National Reserve Bank
| Industry | Banking |
|---|---|
| Fate | Merged |
| Predecessors | None |
| Successors | National Reserve Bank of the City of New York |
| Founded | July 1, 1902 (organized) September 22, 1902 (open for business) |
| Founders | Mortimer H. Wagar |
| Defunct | March 7, 1909 (merged into National Reserve Bank) |
| Headquarters | Manhattan, New York City, United States |
|
Key people
|
Mortimer Wagar |
| Services | Banking, etc. |
Consolidated National Bank of New York was a bank operating in New York City. Also referred to in the press as Consolidated National Bank, the institution was organized on July 1, 1902 with capital of $1 million. Wrote the New York Times, the bank was "founded with the idea of cornering the business of the Consolidated Exchange and its brokers." The bank opened for business at 57 Broadway on September 22, 1902, and a year later the bank took out a five year lease at the Exchange Court Building. In 1906, the withdrew its deposits with the Consolidated National Bank.
In 1909, the bank voted to acquire the assets of Oriental Bank and merge them with Consolidated, creating the National Reserve Bank of the City of New York, or National Reserve Bank. The Consolidated name was operative for a short time afterwards. The National Reserve Bank opened for business in March 1909. On January 27, 1914, the National Reserve Bank was taken over by the Mutual Alliance Trust Company. For a time, the office of the National Bank Reserve at 165 was continued as the Reserve Branch of the trust company.
On February 11, 1902, The New York Times reported that around $600,000 had been subscribed to the capitalization of the Consolidated National Bank, with organization by founding president Mortimer H. Wagar. Wagar had been president of the , or the , from which he retired around 1902 to join the Consolidated National Bank. Also by February 11, 1902, a lease for portions of two floors in the Pinkerton Building at 57 Broadway had been arranged for the institution, with three months estimated until the start of the bank's opening.
The Consolidated National Bank was organized on July 1, 1902. With fourteen members on the bank's board of directors, the officers were headquartered at 51 Broadway, with capital of $1 million. In late August of 1902, the bank elected three new directors. On September 12, 1902, the New York Times reported that the organization of the Consolidated National Bank of New York had been completed with the filing of papers with the Controller of the Currency, with the first directors meeting held the subsequent week. The office was stated to be set for 37 Broadway in Manhattan. The bank opened at No. 57 Broadway on Monday, September 22, 1902, with capital of $1,000,000 and a surplus of $1,000,000. Willis S. Paine was founding president.
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