National Union Bank of New York

National Bank of Commerce in New York

Formerly	Bank of Commerce in New York
Industry	Banking
Founded	1839 (1839)
Founders	Isaac Carow Pelatiah Perit Charles Handy Russell Jonathan Sturges Samuel Ward Stephen Whitney
Defunct	Template:End date and age
Fate	Integrated into Guaranty Trust Company of New York
Successor	Morgan Guaranty Trust Company J.P. Morgan & Co. JPMorgan Chase
Headquarters	Manhattan, New York , United States
Key people	Robert Lenox Kennedy Joseph C. Hendrix John Austin Stevens

The National Bank of Commerce in New York operated as a national bank based in New York City before its eventual merger with the Guaranty Trust Company of New York, which later evolved into the Morgan Guaranty Trust Company, a forerunner of J.P. Morgan & Co..

History

Founded on January 1, 1839, the Bank of Commerce began with an authorized capital of $5,000,000, of which the founders committed $1,505,000. Prior to commencing deposit operations on April 3, 1839, the bank had already allocated $500,000 toward a New York State loan aimed at Erie Canal enhancements. The bank’s inaugural president was Samuel Ward, associated with Prime, Ward & King.

The original board comprised notable individuals including James Brown, Isaac Carow, James Kent, Pelatiah Perit, John Austin Stevens, and Stephen Whitney. Following Ward’s passing in November 1839, Stevens assumed the presidency.

By the enactment of the National Banking Acts of 1863 and 1864, the Bank of Commerce had become the largest banking institution in the United States. After converting to a national bank in 1865, dry goods merchant Charles Handy Russell took on the role of president. In 1859, Robert Lenox Kennedy joined as a director and later served as president from 1868 until 1878; he subsequently became vice-president under his successor Henry F. Vail, who co-founded the Bank of the Republic alongside Gazaway Bugg Lamar.

Merger with National Union Bank

In 1900, the bank expanded by acquiring the National Union Bank of New York, which had been established in 1893 by directors from the New York Guaranty and Indemnity Company and its successor entity, the Guaranty Trust. This institution maintained connections with the Mutual Life Insurance Company, whose president, Richard A. McCurdy, also served as a director at National Union. Prior to the merger, National Union was led by President Joseph C. Hendrix, a former U.S. Representative from New York; following consolidation, Hendrix became president of the combined organization while J. Pierpont Morgan retained his position as vice president.

The consolidation reinstated capital levels to $10 million, returning to figures last seen in 1877 before a reduction to $5 million occurred. This merger also resulted in new leadership after the retirement of President W. W. Sherman, with William C. Duvall having acted as interim president during that transition period.

Merger with Western National Bank

In October 1903, the institution expanded by acquiring the Western National Bank of the United States, which had been established in 1887. This bank was itself formed earlier that year through the union of the larger Western National Bank of New York, affiliated with Equitable Life Assurance Society, and the smaller National Bank of the United States in New York, connected to Mutual Life and Morton Trust Company. Upon consolidation, Valentine P. Snyder, who was president of Western National, assumed leadership of the combined bank, while J. Pierpont Morgan, formerly vice president at National Bank of Commerce, took on the role of First Vice President. The merged entity reported capital of $25 million, a surplus of $10 million, and estimated net deposits totaling approximately $120 million.

The physical merger involved relocating $16 million in cash—including $12 million in gold—and securities valued at $67 million between neighboring buildings in lower Manhattan.

Following Snyder's retirement in 1911, James S. Alexander was appointed president, and Paul Warburg succeeded Jacob H. Schiff as a director. Alexander advanced to chairman in 1923, while Stevenson E. Ward took over the presidency.

Merger with Guaranty Trust

In 1929, the bank combined with the $2 billion Guaranty Trust Company of New York after Guaranty Trust merged with the National Bank of Commerce of New York. The newly formed organization, led by Myron C. Taylor, chairman of U.S. Steel’s finance committee, emerged as the largest banking institution in the United States by merging Guaranty’s prominent trust services with Commerce’s extensive commercial banking activities. Before finalizing the merger, the Bank of Commerce surrendered its national charter to become a state-chartered bank. The unified entity commenced operations in May 1929 with capital amounting to $184 million. William C. Potter, then president of Guaranty Trust, became president of the new company, while James S. Alexander, chairman of Bank of Commerce, assumed the position of board chairman.

In 1959, Guaranty Trust merged with J.P. Morgan & Co.. Although Guaranty Trust was nearly four times larger in size, executives from Morgan assumed managerial control over the resulting Morgan Guaranty Trust Company of New York. Ten years later, Morgan Guaranty established a holding company named J.P. Morgan & Co. Incorporated, which operated under Morgan Guaranty throughout the 1980s before fully reverting to the J.P. Morgan brand in 1988. Eventually, this firm merged with Chase Manhattan Bank in 2001 to create JPMorgan Chase.

External links

• National Bank of Commerce in New York, 1912-1916 Benjamin Newton Duke papers
• National Bank of Commerce, New-York at the New York Public Library