North American Trust Company
| Company type | Trust company |
|---|---|
| Industry | Financial services |
| Founded | 1886 |
| Fate | Merged into Trust Company of America in 1905 |
| Headquarters | New York City , United States |
Key people | William L. Trenholm (president, 1898), Samuel M. Jarvis (former president), Oakleigh Thorne (president, 1900s), Alvah Trowbridge (president, 1899) |
| Products | Trust services, banking |
The North American Trust Company was a trust company headquartered in New York City, founded in early 1886. By early 1898, its operations were conducted from the American Surety Building located at 100 Broadway. On April 3, 1900, the board of directors unanimously agreed to merge with the International Banking and Trust Company, maintaining the North American Trust Company name. The company continued its growth through acquisitions during 1901. In 1905, it combined with City Trust and the Trust Company of America, resulting in the formation of the Trust Company of America, which the Times characterized as "the most significant trust company consolidation of recent years."
1886–1899: Establishment and branch development
Established in early 1886 with an initial capital of $1 million, the North American Trust Company saw its resources increase to approximately $5.5 million by late 1897, up from $5.1 million the year before. At the beginning of 1898, its offices were located in the American Surety Building at 100 Broadway. On January 19, 1898, Colonel William L. Trenholm was appointed president, succeeding Samuel M. Jarvis, who redirected his efforts toward expanding the company's international operations. Plans were announced to extend its presence both domestically and abroad. By May 1899, vice presidents Jarvis and Roland R. Conklin emerged as principal shareholders; Jarvis had established branches in Santiago and Havana, Cuba, as well as in London.
1900–1904: Expansion through acquisitions
On April 3, 1900, North American Trust Company merged with International Banking and Trust Company but retained its original name and moved its location to Broadway and Cedar Street. At the time of merger, North American held $2 million in capital with a surplus of $1 million; International had capital amounting to $1 million and a surplus of $500,000. The merged entity's assets surpassed $4.5 million. Seven directors from International, including president Oakleigh Thorne, joined North American’s board.
On May 22, 1900, the U.S. Senate initiated an inquiry into North American’s activities in Havana and its interactions with government officials.
By February 1901, under Thorne’s leadership as president, North American had successfully integrated eight additional companies and was negotiating control over Holland Trust Company and Century Trust Company with intentions to dissolve their operations.
1905: Merger into Trust Company of America
On April 12, 1905, reports surfaced that City Trust, North American Trust, and the Trust Company of America were consolidating—a move described by the Times as "the most important trust company consolidation of recent years." The newly formed organization retained the name Trust Company of America and boasted $2 million in capital, a surplus of $9 million, and deposits exceeding $50 million, placing it among New York’s leading trust companies. Oakleigh Thorne, then president of North American Trust Company, was recognized as the merger’s chief architect.
To facilitate this consolidation, Thorne established Broadway Securities Company to acquire controlling interests in both North American Trust and Trust Company of America shares to overcome minority shareholder resistance. A committee managing stock from all three institutions included Charles T. Barney, George R. Sheldon, Hosmer B. Parsons, Emerson McMillin, Oakleigh Thorne himself, and William H. Leupp. A vote to approve the merger was scheduled for April 18, 1905.
Directors and executives
On January 19, 1898, Colonel William L. Trenholm took over the presidency of North American Trust Company from Samuel M. Jarvis. The vice presidential team comprised Henry D. Lyman, David B. Sickels, and R. A. C. Smith. The executive committee was made up of distinguished individuals including Wiliam A. Wheelock, Henry H. Cook, Thomas F. Ryan, James A. Hayden, Marcellus Hartley, John C. Bullitt, John J. McCook, Elihu Root, and W. B. Kendall.
By May 1899, the board expanded to include vice presidents Samuel M. Jarvis and Roland R. Conklin, along with directors such as John G. Carlisle, Adlai E. Stevenson, and Wager Swayne.
In 1899, Trenholm planned to step down from his leadership role; subsequently, on May 26, 1899, Alvah Trowbridge, who had previously served as vice president at the National Bank of North America, was appointed president.
On April 3 (year not specified), seven executives from International Banking and Trust Company were incorporated into North American's board, including its president Oakleigh Thorne and directors Benjamin F. Tracy, H. B. Hollins, Edward W. Scott, Jone Hone, John C. Tomlinson, and Ernst Thalmann.