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===1925-1931: Addition of Trust Co. of New York===
===1925-1931: Addition of Trust Co. of New York===
Catham Phenix National Bank and Trust Company of New York was organized in 1925 with resources of around $300,000,000. At the time of its formation, it was one of the ten largest banks in the United States.<ref name=kaufman-dies/>
Catham Phenix National Bank and Trust Company of New York was organized in 1925 with resources of around $300,000,000. At the time of its formation, it was one of the ten largest banks in the United States.<ref name=kaufman-dies/>

On June 15, 1928, financier Louis L. Horch arranged for the American Bond and Mortgage Company to underwrite a bond of $1,925,000 to cover costs of the [[Master Apartments]]. The bonds were 6% Guaranteed Sinking Fund Gold Bond Certificates held under a trust mortgage with the Chatham Phenix National Bank and Trust Company<ref name="eveningpostloan1928">{{cite news |date= 1928-07-14|title= $1,925,000 Loan on Art Skyscraper; American Bond and Mortgage Company Finances Roerich Museum on Riverside Drive |author= |newspaper= New York Evening Post |page=12 |accessdate= 2015-01-05}}</ref><ref name="tombstone">{{cite news |date= 1928-07-18|title= Tombstone Ad; New Issue; $1,925,000; Riverside Drive & 103d St. Bldg.| newspaper= Buffalo Courier Express |page=13 |accessdate= 2015-01-10}}</ref>{{#tag:ref|The tombstone ad for the issue said it consisted of a 6% first mortgage of 12-year sinking fund bond certificates denoted "Series A." They were dated June 15, 1928, and were to mature on June 15, 1940. The certificates were secured by a first mortgage of $2,075,000 of which $150,000 was designated as Series "B" and was subordinate to the bond issue. The corporate trustee was Chatham Phenix National Bank and Trust Co.<ref>Tombstone ad, ''Buffalo Courier Express'', July 18, 1928, p. 13)</ref>|group=note}}


In 1929, Kaufman was made chairman of the Chatham Phenix Allied Corporation, with an "investment concern of $50,000,000 capital.<ref name=kaufman-dies/>
In 1929, Kaufman was made chairman of the Chatham Phenix Allied Corporation, with an "investment concern of $50,000,000 capital.<ref name=kaufman-dies/>

Revision as of 17:28, 17 February 2017

Catham Phenix National Bank and Trust Company
FormerlyCatham and Phenix National Bank
IndustryBanking
PredecessorsCatham National Bank, Phenix National Bank
Founded1911 as Catham and Phenix National Bank in New York City, United States
FateAcquired in 1932
SuccessorsManufacturers Trust
Headquarters
New York City
,
United States
DivisionsCatham Phenix Corporation, Chatham Phenix Allied Corporation

Catham Phenix National Bank and Trust Company was a bank in New York City. Connected with the Catham Phenix Corporation,[1] its precedessor Chatham and Phenix National Bank was formed in 1911 when Catham National Bank paid $1,880,000 to absorb the asset of the Phenix National Bank.[2] The bank grew significantly as it absorbed smaller banking institutions, such as Mutual Alliance Trust Company[3] and Century Bank in 1915, at which point Catham and Phenix National Bank became the "first national bank to operate branches in the same city with the main bank."[4]

Catham Phenix National Bank and Trust Company of New York was organized in 1925 with resources of around $300,000,000. At the time of its formation, it was one of the ten largest banks in the United States.[4] In 1932, the company merged with the Manufacturers Trust.[4]

History

Phenix Bank and Catham Bank

Louis G. Kaufman became president of Chatham National Bank of New York in 1910,[5] overseeing its merger with Phenix National a year later.[6]

Phenix Bank was established in 1812[7][8] as the banking division of the New York Manufacturing Company, which made cotton looms and supplies. As the banking division initially focused on selling wire, it was named Wire Bank, becoming an independent institution in 1817 under the name Phenix Bank, with headquarters at 24 Wall Street.[9] In 1894, the Lombard & Ayres company of New York was worth $1,000,000, as the majority of its wealth was kept in the Phenix National Bank in London, where Josiah Lombard was the Director.[10]

The Catham bank was established in 1850.[7][8] In 1910, Louis Graveraet Kaufman became the president of Chatham National Bank of New York,[5] although only after receiving special dispensation allowing him to remain president of First National Bank of Marquette.[11] When Kaufman became president of Catham National Bank,[4] the bank's deposits were about $7,000,000.[4]

1911: Merger of Phenix and Catham

In 1911, Chatham National Bank of New York's president brought about a merger[7] with Chatham National Bank of New York and Phenix National.[6] In the early 1911 deal, Catham National paid $1,880,000 to absorb the asset of the Phenix National Bank, creating Catham and Phenix National. Deposits of the two banks as of January 7, 1911 was $17,957,209.[2]

Writes The New York Times, the Chatham Phenix National Bank and Trust Company was helped start by "J. Pierpoint Morgan, the renowned American financier."[12] At one point, the Astor and Goelet estates were identified with the institution.[8]

1915-1924: Acquisitions and branches

By 1921, Catham and Phenix National Bank had its main office in the Singer Building, a now-demolished building in Manhattan.[8]

In 1915, Century Bank was absorbed, as well as its branches, and Catham National Bank became the first national bank to operate branches in the same city with the main bank.[4]

In January 1915, there were negotiations for Catham and Phenix National to buy and liquidate the Mutual Alliance Trust Company in its entirety. Catham and Phenix fficers at the time included George M. Hard as chairman, Louis G. Kaufman as president, and three vice presidents.[3] The merger was completed on January 14, 1915. The value of the merged institutions was $32,000,000. At the time, Kaufman was president of the Chatham, with Kaufman putting the deal through.[7] In July 1915, the bank was in talks to potentially become a state institution.[13] As of December 31, 1915, Catham-Phenix had the third in the United States for most profit earned on capital stock.[14]

In January 1921, the Times reported that the Catham and Phenix Nation Bank was "one of the few institutions in New York which enjoyed an increase in deposits during the year just ended." Also, the bank was oen of the "few members of the Federal Reserve Bank which finished the year with no debt to that Bank, either bills payable or rediscounts."[15] On November 7, 1921, Catham and Phenix announced it had purchased New York County National Bank, to become a twelfth branch of the larger company.[8] At the time, Catham and Phenix had deposits of around $163,000,000, and had its main office in the Singer Building.[8] As of March 10, 1922, deposits at the bank were $145,104,322, up from December 31, 1921 deposits of $141,741,371. In March total resources were placed at $176,614,626.[16]

1925-1931: Addition of Trust Co. of New York

Catham Phenix National Bank and Trust Company of New York was organized in 1925 with resources of around $300,000,000. At the time of its formation, it was one of the ten largest banks in the United States.[4]

On June 15, 1928, financier Louis L. Horch arranged for the American Bond and Mortgage Company to underwrite a bond of $1,925,000 to cover costs of the Master Apartments. The bonds were 6% Guaranteed Sinking Fund Gold Bond Certificates held under a trust mortgage with the Chatham Phenix National Bank and Trust Company[17][18][note 1]

In 1929, Kaufman was made chairman of the Chatham Phenix Allied Corporation, with an "investment concern of $50,000,000 capital.[4]

1932: Merger with Manufacturers Trust

In 1932, the Catham Phenix National Bank and Trust Company merged with the Manufacturers Trust,[4][9] which had been formed in Brooklyn in 1914.[9] Kaufman became chairman of the executive committee of the new organization, resigning the same year.[4] By the time Kaufman retired in 1932, the bank had increased 50-fold in size from its formation in 1911.[20]

On March 21, 1934, Catham-Phenix National Bank served as a trustee in a receiver situations with the American Fuel and Power Company.[21] In May 1935, an employee won a judgement against the Catham Phenix National Bank and Trust Company and the Catham Phenix Corporation, after a stock sales offer Catham Phenix National Bank and Trust Company made in August 1929 to its employees was deemed "sales talk."[1] In 1961, the Manufacturers Hanover Trust Company was formed through the merger of Manufacturers Trust and Hanover Bank.[12] Writes The New York Times, "Manufacturers Trust had its beginnings in the Chatham Phenix National Bank and Trust Company... and the Manufacturers Trust Company, which was founded in Brooklyn in 1853 as the Manufacturers National Bank."[12] As of 1965, the Catham-Phenix Building at 29-28 41 Avenue in Long Island City remained open to tenants.[22]

Directors

As of early 1915, directors included Horace E. Andrews, August Belmont, Jr., Daniel J. Carroll, Harden L. Crawford, Desmond Dunne, P.S. du Pont, Ellis P. Earle, O.G. Fessenden, Elbert H. Garry, John H. Hansen, Frank J. Heaney, Parmely W. Herrick, Richard H. Higgins, H. Stuart Hotchkiss, Louis G. Kaufman, William A. Law, Frank R. Lawrence, Edward E. Loomis, Waldo H. Marshall, John Ringling, Edward Shearson, Henry F. Shoemaker, Charles A. Starbuck, Sanford H. Steele, Albert A. Tilney, Frederick D. Underwood, John D. Vermeule, and Samuel Weil.[3]

See also

References

  1. ^ a b Bank's Stock Sale to Employee Voided; Court Holds Offer by the Chatham Phenix Was a 'Sales Talk,' Not Contract., New York City: The New York Times, May 25, 1935, p. 21, retrieved February 16, 2017 {{citation}}: Italic or bold markup not allowed in: |publisher= (help)
  2. ^ a b Phenix National 188; This Price Fixed by Committee for Merger with Chatham National., New York City: The New York Times, February 17, 1911, p. 14, retrieved February 16, 2017 {{citation}}: Italic or bold markup not allowed in: |publisher= (help)
  3. ^ a b c Bankers Lay Plans for Triple Merger; Chatham and Phenix National to Buy and Liquidate Mutual Alliance Trust Company. Favorable Vote Expected If Deal Goes Through, Two of Trust Company Branches Will Be Sold to the Century Bank., New York: The New York Times, January 10, 1915, p. 13, retrieved January 20, 2017 {{citation}}: Italic or bold markup not allowed in: |publisher= (help)
  4. ^ a b c d e f g h i j L. G. Kaufin Dies; ex-banker Here, 69, New York City: The New York Times, March 11, 1942, p. 19, retrieved February 16, 2017 {{citation}}: Italic or bold markup not allowed in: |publisher= (help)
  5. ^ a b "A New Face in New York's Gallery of Bank Presidents". Moody's. 10: 391. 1910.
  6. ^ a b "Granot Loma". Historic Sites Online. Michigan State Housing Development Authority. Retrieved July 26, 2011.
  7. ^ a b c d $32,000,000 Merger of Banks Effected; Sum Represents Deposits of Chatham-Phenix National and Alliance Trust. Terms Not Made Public - Century Takes Over Branches -- $10,400,000 of Assets Moved After Business Hours., New York City: The New York Times, January 15, 1915, p. 5, retrieved January 20, 2017 {{citation}}: Italic or bold markup not allowed in: |publisher= (help)
  8. ^ a b c d e f Catham & Phenix Completes Merger; Buys Control in New York County National, to Be Made a Twelfth Branch. Expansion Policy is Old - Larger Institution Has Increased Its Trade Centres Ever Since Middle of Last Century., New York City: The New York Times, November 8, 1921, p. 37, retrieved February 16, 2017 {{citation}}: Italic or bold markup not allowed in: |publisher= (help)
  9. ^ a b c Oldest Link in Manufacturers Trust 'Tree,' 'Wire Bank,' Founded 125 Years Ago Today, New York City: The New York Times, June 15, 1937, p. 33, retrieved February 16, 2017 {{citation}}: Italic or bold markup not allowed in: |publisher= (help)
  10. ^ New York Times, article "Receiver for Lombard & Ayres", December 18, 1895
  11. ^ "History of Graveraet High School". Kaufman Auditorium.org. Retrieved August 3, 2011.
  12. ^ a b c D. Hylton, Richard (July 16, 1991), The Bank Merger; 'Manny Hanny': A Name for History Books, New York City: The New York Times, retrieved February 16, 2017 {{citation}}: Italic or bold markup not allowed in: |publisher= (help)
  13. ^ Bank May Change Charter; Report That Chatham & Phenix Is Likely to Become State Institution., New York City: The New York Times, July 30, 1915, retrieved February 17, 2017 {{citation}}: Italic or bold markup not allowed in: |publisher= (help)
  14. ^ Banks Earns $7,164,000 On $10,000,000 Capital; First National Leads in Profits for the Year -- Liberty Next, Chatham-Phenix Third., New York City: The New York Times, January 27, 1916, p. 1, retrieved February 17, 2017 {{citation}}: Italic or bold markup not allowed in: |publisher= (help)
  15. ^ 1920 Good for Chatham-Phenix Bank, New York City: The New York Times, January 12, 1921, p. 32, retrieved February 17, 2017 {{citation}}: Italic or bold markup not allowed in: |publisher= (help)
  16. ^ Chatham and Phenix Deposits Grow, New York City: The New York Times, March 21, 1922, p. 36, retrieved February 16, 2017 {{citation}}: Italic or bold markup not allowed in: |publisher= (help)
  17. ^ "$1,925,000 Loan on Art Skyscraper; American Bond and Mortgage Company Finances Roerich Museum on Riverside Drive". New York Evening Post. 1928-07-14. p. 12. {{cite news}}: |access-date= requires |url= (help)
  18. ^ "Tombstone Ad; New Issue; $1,925,000; Riverside Drive & 103d St. Bldg". Buffalo Courier Express. 1928-07-18. p. 13. {{cite news}}: |access-date= requires |url= (help)
  19. ^ Tombstone ad, Buffalo Courier Express, July 18, 1928, p. 13)
  20. ^ Crary, Rachel (October 24, 2007). "Dinner with Kaufmans Part of Museum Auction". The Mining Journal. Marquette, MI.
  21. ^ Receiver for Power Company., New York City: The New York Times, March 22, 1934, p. 35, retrieved February 16, 2017 {{citation}}: Italic or bold markup not allowed in: |publisher= (help)
  22. ^ Real Estate Notes, New York City: The New York Times, October 13, 1965, p. 74, retrieved February 16, 2017 {{citation}}: Italic or bold markup not allowed in: |publisher= (help)


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