Phenix Bank and Chatham Bank became president of Chatham National Bank of New York in 1910, In 1894, the
Lombard & Ayres company of New York was worth $1,000,000, and the majority of its assets were kept in the Phenix National Bank in
London, where Josiah Lombard was the director. The Chatham Bank was established in 1850. Shortly after becoming a member of the Chatham board, after Hard, although only after receiving special dispensation allowing him to remain president of First National Bank of Marquette. When Kaufman became president of Chatham, In the early 1911 deal, Chatham National paid $1,880,000 to absorb the asset of the Phenix National Bank, creating Chatham and Phenix National. Deposits of the two banks as of January 7, 1911 was $17,957,209.
The New York Times wrote that the Chatham Phenix National Bank and Trust Company was helped to be started by "
J. Pierpont Morgan, the renowned American financier." In January 1915, there were negotiations for
Chatham and Phenix National to buy and liquidate the
Mutual Alliance Trust Company in its entirety. Chatham and Phenix Officers at the time included George M. Hard as chairman,
Louis G. Kaufman as president, and three vice presidents. 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. In July 1915, the bank was in talks to potentially become a state institution. As of December 31, 1915, Chatham-Phenix was third in the United States for most profit earned on capital stock. By the end of 1916, the bank had deposits of about $86 million. At the time, Chatham and Phenix was "the only national branch which operates local branches, of which it has twelve," reported the
Times. In January 1921, the
Times reported that the Chatham 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 one of the "few members of the
Federal Reserve Bank which finished the year with no debt to that Bank, either bills payable or rediscounts." On November 7, 1921, Chatham and Phenix announced it had purchased New York County National Bank, to become a twelfth branch of the larger company. At the time, Chatham and Phenix had deposits of around $163,000,000. Chatham and Phenix National Bank was one of 12 to support the
Woodrow Wilson Foundation in January 1922, by accepting donations to establish an annual prize for "meritorious public service." 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.
1925-1931: Addition of Trust Co. of New York Chatham Phenix National Bank and Trust Company of New York was organized in 1925 with resources of around $300,000,000 after it merged with
Metropolitan Trust Company of New York, which had been founded in 1881. At the time of its formation, it was one of the ten largest banks in the United States. In 1929, Kaufman was made chairman of the Chatham Phenix Allied Corporation, an "investment concern of $50,000,000 capital." On March 21, 1934, Chatham-Phenix National Bank served as a trustee in the receivership of the American Fuel and Power Company. In May 1935, an employee won a judgement against the Chatham Phenix National Bank and Trust Company and the Chatham Phenix Corporation, after a stock sales offer Chatham Phenix National Bank and Trust Company made in August 1929 to its employees was deemed "sales talk." In 1961, the
Manufacturers Hanover Trust Company was formed through the merger of Manufacturers Trust and
Hanover Bank. ==Directors==