Grace National Bank
| Company type | Private |
|---|---|
| Industry | Banking, Financial services |
| Founded | 1914 |
| Founder | W. R. Grace and Company |
| Fate | Merged with Marine Midland Bank |
| Headquarters | New York City , United States |
Key people | J. Louis Schaefer (first president), Francis H. McKnight, Chester R. Dewey, Frank Comerford Walker |
Grace National Bank, founded in 1914 by W. R. Grace and Company, was a financial institution based in New York, New York primarily serving business interests in South America. It attained the status of a nationally chartered bank on June 19, 1924. The bank's main operations were conducted from its headquarters located in the Grace National Bank Building at 58-60 Water Street.
The bank’s inaugural president was J. Louis Schaefer, who previously served as a vice-president at W. R. Grace and Company. Following Schaefer’s passing in 1927, leadership passed to Francis H. McKnight (1927–1933) and subsequently to Chester R. Dewey. Among other prominent presidents was Frank Comerford Walker.
Although the bank experienced a decline in customers and deposits during the Great Depression, it managed to endure and grow after World War II. By 1950, Grace National Bank achieved its highest gross and net earnings since its inception 35 years earlier.
In the 1960s, confronted with intensified competition from larger financial institutions, the Federal Reserve Board sanctioned the merger of Grace National Bank with Marine Midland Bank (currently HSBC Bank USA) on August 10, 1965, with a vote of six in favor and one opposed. The sole dissenting vote was cast by James L. Robertson, who contended that despite differences in service offerings, the two banks remained competitors.