The Merchants' National Bank of the City of New York was an American bank based in New York City.

History

On April 7, 1803, fourteen men met at 25

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to sign the Articles of Association of the Merchants' Bank in the City of New York. The document was drawn up by

Alexander Hamilton Alexander Hamilton (January 11, 1755 or 1757July 12, 1804) was an American military officer, statesman, and Founding Fathers of the United States, Founding Father who served as the first U.S. secretary of the treasury from 1789 to 1795 dur ...

, a former

U.S. Secretary of the Treasury The United States secretary of the treasury is the head of the United States Department of the Treasury, and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal a ...

. In 1803, a total of 24,925 shares, at $50 per share, were owned by investors, totaling $1,246,250 (). Elbert Adrian Brinckerhoff, son-in-law of W. R. Vermilye (former

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(PDF) Lists of people by employer, New York Stock Exchange New York Stock Exchang ...

and brother of Merchants' Bank president Jacob D. Vermilye) was long associated with Merchants' Bank. At its establishment, the bank occupied 42 Wall Street, next door to the

Manhattan Company The Manhattan Company was a New York bank and holding company established on September 1, 1799. The company merged with Chase National Bank in 1955 to form the Chase Manhattan Bank. It is the oldest of the predecessor institutions that eventuall ...

and its bank. In 1839, bank leaders constructed a new building on the site. They replaced that building with yet another, the Merchants' National Bank building, built from 1883 to 1886. From 1894 to 1901, the bank employed as a cashier Joseph Wright Harriman, who would later found Harriman National Bank and Trust Company and serve nearly five years in prison for bank fraud. In 1920, the bank was called The Merchants' National Bank of the City of New York and had capital stock of $3,000,000, consisting of 30,000 shares at

par value In finance and accounting, par value means stated value or face value of a financial instrument. Expressions derived from this term include at par (at the par value), over par (over par value) and under par (under par value). Bonds A bond selli ...

of $100, all listed upon the

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Merger

In 1920, the Merchants bank merged with the

Bank of the Manhattan Company The Manhattan Company was a New York bank and holding company established on September 1, 1799. The company merged with Chase National Bank in 1955 to form the Chase Manhattan Bank. It is the oldest of the predecessor institutions that eventua ...

. Established in 1799 by

Aaron Burr Aaron Burr Jr. (February 6, 1756 – September 14, 1836) was an American politician, businessman, lawyer, and Founding Fathers of the United States, Founding Father who served as the third vice president of the United States from 1801 to 1805 d ...

, the Manhattan Company bank is the oldest of the predecessor institutions of today's JPMorgan Chase & Co. On March 1, 1920, three things happened: Merchants was converted from a national bank into a

state bank In Australia and the United States, a state bank in a federated state is usually a financial institution that is chartered by the government of that state, as opposed to one regulated at the federal or national level. In British English, the ter ...

under the name of The Merchants' Bank of the City of New York; the merger agreement was signed; and the deal was approved by the Superintendent of Banks. The merger became effective on March 27, and Merchants president Raymond E. Jones became vice president and second-in-command of the combined institutions. In 1929, the Merchants Bank building was demolished to make way for the merged banks' combined headquarters at

40 Wall Street 40 Wall Street (also the Trump Building; formerly the Bank of Manhattan Trust Building and Manhattan Company Building) is a neo-Gothic skyscraper on Wall Street between Nassau and William streets in the Financial District of Manhattan in Ne ...

List of presidents

Oliver Wolcott Oliver Wolcott Sr. ( ; November 20, 1726 December 1, 1797) was an American Founding Father and politician. He was a signer of the United States Declaration of Independence and the Articles of Confederation as a representative of Connecticut, ...

(1803–1804) * Joshua Sands (1804–1808) *

Richard Varick Richard Varick (March 15, 1753 – July 30, 1831) was an American lawyer, military officer, and politician who has been referred to as "The Forgotten Founding Father." A major figure in the development of post-Independence New York City and the ...

(1808–1820) * Lynde Catlin (1820–1833) * John I. Palmer (1833–1858) * Augustus Ely Silliman (1858–1868) * Jacob Dyckman Vermilye (1868–1892) * Robert M. Gallaway (1892–1917) * Theodore E. Burton (1917–1919) * Raymond E. Jones (1919–1920)

References

External links

*
The Merchants' National Bank of the City of New York: A History of its First Century
' (1903) by Philip Gengembre Hubert Jr. {{DEFAULTSORT:Merchants' National Bank of New York 1803 establishments in New York (state) Banks established in 1803 Banks disestablished in 1920 Banks based in New York City Defunct companies based in New York City Defunct banks of the United States