Farmers' Loan and Trust Company
| Company type | Bank |
|---|---|
| Industry | Banking and financial services |
| Founded | February 28, 1822 in New York City, United States |
| Defunct | 1959 |
| Fate | Merged into First National City Bank (later Citibank) |
| Headquarters | New York City , United States |
Key people | John T. Champlin (first president), Roswell G. Rolston (president in 1879), James H. Perkins (president 1921–1929), Lindsay Bradford (president 1936–1951), Eben W. Pyne (president 1957–1959) |
| Products | Banking, trust services |
The Farmers' Loan and Trust Company was a nationally chartered bank based in New York City that eventually evolved into Citibank.
History
The New York State Legislature granted a charter on February 28, 1822, to establish the Farmers' Fire Insurance and Loan Company with an initial capital of $500,000, which could be increased to $1,000,000. At the inaugural board meeting held on March 9, 1822, John T. Champlin was appointed president, a position he held until his passing in 1830. The institution adopted the name Farmers' Loan and Trust Company in 1836.
By the year 1879, the company’s leadership included President Roswell G. Rolston and Vice President George F. Talman. Its executive committee comprised notable individuals such as Moses Taylor, who was also president of National City Bank, along with John Jacob Astor III and railroad executive Samuel Sloan. In 1880, Robert Lenox Kennedy became a member of this committee.
Mergers
On June 1, 1929, a merger took place between Farmers' Loan and Trust and First National City Bank. Banking functions were absorbed by National City Bank, while trust operations were retained under the subsidiary named City Bank-Farmers Trust Company. Two years later, this entity combined with the Bank of America Trust Company, resulting in the formation of New York’s largest financial institution at that time.
In February 1940, acting as trustee, the company acquired Manhattan’s Hotel Knickerbocker at auction for $742,500 amid foreclosure proceedings. The organization celebrated its 120th year in business in 1942.
In January 1959, shareholders consented to rename City Bank Farmers Trust Company as First National City Trust Company, coinciding with its transition from a state to a national bank charter. By 1963, it was fully consolidated into the First National City Bank, itself created by the 1955 merger of National City Bank and First National Bank. The bank adopted the First National City Bank name in 1962 and was rebranded as Citibank, N.A. in 1976.
Company headquarters
Initially, the company operated out of a private residence located at 34 Wall Street. After the completion of the Merchant's Exchange Building in 1827, Farmers' relocated its headquarters there until it was destroyed by the Great Fire of New York in 1835. For several years thereafter, it leased office space before purchasing property on William Street in 1882 for $120,000. A two-and-a-half-story building was constructed on this site and served as headquarters from 1889 to 1890. In February 1889, an adjoining parcel was acquired for $250,000 to build a new eight-story office at 16-22 William Street at a cost exceeding $1 million. The architectural design was managed by C. W. Clinton and David H. King, Jr.
By 1908, expanding business requirements led to acquiring land from the Delaware, Lackawanna and Western Railroad Company at William and Exchange Place for $625,000. The new facility was completed in 1909 with an approximate expenditure of $1.48 million.
Between 1930 and 1931, four existing buildings located on William, Hanover, Beaver Streets, and Exchange Place were demolished to make way for the fifty-nine-story City Bank-Farmers Trust Building at 20 Exchange Place, which ranked among New York City's tallest skyscrapers. Designed by Cross & Cross in the Art Deco style with steel framing clad in granite and limestone, this headquarters served the company until 1956. Citigroup ultimately sold this property in 1979.
Distinguished Personnel
Presidential leadership timeline:
- 1822–1830: John T. Champlin
- 1830–1832: Oliver H. Hicks
- 1832: Frederick A. Tracy
- 1832–1835: Elisha Tibbets
- 1835–1837: Henry Seymour
- 1837–1842: Lewis Curtis
- 1842: Charles Stebbins
- 1842–1845: Robert C. Cornell
- 1845–1865: Douw D. Williamson
- 1865–1898: Rosewell G. Rolston
- 1898–1921: Edwin S. Marston
- 1921–1929: James H. Perkins
- 1936–1951: Lindsay Bradford
- 1951–1957: Richard S. Perkins
- 1957–1959: Eben W. Pyne
Additional prominent staff:
- Archibald McIntyre; Secretary (1822–1823)
- Rufus King Delafield; Secretary (1836–1852)
- Samuel Sloan Jr.; Secretary (1897–1907), Vice-President (1907)
- William B. Cardozo
References
- Notes
- Sources