Willis S. Paine

Willis Seaver Paine
Born	Template:Birth date Rochester, New York, U.S.
Died	April 13, 1927(1927-04-13) (aged 79)
Occupation(s)	Attorney, banking executive
Known for	Superintendent of the New York State Banking Department; president of The State Trust Company; author on banking laws

Willis Seaver Paine (January 1, 1848 – April 13, 1927) was a distinguished American attorney and banking executive based in New York.

Life

Born in Rochester, New York, Paine was the son of Robert E. Paine, a practicing lawyer and Monroe County District Attorney in Rochester. He completed his education at Rochester Collegiate Institute as valedictorian in 1864, pursued studies at Williams College, and obtained an A.B. degree from the University of Rochester. Paine read law under the mentorship of Sanford E. Church and Charles A. Rapallo, both judges on the New York Court of Appeals, gaining admission to the bar in 1869.

In 1874, Paine was designated by the state bank superintendent as one of three examiners responsible for annual inspections of trust companies. This role led to the shutdown of three New York City trust firms that owed six million dollars to depositors; all depositors were fully reimbursed, enhancing Paine’s public reputation. Serving as receiver for the Bond Street Saving Bank in 1876, he ensured full repayment to preferred creditors and returned over 86% to general creditors. In 1880, Governor Cornell appointed him alongside William Dowd to revise the state’s banking statutes, which were subsequently enacted in 1882. In 1883, Governor Cleveland named him Superintendent of the New York State Banking Department; however, Paine declined Cleveland’s later proposal to become sub-treasurer in New York City.

Paine stepped down from his superintendent role in 1889 to assume the presidency of The State Trust Company. He later held leadership positions at The Trust Company of New York and Merchants Safe Deposit Company, chaired the finance committee of Trademan's National Bank, and served as president of Consolidated National Bank of New York City before resigning to travel abroad. Upon returning, he acted as vice president of U.S. Fire Insurance Co. and trustee for Metropolitan Savings Bank. He played a key role in establishing the trust company and savings bank divisions within the American Bankers Association and held a colonel rank on Governor Roswell P. Flower’s staff. Additionally, Governors Whitman, Smith, and Miller appointed him to serve on the Mohansic Lake Reservation Commission.

Paine authored several authoritative texts on banking laws pertaining to New York State and federal regulations, which were published through seven editions. He married Ruby S. Brown in 1888—she was the niece of Samuel J. Tilden—and after her death in 1896, he wed Virginia Brown in 1900.

He passed away at the Plaza Hotel on April 13, 1927, and was interred at Woodlawn Cemetery.