Farmers' Loan and Trust Company

On February 28, 1822, the New York State Legislature granted a charter to the Farmers' Fire Insurance and Loan Company with capital stock of $500,000 which could be increased to $1,000,000 "when expedient". At the first meeting of the board of directors on March 9, 1822, John T. Champlin, the largest individual stockholder, was chosen president and served until his death in 1830. In 1836, its name was changed to the Farmers' Loan and Trust Company.{{cite book |last1=Lanier |first1=Henry Wysham |title=A Century of Banking in New York: 1822-1922 |date=1922 |publisher=Gilliss Press |pages=275–296 |url=https://books.google.com/books?id=deMbAQAAMAAJ |access-date=18 June 2021 |language=en}}

In 1879, Roswell G. Rolston served as president and George F. Talman was vice president. The members of the executive committee of the board of directors were Moses Taylor (president of National City Bank), John Jacob Astor III, Isaac Bell Jr. (a cotton broker who was the U.S. Minister to the Netherlands), Talman, Samuel Sloan (president of the Delaware, Lackawanna and Western Railroad), Edward Minturn (of Grinnell, Minturn & Co.), and Rolston. In 1880, Robert Lenox Kennedy (a nephew of James Lenox) replaced Minturn on the executive committee.{{cite news |title=The Farmers' Loan and Trust Company |url=https://timesmachine.nytimes.com/timesmachine/1880/01/06/issue.html |access-date=18 June 2021 |work=The New York Times |date=January 6, 1880 |language=en}}

On June 1, 1929, the Farmers' Loan and Trust Company merged with the National City Bank where National City Bank took over the expanded bank's banking operations, while Farmers' Trust became the City Bank-Farmers Trust Company, an affiliate subsidiary of National City Bank, that took over the trust operations.{{cite book|last=Hansen|first=B.|url=https://books.google.com/books?id=qsXIAAAAQBAJ&pg=PA5|title=Institutions, Entrepreneurs, and American Economic History: How the Farmers' Loan and Trust Company Shaped the Laws of Business from 1822 to 1929|publisher=Palgrave Macmillan US|year=2009|isbn=978-0-230-61913-5|page=5|access-date=May 21, 2020}} Two years later, the Trust Company merged with the Bank of America Trust Company to become New York's largest financial institution.

In February 1940, the company, as trustee, purchased the Hotel Knickerbocker on West 42nd Street in Manhattan at auction for $742,500 in foreclosure proceedings against the Kerback Realty Corporation and others.{{cite news |title=Hotel Sold at Auction – Knickerbocker Acquired by City Bank Farmers Trust Co. |url=https://www.nytimes.com/1940/02/03/archives/hotel-sold-at-auction-knickerbocker-acquired-by-city-bank-farmers.html |access-date=18 June 2021 |work=The New York Times |date=February 3, 1940 |page=28}} In 1942, the firm celebrated its 120th anniversary.{{cite news |title=City Bank Farmers Trust Is 120 Years Old Today |url=https://www.nytimes.com/1942/02/28/archives/city-bank-farmers-trust-is-120-years-old-today.html |access-date=18 June 2021 |work=The New York Times |date=February 28, 1942 |page=23}}

In January 1959, the shareholders approved a name change from City Bank Farmers Trust Company to First National City Trust Company which involved a shift of the trust company's status from that of a state-chartered to a national bank.{{cite news |title=Proxy Fight Role of Big Bank Aired – First National City Said at Times to Vote Trust Stock Against Management |url=https://www.nytimes.com/1959/01/14/archives/proxy-fight-role-of-big-bank-aired-first-national-city-said-at.html |access-date=18 June 2021 |work=The New York Times |date=January 14, 1959}} In 1963, the company merged into the First National City Bank (which itself was a result of the 1955 merger of the National City Bank and the First National Bank into The First National City Bank of New York;{{cite book|author=United States. Congress|url=https://books.google.com/books?id=krOkBxoU0C0C&pg=PA1348|title=Congressional Record: Proceedings and Debates of the ... Congress|publisher=U.S. Government Printing Office|year=1957|page=1348|access-date=May 21, 2020|issue=v. 103, pt. 1}} which was shortened to First National City Bank in 1962).{{cite news |last1=Times |first1=Special to The New York |title=National City Hit 10 Billion in 1962 – Reports Record Resources – Operating Earnings Up – Wells Fargo Down Wells Fargo Bank Security First National Bank – Annual Reports Issued by Banks – United California Bank Union Bank Chemical Bank Crocker Anglo National Bank Morgan Guaranty Trust |url=https://www.nytimes.com/1963/01/04/archives/national-city-hit-10-billion-in-1962-reports-record-resources.html |access-date=18 June 2021 |work=The New York Times |date=January 4, 1963}} In 1976, the First National City Bank's name was changed to Citibank, N.A.

The company's first office was a private dwelling at 34 Wall Street. Upon the completion of the Merchant's Exchange Building in 1827, Farmers' moved its headquarters there, remaining until the Great Fire of New York destroyed the building in 1835. After renting office space since its inception,{{refn|group=lower-alpha|The company offices from 1822 to 1827 were 34 Wall Street; from 1827 to 1835 were 55 Wall Street; from 1839 to 1848 were 16 Wall Street; from 1848 to 1852 were 50 Wall Street; from 1852 to 1859 were 28 Exchange Place; from 1859 to 1866 were 56 Wall Street; from 1866 to 1882 were 26 Exchange Place; from 1882 to 1889 were 20-22 William Street.}} the company purchased a plot of land in 1882 for $120,000 on William Street and built a two and a half story building which it used as its headquarters from 1889 until 1890. In February 1889 it purchased the adjacent plot for $250,000 and built a new building 16-22 William Street at a total construction cost of $1,064,159.19 for the old and new building. The architect of the new eight-storey office structure was C. W. Clinton and David H. King, Jr. received the contract for the entire work.{{Cite journal |date=May 25, 1889 |title=Important Buildings Under Way. South of 14th Street. |url=https://rerecord.library.columbia.edu/pdf_files/ldpd_7031148_003_21.pdf |journal=Real Estate Record and Builders Guide |volume=43 |issue=1106 |page=728}} By 1908, the business had again outgrown its space so it purchased the property of the Delaware, Lackawanna and Western Railroad Company for $625,000 at the corner of William and Exchange Place, north and west of the plots already owned by the company. The new building was completed in 1909 at a cost of $1,476,037.84.{{Cite news|date=December 13, 1908|title=City Bank to Move With $50,000,000; New Quarters in Remodeled Old Custom House Will Be Occupied on Saturday.|language=en-US|work=The New York Times|url=https://www.nytimes.com/1908/12/13/archives/city-bank-to-move-with-50000000-new-quarters-in-remodeled-old.html|access-date=May 20, 2020|issn=0362-4331}}{{cite book|last1=van B. Cleveland|first1=Harold|url=https://archive.org/details/citibank181219700000clev|title=Citibank 1812-1970|last2=Huertas|first2=Thomas F.|publisher=Harvard University Press|year=1985|page=[https://archive.org/details/citibank181219700000clev/page/54 54]|url-access=registration|name-list-style=amp}}

Between 1930 and 1931, the bank tore down its existing headquarters,{{refn|group=lower-alpha|Farmers' tore down four structures: two 10-story buildings on William Street, one 9-story building on Hanover Street, and one 15-story building extending between Beaver Street and Exchange Place.{{cite news|date=March 16, 1931|title=New City Bank Complete Today: Fuller Co., Builders, Finish Farmers Trust Skyscraper Ahead of Schedule|page=16|work=Wall Street Journal|url=https://www.proquest.com/docview/130916529/22B9EC3F99A64AA3PQ|url-access=subscription|access-date=August 11, 2020|issn=0099-9660|via=ProQuest}}}} and built a new fifty-nine story structure known as the City Bank-Farmers Trust Building at 20 Exchange Place, which became one of New York City's tallest buildings.{{harvnb|Landmarks Preservation Commission|1996|ps=.|p=7}}{{harvnb|ps=.|Bonner|1924|page=417}} The steel-framed structure sheathed in granite and limestone was designed in the Art Deco style by Cross & Cross.{{cite web |title=City Bank-Farmers Trust Company Building |url=https://hdc.org/buildings/city-bank-farmers-trust-company-building/ |website=hdc.org |publisher=Historic Districts Council |access-date=18 June 2021}} The building served as the company's headquarters until 1956 and the City Bank-Farmers Trust Building was eventually sold by Citigroup in 1979.

List of presidents:

• 1822–1830: John T. Champlin
• 1830–1832: Oliver H. Hicks
• 1832–1832: Frederick A. Tracy
• 1832–1835: Elisha Tibbets
• 1835–1837: Henry Seymour
• 1837–1842: Lewis Curtis
• 1842–1842: Charles Stebbins
• 1842–1845: Robert C. Cornell
• 1845–1865: Douw D. Williamson{{cite news |title=Died |url=https://www.nytimes.com/1897/01/05/archives/obituary-1-no-title.html |access-date=18 June 2021 |work=The New York Times |date=January 5, 1897}}
• 1865–1898: Rosewell G. Rolston{{cite news |title=Rosewell G. Rolston Dead – Well-Known Business Man Passed Away at His Summer Home – Health Poor for a Year – Stricken with Paralysis in April of Last Year, He Never Fully Recovered – Wife and Three Children Survive. |url=https://www.nytimes.com/1898/08/26/archives/rosewell-g-rolston-dead-wellknown-business-man-passed-away-at-his.html |access-date=18 June 2021 |work=The New York Times |date=August 26, 1898}}
• 1898–1921: Edwin S. Marston{{cite news |title=Edwin S. Marston Dies Suddenly at 71 – Ex-President of Farmers Loan and Trust Co. Stricken at His New Jersey Country Home – Bank's Head for 24 Years – Director in Many Important Corporations Was a Native of New York City. |url=https://www.nytimes.com/1922/10/13/archives/edwin-s-marston-dies-suddenly-at-71-expresident-of-farmers-loan-and.html |access-date=18 June 2021 |work=The New York Times |date=October 13, 1922}}
• 1921–1929: James H. Perkins{{cite news |title=James H. Perkins, Banker, Is Dead. Chairman of Board of National City Organization Stricken in Mt. Kisco at 64. Was Red Cross Official. Head of American Service in Europe During War. Was Cited for His Work |url= http://select.nytimes.com/gst/abstract.html|quote=James Handasyd Perkins, chairman of the board of the National City Bank of New York and president of the City Bank Farmers Trust Company, died tonight following a heart attack suffered shortly after he and Mrs. Perkins had dined at the home here of Arthur M. Anderson ... |newspaper=The New York Times |date=July 13, 1940 |access-date=June 18, 2021 }}
• 1936–1951: Lindsay Bradford{{cite news |title=L. Bradford, 67, Retired Banker – Former President of City Farmers Trust Dies-Honored by Colgate |url=https://www.nytimes.com/1959/10/07/archives/l-brdrogdi-6i-retirdbaner-former-president-of-city-farmers-trust.html |access-date=18 June 2021 |work=The New York Times |date=October 7, 1959}}
• 1951–1957: Richard S. Perkins{{cite news |title=City Bank Farmers Trust Advances Two |url=https://www.nytimes.com/1951/12/05/archives/city-bank-farmers-trust-advances-two.html |access-date=18 June 2021 |work=The New York Times |date=December 5, 1951}}
• 1957–1959: Eben W. Pyne{{cite news |title=City Bank Farmers Promotes Two |url=https://www.nytimes.com/1957/01/03/archives/city-bank-farmers-promotes-two.html |access-date=18 June 2021 |work=The New York Times |date=January 3, 1957}}{{cite news |last1=Saxon |first1=Wolfgang |title=Eben Pyne 89, Who Helped Revive Suburban Railroads, Dies |url=https://www.nytimes.com/2007/04/13/obituaries/13pyne.html |access-date=18 June 2021 |work=The New York Times |date=April 13, 2007}}

Other notable employees:

• Archibald McIntyre; Secretary (1822–1823)
• Rufus King Delafield; Secretary (1836–1852){{cite book |last1=Pelletreau |first1=William Smith |title=Historic Homes and Institutions and Genealogical and Family History of New York |date=1907 |publisher=Lewis Publishing Company |page=279 |url=https://books.google.com/books?id=5WxoOvnQgMQC |access-date=18 June 2021 |language=en}}
• Samuel Sloan Jr.; Secretary (1897–1907), Vice-President (1907){{cite news |title=Samuel Sloan, 75 – A Retired Banker – Ex-Senior Vice President of the City Bank Farmers Trust Co. Dies After Long Illness – On Many Directorates – Served Board of Lackawanna Road, Which His Father Had Headed – Active in Charity |url=https://www.nytimes.com/1939/11/27/archives/samuel-sloan-75-a-retired-banker-exsenior-vice-president-of-the.html |access-date=16 June 2021 |work=The New York Times |date=November 27, 1939}}
• William B. Cardozo{{cite news |title=William Cardozo, Veteran Banker – Senior Vice President of the City Bank Farmers Trust Co. Served It for 58 Years – Office Boy at Age of – Known as Authority on Realty and Trust Administration – Dies in Home at 74 |url=https://www.nytimes.com/1940/06/04/archives/william-cardozo-veteran-banker-senior-vice-president-of-the-city.html |access-date=18 June 2021 |work=The New York Times |date=June 4, 1940}}

;Notes

{{Reflist|group=lower-alpha}}

;Sources

{{Reflist|30em}}

• {{cite report |ref={{harvid|Landmarks Preservation Commission|1996}} |url=http://www.nyc.gov/html/lpc/downloads/pdf/reports/citybankfarmers.pdf |title=City Bank–Farmers Trust Company Building |date=June 25, 1996 |publisher=New York City Landmarks Preservation Commission |archive-url=https://web.archive.org/web/20120716182649/http://www.nyc.gov/html/lpc/downloads/pdf/reports/citybankfarmers.pdf |archive-date=July 16, 2012 |url-status=dead}}
• {{cite book |last=Bonner |first=William T. |url=https://books.google.com/books?id=XfIInwEACAAJ |title=New York the World's Metropolis |publisher=Commemorative Edition |year=1924 |pages=407–408}}

{{Portal|Banks}}

{{Citigroup}}

{{authority control}}

{{DEFAULTSORT:Farmers' Loan and Trust Company}}

Category:Banks based in New York City

Category:Defunct banks of the United States

Category:1822 establishments in New York (state)

Category:1959 disestablishments in New York (state)

Category:Defunct banks of New York City