Mechanics and Metals National Bank
| File:(King1893NYC) pg715 MECHANICS' NATIONAL BANK. 31 AND 33 WALL STREET, BETWEEN BROAD AND WILLIAM STREETS.jpg Wall Street branch, circa 1890 | |
| Founded | 1810 (originally Mechanics National Bank) 1910 (renamed Mechanics and Metals National Bank) |
|---|---|
| Fate | Merged into Chase National Bank in 1926 |
| Headquarters | |
Key people | Gates W. McGarrah (president) |
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The Mechanics and Metals National Bank (MMNB), initially established as the Mechanics National Bank in 1810 in New York City, took on its later name following a 1910 merger with the National Copper Bank. After a series of mergers and growth, MMNB ultimately combined with the Chase National Bank in 1926.
History
Originally chartered in 1810 in New York City as Mechanics National Bank, the institution merged with the National Copper Bank—founded in 1907—in 1910 to create the Mechanics and Metals National Bank. In May 1914, MMNB announced plans to acquire the Fourth National Bank of New York by offering $200 per share. Prior to this transaction, MMNB's net deposits stood at $58.4 million, while Fourth National held $33.4 million, resulting in a merged entity with roughly $90 million in deposits.
On June 21, 1920, following authorization from the Controller of the Currency, MMNB merged with the Produce Exchange Union. The unified bank continued operations from its main office located at 20 Nassau Street in Manhattan, maintaining multiple branches throughout the borough. The combined capital, surplus, and earnings amounted to nearly $25 million, with deposits surpassing $200 million. The board of directors featured prominent business figures such as John E. Berwind (Berwind-White Coal Mining Company), William H. Childs (Barrett Company), Walter C. Hubbard (Hubbard Bros. and Co), Ambrose G. Todd (Reeves and Todd), alongside president Gates W. McGarrah, formerly affiliated with New York Produce Exchange National Bank.
By March 1921, MMNB was one of four national banks in New York City operating branch offices; the others included Chatham and Phenix National, Irving National, and National City Bank.
From 1922 through 1925, MMNB held a minority interest in the Bank of Central and South America, collaborating with other financial institutions based in New York.
In 1926, MMNB merged into Chase National Bank. Chase intended to replace MMNB’s main building at 20 Nassau Street with a new headquarters structure. Demolition of the existing building was completed by March 1927; however, removal of its vault presented significant challenges. By June 1927, architectural plans for Chase’s new headquarters were finalized.