Mount Vernon Trust Company
| Company type | Private |
|---|---|
| Industry | Banking |
| Founded | March 5, 1903 in Mount Vernon, New York, United States |
| Founder | A. A. Lisman, Dr. Archibald M. Campbell, John T. Wintjen, Mark D. Stiles |
| Defunct | April 1, 1952 |
| Fate | Merged with County Trust Company |
| Headquarters | Mount Vernon , United States |
Key people | Archibald M. Campbell (President and Chairman), Mark D. Stiles (President), Fred E. Goldman (President) |
| Products | Commercial banking services |
The Mount Vernon Trust Company was a financial institution based in Mount Vernon, New York that operated from 1903 until its merger with County Trust Company in 1952. Established under a charter dated March 5, 1903, it held the distinction of being the largest commercial bank within Westchester County, New York.
History
On December 25, 1902, a group of investors including A. A. Lisman, Dr. Archibald M. Campbell, John T. Wintjen, and Mark D. Stiles acquired the Bank of Mount Vernon at a price of $705 per share. This acquisition led to the formation of the Mount Vernon Trust Company, which commenced operations on May 31, 1903, in the original premises located at First Street and Third Avenue, a structure initially constructed by Dawson Archer.
The institution launched with combined capital and surplus totaling $200,000. Leadership roles were assumed early on by Campbell as president and Lisman as vice-president. By October 1904, deposits had expanded to $1,162,000, prompting the declaration of a quarterly dividend amounting to 1%.
In 1928, the bank underwent a significant reconstruction overseen by A. F. Barbaresi and Son, with expenditures surpassing $500,000. The remodeled facility officially opened on June 16 with considerable attendance from local community members and incorporated two branches catering to the eastern and western sectors of Mount Vernon.
A pivotal development occurred on July 18, 1930, when the American National Bank and Trust Company was integrated into Mount Vernon Trust Company. This consolidation boosted the capital from $1 million to $1.5 million and increased assets beyond $31 million, thereby reinforcing its status as Westchester County’s foremost commercial bank. Mark D. Stiles held the presidency while Archibald M. Campbell served as chairman until his passing later that year.
The bank maintained its independence until March 28, 1952, when shareholders approved a merger with County Trust Company of White Plains that became effective April 1. Fred E. Goldman moved from his position as president of Mount Vernon Trust to senior vice-president within the newly combined institution, which managed assets totaling $200 million following the merger. Shortly thereafter, a quarterly dividend of fifty cents per share was announced.
In November 1953, County Trust divested the former Mount Vernon Trust Company building to Dutchess Owners Inc., based in White Plains.