Headquarters | Brooklyn, New York City , United States |
Area served | New York City boroughs including Brooklyn, Manhattan, Queens, Staten Island |
Key people | Ethelbert S. Mills (first president), Ripley Ropes, Christian S. Christensen, Theodore S. Miller, Edwin P. Maynard, George Vincent McLaughlin |
| Products | Commercial banking, Trust administration, Estate management |
Number of employees | Approximately 700 (in 1947) |
The Brooklyn Trust Company was a financial institution based in New York City, United States. Founded in 1866 in the then-autonomous city of Brooklyn, it initially specialized in trust administration and estate management services, alongside its commercial banking operations. Throughout its history, Brooklyn Trust absorbed over a dozen smaller banks before ultimately merging with the Manufacturers Trust Company in 1950.
1860s to 1890s
On April 14, 1866, the New York State Legislature granted a charter to the Brooklyn Trust Company. The bank was created to fulfill the need for "a reliable banking institution to serve as executor or trustee" within Brooklyn. Its initial board featured notable local personalities, including philanthropist Henry E. Pierrepont, collector J. Carson Brevoort, builder Daniel Chauncey, attorneys Jasper W. Gilbert and Alexander McCue, real estate entrepreneur John T. Runcie, politician William Wall, and businessman James Weaver. The bank commenced operations in June 1868 under the leadership of its inaugural president, Ethelbert S. Mills, originally situated at Court and Joralemon Streets. In 1873, it moved to 177 Montague Street, occupying a structure expanded from the former home of politician George Taylor.
Operations were briefly halted in July 1873 due to embezzlement by President Mills, who subsequently took his own life. Nonetheless, a two-month inquiry verified that the bank remained financially sound. Ripley Ropes succeeded Mills as president and guided the institution’s growth over the following twenty years, preserving its combined function as both a commercial and trust bank. After Ropes passed away in 1890, Christian S. Christensen assumed the presidency until retiring in 1900.
1900s and 1910s
Theodore S. Miller became the fourth president in 1900 and served until his death in 1913. In February 1903, Brooklyn Trust secured a lease for a property at Bedford Avenue and Fulton Street within Brooklyn’s Bedford neighborhood, inaugurating its first branch there the next month. The board sanctioned a new branch in Manhattan’s Financial District in January 1907, which opened at Broadway and Wall Street by May of that year.
At the close of 1912, Brooklyn Trust agreed to acquire Long Island Loan and Trust Company, combining their capital and surplus to total $5.5 million; this merger was finalized in March 1913. Edwin P. Maynard took office as the fifth president in June 1913 and oversaw construction of the new Brooklyn Trust Company Building between 1913 and 1916, replacing the Montague Street headquarters. Under Maynard’s guidance, the bank continued expanding its operations.
1920s to 1940s
Brooklyn Trust participated as a member of the New York Clearing House Association for fourteen years but withdrew in 1922 after regulatory changes reduced interest rates available to commercial banks. During the 1920s, it extended its branch network into Bay Ridge and Flatbush. Maynard resigned as president in 1927 to become chairman, with George Vincent McLaughlin succeeding him as president. During McLaughlin’s tenure, Brooklyn Trust administered the estate of Dodgers owner Charles Ebbets, employing attorney Walter O'Malley in 1943—who later assumed control of the Dodgers and relocated them to Los Angeles. This association occasionally led to misconceptions that Brooklyn Trust owned the Dodgers.
In late 1927, Brooklyn Trust acquired Coney Island Bank from National American Company. By 1928, it operated eight branches throughout Brooklyn along with one branch in Manhattan. In January 1929, it merged with Mechanics Bank of Brooklyn, creating an institution with assets exceeding $167 million. Their safe-deposit services were consolidated by 1931. That December saw further acquisitions of State Bank of Richmond County and Guardian National Bank of New York, adding four more branches.
By the 1930s, Brooklyn Trust maintained a network of 31 branches across New York City boroughs including Queens and Staten Island; however, it divested its final Staten Island branch in 1940. The bank rejoined the New York Clearing House Association in 1943. In July 1947, all of its approximately 700 employees staged a strike—the first significant labor walkout at a major American bank—lasting one month. By July 1950, Brooklyn Trust received authorization to open personal loan departments within its branches.
Manufacturers Trust merger
By 1950, the Brooklyn Trust Company had consolidated more than a dozen smaller financial institutions. In August of that year, both Chase Bank and Manufacturers Trust expressed interest in acquiring Brooklyn Trust. Following nearly two years of speculation regarding a potential merger, Manufacturers Trust surpassed Chase's offer and agreed to acquire Brooklyn Trust in early September 1950. The boards of directors from both banks sanctioned the transaction on September 7, marking the most significant bank merger in New York City since 1932. The Wall Street Journal characterized the negotiations as "the most intense competitive auction in New York City banking since the late 1920s."
The shareholders gave their approval for the merger on October 11, and Brooklyn Trust was officially merged into Manufacturers Trust at the close of business on October 13. At that time, Brooklyn Trust managed approximately $226 million in deposits distributed across 26 branches, with 20 of those branches situated in Brooklyn. Subsequent consolidations resulted in Manufacturers Trust merging with Chemical Bank, which later became part of Chase Bank in 1996 and eventually integrated into JPMorgan Chase in 2000.
Headquarters building
Situated at Montague and Clinton Streets in Brooklyn Heights, the Brooklyn Trust Company Building exhibits an Italian Renaissance-inspired architectural style designed by York and Sawyer, drawing inspiration from Verona’s Palazzo della Gran Guardia. The structure was constructed by Marc Eidlitz & Son in two stages: the northern portion opened in September 1915, followed by the southern section in September 1916. This edifice was built on the site where the bank’s former headquarters once stood.
The interior banking hall features design elements influenced by Ancient Roman and Italian Renaissance architecture, including Cosmati marble flooring and a vaulted ceiling. Both the exterior facade and the interior banking hall were designated as New York City landmarks in 1996, and the building was subsequently listed on the National Register of Historic Places in 2009.
Ownership remained with Brooklyn Trust Company’s successors until 2007, when JPMorgan Chase sold the property for $9.7 million. Between 2012 and 2015, Stahl Real Estate Company undertook a conversion of the upper stories into residential condominiums.