The Mechanics and Metals National Bank (MMNB) was a bank in
New York City
New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...
, founded in 1810 as the Mechanics National Bank. In 1910 it merged with National Copper Bank and took the Mechanics and Metals National Bank name. After a number of mergers and acquisitions, in 1926 MMNB consolidated with the
Chase National Bank
JPMorgan Chase Bank, N.A., Trade name, doing business as Chase Bank or often as Chase, is an American national bank headquartered in New York City, that constitutes the retail banking, consumer and commercial bank, commercial banking subsidiar ...
.
History
Mechanics National Bank was founded in 1810 in
New York City
New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...
. In 1910 it merged with National Copper Bank (est. 1907 in New York), and took the Mechanics and Metals National Bank name. In 1911, a new and unrelated bank with the name, National Copper Bank, was founded in
Salt Lake City
Salt Lake City (often shortened to Salt Lake and abbreviated as SLC) is the Capital (political), capital and List of cities and towns in Utah, most populous city of Utah, United States. It is the county seat, seat of Salt Lake County, Utah, Sal ...
.
In May 1914, the directors of the Mechanics and Metals National Bank and the
Fourth National Bank of New York
The Fourth National Bank of New York was an American bank based in New York City.
History
The Fourth National Bank of New York was organized in January 1864. At the time of its organization, many, including Secretary of the Treasury Salmon P. Ch ...
agreed to unite. Mechanics and Metals had offered $200 a share for the stock of Fourth National. In March 1914 immediately before the merger, the Mechanics and Metals had net deposits of $58,433,000 and Fourth National had net deposits of $33,408,000. The resultant bank had net deposits of approximately $90,000,000.
After approval from the
Controller of the Currency
The Office of the Comptroller of the Currency (OCC) is an independent bureau within the United States Department of the Treasury that was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all nationa ...
the day before, on June 21, 1920, Mechanics and Metals and the
Produce Exchange Union
The New York Produce Exchange was a commodities exchange headquartered in the Financial District of Lower Manhattan in New York City. It served a network of produce and commodities dealers across the United States. Founded in 1861 as the New Yo ...
were merged. With branches in Manhattan and a main office at 20 Nassau Street, the new consolidated institution was named Mechanics and Metals National Bank. Combined capital, surplus, and profits of the new bank were approximated at $25,000,000, with deposits exceeding $200,000,000.
Stockholders elected directors from both former institutions, including John E. Berwind of the
Berwind-White Coal Mining Company
Berwind Corporation (previously also known as Berwind-White Coal Mining Company) is a large privately held American corporation historically involved in the coal industry. Today it is a diversified company involved in property leasing and owner ...
, William H. Childs of the
Barrett Company, Walter C. Hubbard of
Hubbard Bros. and Co, Ambrose G. Todd of
Reeves and Todd, and
Gates W. McGarrah. McGarrah was also named president of the Mechanics and Metals National Bank, after several years as president of the
New York Produce Exchange National Bank.
[
As of March 9, 1921, four national banks in New York City operated branch offices: Catham and Phenix National, the Mechanics and Metals National, the Irving National, and National City Bank.]Bank of Central and South America The Bank of Central and South America was established in Connecticut in 1922. The next year it acquired some of the assets of the Mercantile Bank of the Americas (est. 1915), including its entire interest in the National Bank of Nicaragua, Banco Me ...
.
In 1926 MMNB consolidated with the Chase National Bank
JPMorgan Chase Bank, N.A., Trade name, doing business as Chase Bank or often as Chase, is an American national bank headquartered in New York City, that constitutes the retail banking, consumer and commercial bank, commercial banking subsidiar ...
. Late that year, the Chase made plans to raze the MMNB main branch building at 20 Nassau Street in order to build a new headquarters for Chase. By March, 1927, the building had been torn down, but its safe proved very difficult to demolish. The blueprints were finalized in June 1927.
See also
*List of banks
Lists of banks are contained in the following articles:
By continent
* List of banks in Africa – Each country in Africa has a list of banks operating in that country
* List of banks in Asia – Asia has a list of banks operating in that coun ...
References
External links
*
{{Authority control
1810 establishments in New York (state)
Banks established in 1810
Banks disestablished in 1926
Banks based in New York City
Defunct companies based in New York City
Defunct banks of the United States