Frank Arthur Vanderlip, Sr.
| Frank Arthur Vanderlip, Sr. | |
|---|---|
 |
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| President of National City Bank | |
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In office 1897–1901 |
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| Assistant Secretary of the Treasury | |
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In office 1909–1919 |
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| Preceded by | James Jewett Stillman |
| Succeeded by | Charles Edwin Mitchell |
| Personal details | |
| Born |
November 13, 1864 Aurora, Illinois |
| Died | June 30, 1937 (aged 72) New York Hospital, Manhattan, New York |
| Spouse(s) | Mabel Narcissa Cox (m. 1903–37) |
| Children | Narcissa Vanderlip, Charlotte Vanderlip, Frank Arthur Vanderlip, Jr., Virginia Vanderlip, Kelvin Vanderlip, and John Vanderlip |
| Parents | Charles Edmond Vanderlip Charlotte Louise Woodworth |
| Known for | Founding Father of Palos Verdes, California |
Frank Arthur Vanderlip, Sr. (November 17, 1864 – June 30, 1937) was an American banker and journalist. He was president of the National City Bank of New York (now Citibank) from 1909 to 1919, and Assistant Secretary of the Treasury from 1897 to 1901. Vanderlip is known for his part in founding the Federal Reserve System and for founding the first Montessori school in the United States, the Scarborough School and the group of communities in Palos Verdes, California.
Born in rural Illinois, Vanderlip worked in farms and factories until beginning a career in journalism in 1885. His efforts in financial journalism led him to become Assistant Secretary of the Treasury until the National City Bank hired him. While president of the bank, Vanderlip worked with the Jekyll Island group to develop a federal reserve; Vanderlip's later proposals also influenced the creation of the Federal Reserve System in 1913. His later life was focused towards developing Palos Verdes and creating the Scarborough School at his estate, Beechwood, in Briarcliff Manor, New York, as well as gentrifying the hamlet of Sparta nearby. In addition, he helped found and was the first president of Sleepy Hollow Country Club. Vanderlip died in 1937 in New York Hospital, after weeks of treatment there.
Frank Vanderlip was born on November 17, 1864 in Aurora, Illinois. Vanderlip was one of several children of Charles Edmond and Charlotte Louise Woodworth Vanderlip. His early life was spent on his family's farm in nearby Oswego, Illinois until his father died in 1878. After his death, Vanderlip, his mother, and his sister moved to Aurora, where he went to work at a lathe in a factory, at the age of 16. After one year at the University of Illinois at Champaign and another job at the factory lathe, Vanderlip became city editor of the local newspaper, the Aurora Evening Post in 1885.
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