Continental Bank of New York
 The bank's first headquarters at the Equitable Building
| |
Formerly called |
German-American Bank (1870–1918) Continental Bank of New York (1918–1929) |
|---|---|
| Genre | Banking |
| Fate | Absorbed |
| Successor | Chemical Bank & Trust Co. |
| Founded | August 1, 1870 in New York City, New York, United States as the German-American Bank |
| Founders | Jacob H. Schiff, H. B. Claflin, Marcellus Hartley, Robert L. Cutting, Joseph Seligman |
| Defunct | 1948 |
| Headquarters |
120 Broadway |
Number of locations |
Branches: 26 Broadway (until 1932), 565 5th Ave, 512 7th Ave, 72 2nd Ave |
| Total assets | $202 million (1947) |
120 Broadway
50 Wall Street
25 Broad Street (until 1932)
The Continental Bank and Trust Company of New York was a financial institution based in New York City, New York, United States. It was established in 1870 as the German-American Bank, which became the Continental Bank of New York. Originally in the Equitable Building at 120 Broadway, the bank was later headquartered at 50 Wall Street,25 Broad Street, and starting in 1932 the Continental Bank Building It became known as the “brokers bank” for its collaboration with Wall Street brokers and investment banking interests. The institution was renamed the Continental Bank and Trust Company of New York around 1929, at which point it was involved in extending its business with acquisitions of commercial banking and fiduciary operations. Acquired banks included the Fidelity Trust Company in 1929,International Trust Company and Straus National Bank and Trust Company in 1931, and Industrial National Bank later that year. In 1947, the bank earned $804,000 in net profits. As of December 31, 1947, Continental had total resources of $202,000,000, and deposits of $188,000,000. It merged with the Chemical Bank and Trust Company in 1948.
The Continental Bank and Trust Company was established on August 1, 1870 at the original Equitable Building at 120 Broadway. The building was the first structure in the city to have passenger elevators. The bank went on to have its main office in several buildings, including one at 50 Wall Street facing what was then the New York Custom House. Founders included Jacob H. Schiff, H. B. Claflin, Marcellus Hartley, Robert L. Cutting, and Joseph Seligman.
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