Thomas W. Olcott
Thomas Worth Olcott | |
|---|---|
| Born | Template:Birth date Hudson, New York, U.S. |
| Died | March 23, 1880 (aged 84) Albany, New York, U.S. |
| Occupation | Banker |
| Years active | Early 19th century – 1880 |
| Known for | President of Mechanics' and Farmers' Bank of Albany for 44 years |
Thomas Worth Olcott (May 22, 1795 – March 23, 1880) was a prominent American banker who held the presidency of the Mechanics' and Farmers' Bank of Albany for an extensive period of 44 years, maintaining an affiliation with the bank spanning 69 years.
Early life
Olcott was born in Hudson, New York as the firstborn of Josiah Olcott and Deborah (Worth) Olcott. His family had significant ties to banking, notably his uncle Gorham A. Worth, who led City National Bank as president from 1844 until 1856. Receiving his education locally, Olcott launched his professional journey working as a clerk at the Columbia Bank of Hudson.
Career
Following two years at Columbia Bank, Olcott became part of the Mechanics' and Farmers' Bank of Albany when it was established in 1811. He advanced to the position of cashier in 1817 and was elevated to president in 1836. Throughout his tenure, he guided the bank through several charter renewals and restructurings, including adapting to the National Bank Act during the Civil War era and reverting to a state charter in 1868. In 1855, he took on the role as the inaugural president of the Mechanics' and Farmers' Savings Bank. Olcott made a significant contribution to regional development by investing $100,000 in the Erie Canal project. After his death, leadership passed to his son Dudley.
In addition to banking, Olcott served as president of the Albany and West Stockbridge Railroad Company, which eventually merged into the Boston and Albany Railroad. He also acted as trustee for the Sinking Fund Commission responsible for managing municipal bonds issued for railroad construction.
Political career
Originally aligned with the Democratic Party and affiliated with the Albany Regency under Martin Van Buren, Olcott shifted allegiance to the Republican Party following 1860. He made one unsuccessful bid for a Congressional seat. During Abraham Lincoln’s administration in 1863, Secretary of the Treasury Salmon Chase offered him the inaugural post of Controller of the Currency, which he declined. Similarly, he refused a nomination for New York State Controller, a position that his youngest son would later occupy from 1877 to 1879.
Philanthropy
In 1851, Olcott became vice-president on the founding board of Albany Law School, recognized as the fourth law school established in the United States. He was elected board president in 1855 and remained in that capacity until his death in 1880. He also led the first board of directors at Dudley Observatory, an institution funded by Blandina Bleecker Dudley and supported by Olcott and his sons through contributions such as the Olcott Meridian Circle. His leadership extended to presidencies at organizations including the Albany Agricultural and Arts Association, Albany Hospital, Albany Cemetery Association, as well as trustee and presidential roles at both Albany Academy for Girls and The Albany Academy.
Personal life
On August 17, 1818, Olcott wed Caroline Dwight Pepoon (1797–1867) from Pittsfield, Massachusetts. The couple lived in a distinguished residence on Ten Broeck Street in Albany and had eleven children:
- Thomas Worth Olcott Jr. (1821–1873), who married three times.
- John Josiah Olcott (1823–1899), remained unmarried.
- Robert Olcott (1824–1859), never married.
- Mary Marvin Olcott (1826–1892), unmarried.
- Theodore Olcott (1828–1907), married Ann Hazleton Maynard.
- Alexander Olcott (1829–1887), married Catherine Amanda Mallory.
- Dudley Olcott (1838–1919), who succeeded as president of Mechanics' and Farmers' Bank of Albany; remained single.
- Frederic Pepoon Olcott (1841–1909), financier and former president of Central Trust Company; married Mary Esmay.
After Caroline’s passing in 1867, Thomas Worth Olcott died on March 23, 1880, in Albany. He was interred at Albany Rural Cemetery located in Menands, New York.
Descendants and legacy
His eldest son Thomas fathered Thomas Worth Olcott III (1856–1938), who held the positions of Secretary and Treasurer at the Union Railway Company.
In 1856, Olcott commissioned the construction of a spacious Italianate residence for his family. The house underwent significant renovations in the 1860s under its second proprietor, Robert L. Johnson. Samuel Tilden became the first governor to occupy the home when he leased it in 1875; two years later, the state acquired the property. Currently, it serves as the New York State Executive Mansion, the official domicile of New York's governor.