National Reserve Bank
| Company type | Private company |
|---|---|
| Industry | Financial services |
| Predecessors | Consolidated National Bank and Oriental Bank |
| Founded | March 8, 1909 in New York City, New York, United States |
| Defunct | January 27, 1914 |
| Fate | Taken over by Mutual Alliance Trust Company on January 27, 1914 |
| Headquarters | Manhattan, New York City , |
| Services | Banking |
The National Reserve Bank of the City of New York was established through the consolidation of Consolidated National Bank and Oriental Bank in 1909. It operated until its takeover by the Mutual Alliance Trust Company in early 1914.
As of January 13, 1914, deposits held by the bank were near $4.35 million. Its portfolio included numerous country bank accounts, mainly concentrated in the Western and Southwestern regions, with a notable involvement in cotton exchange transactions.
On January 27, 1914, the Mutual Alliance Trust Company absorbed the National Reserve Bank, which then functioned briefly as its Reserve Branch.
1909: Establishment
On February 2, 1909, the shareholders of Consolidated National Bank approved the acquisition of Oriental Bank by exchanging shares at a value of $150 each in a newly formed institution. Oriental Bank had ceased operations the year before but had fully reimbursed its depositors. The resulting organization was named National Reserve Bank, merging both banks’ assets and increasing capital from $1 million to $1.2 million. A special shareholders’ meeting on February 18 confirmed the merger and appointed a board of directors consisting of 23 members, including E. A. Fisher and Mortimer H. Wagar. The Consolidated National Bank name remained in use until March 1.
By March 2, 1909, Will-tarn O. Allison (W.O. Allison), who previously served as president of Consolidated National Bank, was chosen as president of National Reserve Bank. Vice presidents included Thomas J. Lewis and R. W. Jones Jr., while George W. Adams took on the role of cashier. Capital was increased to $2 million following the merger.
The bank commenced operations officially on March 8, 1909, at the former Oriental Bank premises located at 182 Broadway and John Street in Manhattan, while awaiting completion of new headquarters at the City Investing Building, 165 Broadway. By late April that year, activities had relocated to the City Investing Building under the National Reserve Bank name.
1914: Takeover
On January 27, 1914, with deposits totaling roughly $4.35 million, National Reserve Bank was acquired by the Mutual Alliance Trust Company, headquartered at 35 Wall Street. The two institutions shared previous connections and directors. Both catered extensively to country banks primarily across Western and Southwestern areas and maintained active participation in cotton exchange business. Upon liquidation, stockholders of National Reserve received asset values exceeding their deposits along with goodwill compensation. After merging, combined deposits reached approximately $12 million. The former National Reserve office at 165 Broadway continued operating temporarily as a branch of Mutual Alliance Trust Company.
Directors
The founding board of the National Reserve Bank, chosen on February 18, 1909, comprised Wagar, Nelson G. Ayres, Charles K. Beekman, Samuel Bettle, Eugene Britton, R. W. Jones Jr., George E. Keeney, Ludwig Nissen, William O. Allison, James G. Newcomb, E. A. Fisher, E.R. Chapman, E. Burton Hart, George V. Hagerty, Thomas J. Lewis, A. M. Probst, Robert E. Dowling, George L. Gillon, Harry J. Schnell, H. Louderbough, J.H. Parker, Thomas N. Jones, and Erskine Hewitt. On March 2, 1909, Hewitt was appointed as the chairman.
See also
References
- Banks based in New York City
- Banks established in 1909
- Banks disestablished in 1914
- History of New York City
- 1909 establishments in New York City
- 1914 disestablishments in New York (state)
- Consolidated National Bank
- Mutual Alliance Trust Company
- JPMorgan Chase
- American companies disestablished in 1914
- American companies established in 1909