Metropolitan Trust Company
| Company type | Trust company |
|---|---|
| Industry | Banking and finance |
| Founded | 1881 in New York City, United States |
| Defunct | 1925 |
| Fate | Merged with Chatham and Phenix National Bank to form Chatham Phenix National Bank and Trust Company of New York |
| Headquarters | New York City , United States |
Key people | Thomas Hillhouse (President 1881–1897), Brayton Ives (President 1898–1912), George C. Van Tuyl Jr. (President 1914–1920), Harold I. Pratt (President 1920–1921), Samuel McRoberts (President 1922–1925) |
| Products | Trust services, banking |
The Metropolitan Trust Company of the City of New York was established in 1881 as a trust institution based in New York City. In 1925, it combined with the Chatham and Phenix National Bank to create the Chatham Phenix National Bank and Trust Company of New York.
History
The firm commenced operations at 41 Pine Street on November 28, 1881, ahead of its originally scheduled December 1 opening. Its inaugural president was General Thomas Hillhouse, who had just stepped down after eleven years as Assistant Treasurer of the United States in New York City. Among the founding trustees were notable financiers such as Collis P. Huntington, Morris K. Jesup, and Joseph W. Drexel. Walter J. Brittin served as Secretary, while Frederick D. Tappen, then president of the Gallatin National Bank, took on the role of Vice President. The company launched with a capital of $1,000,000, half invested in U.S. government bonds and the remainder called up upon opening. Hillhouse remained at the helm until his passing in 1897.
Following Hillhouse’s death, Brayton Ives assumed the presidency in 1898. Ives brought extensive leadership experience from his previous roles at the Western National Bank of the United States, Northern Pacific Railway, and as president of the New York Stock Exchange. He led the company for fifteen years until health issues necessitated his resignation in 1912. By 1910, the board included prominent individuals such as Francis M. Bacon, William L. Bull, and financier Ogden Mills.
The presidency remained unfilled until April 1914 when George C. Van Tuyl Jr. was appointed, resigning from his post as New York State Superintendent of Banks to take on this position. Under Van Tuyl’s leadership, deposits increased from $27 million to $39 million, with headquarters located at 49 Wall Street. He was succeeded by Harold I. Pratt, who stepped down in September 1921 but continued as acting president until a new leader was selected.
In 1921, led by Vice President Harold B. Thorne, Metropolitan Trust announced plans to relocate from its offices at 60 Wall Street to space previously occupied by the Liberty branch of New York Trust Company within the Equitable Building, securing a fourteen-year lease beginning January 1922. By December that year, approximately $1 million worth of securities, gold, and cash was transferred to its new premises at 120 Broadway. At this point, directors included influential figures such as Pierre C. Cartier, Haley Fiske, and politician Herbert Parsons.
In 1922, Major General Samuel McRoberts took over as president. McRoberts was a lawyer with executive roles at Armour and Company, Illinois Tunnel Company, and National City Bank of New York; he was also recognized for his World War I service with the United States Army Ordnance Department.
Merger with Chatham and Phenix National Bank
In January 1925, Metropolitan Trust Company, holding resources totaling $61.9 million, merged with Chatham and Phenix National Bank, which had $226.9 million in resources. This union created the Chatham Phenix National Bank and Trust Company of New York—the first instance where a national bank in New York City incorporated "Trust Company" into its name. Metropolitan’s president McRoberts became chairman of the board, while Louis G. Kaufman from Chatham and Phenix assumed the presidency.
By March 1925, $250 million in securities were transferred securely from Metropolitan Trust’s vaults to those of Chatham and Phenix National Bank. The combined institution possessed around $300 million in resources and retained approximately 505 employees drawn from both organizations. Upon formation, it ranked among the top ten largest banks across the United States. In 1932, it further expanded by merging with Manufacturers Trust, enhancing its market footprint even more.
Metropolitan Trust Leadership
- 1881–1897: Thomas Hillhouse
- 1898–1912: Brayton Ives
- 1914–1920: George C. Van Tuyl Jr.
- 1920–1921: Harold I. Pratt
- 1922–1925: Samuel McRoberts
References
- Notes
- Sources