Mechanics' and Farmers' Bank of Albany
| Company type | Subsidiary (from 1969) |
|---|---|
| Industry | Banking and finance |
| Founded | July 29, 1811 in Albany, New York, United States |
| Defunct | 1969 (became subsidiary) |
| Fate | Became a subsidiary of Bank of New York |
| Headquarters | Albany , United States |
Key people | Solomon Southwick (first president), Thomas W. Olcott (president 1836–1880), Dudley Olcott (president 1880–1919), Robert Olcott (president 1920–1946), Douglas W. Olcott (president 1946–1969) |
| Products | Banking services |
| Parent | Bank of New York (from 1969) |
The Mechanics' and Farmers' Bank of Albany operated as both a state and national financial institution before becoming a subsidiary of the Bank of New York in 1969.
History
Established on July 29, 1811, the Mechanics' and Farmers' Bank of Albany was the third bank chartered in Albany, New York by the 34th New York State Legislature. Its inaugural president was Solomon Southwick, a prominent newspaper publisher and political figure associated with the Anti-Masonic Party. Among the early leadership was Gorham A. Worth, who initially served as cashier prior to his presidency at City National Bank. The bank's original charter lapsed in 1833, leading to a brief cessation of operations before it was reinstated in 1853 with the same officers continuing their roles. In 1834, after financial challenges prompted longtime president Benjamin Knower to resign, Charles E. Dudley took over as interim president, followed by Ezra Ames. By June 1836, Thomas W. Olcott assumed the presidency as the fifth leader.
During the period of the U.S. Civil War, the bank temporarily suspended activities and underwent reorganization in 1865 under the provisions of the National Bank Act, later reverting to a state charter in 1868. Between 1874 and 1875, the bank’s headquarters were constructed at State and James Streets in Albany, featuring designs by Russell Sturgis.
Following the passing of Thomas W. Olcott in 1880, his son Dudley Olcott took over as president until 1919, after which his nephew Robert Olcott succeeded him in 1920.
In 1943, under Robert Olcott’s guidance, the bank became part of the Federal Reserve System and obtained insurance coverage from the Federal Deposit Insurance Corporation, reporting assets close to $7.5 million. Robert Olcott stepped down as president in 1946 to become chairman, with his nephew Douglas W. Olcott assuming the presidency. In 1952, shareholders approved increasing capitalization from $250,000 to $500,000 by issuing a 100% stock dividend coupled with a ten-to-one stock split.
By 1968, with assets approaching $30 million, the bank consented to join a holding company created by the Bank of New York alongside County Trust Company of White Plains. Shareholders exchanged each share for one-quarter share in this holding company plus convertible debentures. The holding company was officially formed in 1969, designating Mechanics' and Farmers' as a subsidiary; during this transition, Douglas W. Olcott retired from his role as president.
In 1971, Bank of New York consolidated Tanners National Bank of Catskill (with assets totaling $10.4 million) into Mechanics' and Farmers' Bank of Albany. Tanners shareholders received 2.75 shares of Bank of New York common stock per each Tanners share held, amounting to a total issuance of 41,250 shares.
List of presidents
- Solomon Southwick (1811–1813)
- Isaac Hutton (1813–1817)
- Benjamin Knower (1817–1834)
- Charles E. Dudley (1834; interim president)
- Ezra Ames (1834–1836)
- Thomas W. Olcott (1836–1880)
- Dudley Olcott (1880–1919)
- Robert Olcott (1920–1946)
- Douglas W. Olcott (1946–1969)
- Daniel W. Vooys (1970-)
Mechanics' and Farmers' Savings Bank
Incorporated in 1855, the Mechanics' and Farmers' Savings Bank appointed Thomas W. Olcott as its first president. Following his death in 1880, leadership passed to his son Dudley.
Subsequently, this institution merged with Albany Exchange Savings Bank to create Mechanics Exchange Savings Bank. During the 1970s, Mechanics Exchange was acquired by Dime Savings Bank, which itself was later absorbed by Washington Mutual in 2002.
References
- Notes
- Sources