Fourth National Bank of New York
| Company type | Private |
|---|---|
| Industry | Banking |
| Founded | January 1864 |
| Founder | Jay Cooke (notable backer) |
| Defunct | May 1914 |
| Fate | Merged with Mechanics and Metals National Bank |
| Headquarters | New York City , United States |
Key people | George Opdyke (first president), Morris Ketchum, Philo C. Calhoun, O. D. Baldwin, J. Edward Simmons, James G. Cannon (last president) |
The Fourth National Bank of New York was a financial institution headquartered in New York City.
History
Founded in January 1864, the Fourth National Bank was created with substantial capital investment and backing from notable New York figures, including Jay Cooke. At its inception, advocates such as Secretary of the Treasury Salmon P. Chase promoted the establishment of a prominent national bank to showcase the advantages of the National Banking System and to encourage state banks to adopt national charters.
The bank's original location was 29 Pine Street, situated in the former Government building. In 1866, it moved to a newly constructed six-story white marble edifice at the intersection of Nassau and Pine Streets.
By the year 1893, the institution reported a capital stock amounting to $3.2 million, a surplus totaling $1.35 million, net earnings of $378,030, and average net deposits reaching $20 million.
In August 1911, interests associated with Fourth National acquired the Fourteenth Street Bank, which was subsequently renamed Security Bank and soon merged with the Nineteenth and Twelfth Ward Banks. This series of consolidations attracted scrutiny during the Pujo Committee hearings on money trusts, where Cannon provided testimony regarding the acquisition.
1914 Merger
In May 1914, an agreement was reached by the boards of Fourth National Bank and Mechanics and Metals National Bank to merge their operations. The Mechanics and Metals National Bank had been formed in 1910 through the union of Mechanics National Bank (established in 1810) and National Copper Bank (founded in 1907). The merger offer valued Fourth National's shares at $200 each, resulting in a combined entity with net deposits approximating $90 million. As of March 1914, Mechanics and Metals held net deposits of $58.4 million, while Fourth National reported $33.4 million.
Following additional mergers such as with the Produce Exchange Union in 1920, Mechanics and Metals ultimately joined with Chase National Bank in 1926, creating one of the era’s largest banking institutions.
Leadership
The inaugural president was George Opdyke, who had previously served as mayor of New York City from 1862 to 1863. He was followed by financier Morris Ketchum. The third president, Philo C. Calhoun, led for approximately fifteen years until his death in 1882. O. D. Baldwin succeeded him but stepped down in 1888, after which J. Edward Simmons, former president of the New York Stock Exchange, took over. Upon Simmons' passing in 1910, vice-president James Graham Cannon—brother of Henry W. Cannon—assumed the presidency.
List of presidents
- George Opdyke (1864)
- Morris Ketchum (1864–1865)
- Philo C. Calhoun (1865–1882)
- O. D. Baldwin (1882–1888)
- J. Edward Simmons (1888–1910)
- James G. Cannon (1910–1914)