Mechanics National Bank was founded in 1810 in
New York City. 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. In May 1914, the directors of the Mechanics and Metals National Bank and the
Fourth National Bank of New York 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 day before, on June 21, 1920, Mechanics and Metals and the
Produce Exchange Union 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, 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. Between 1922 and 1925, together with several other New York banks, the Mechanics and Metals National Bank held a small ownership position in the
Bank of Central and South America. In 1926, MMNB consolidated with the
Chase National Bank. 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==