North American Trust Company
| Trust company | |
| Fate | Acquired by Trust Company of America in 1905 |
| Successor | Trust Company of America |
| Headquarters | Corner of Broadway and Cedar Street, Manhattan, New York City, United States |
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Key people
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Oakleigh Thorne (president) |
The North American Trust Company was a trust company based in New York City. It was organized in early 1896. At the start of 1898, the company was located in the American Surety Building at 100 Broadway. On April 3, 1900, the directors of the International Banking and Trust Company and the North American Trust Company nanimously voted to merge the two organizations under the new name the North American Trust Company. Around either other organizations were acquired in 1901, and in 1905 the City Trust, the North American Trust, and the Trust Company of America merged in what the Times called "the most important trust company consolidation of recent years." The new company was named the Trust Company of America.
There was a North American Trust Company involved in litigation as of 1852 in Albany, New York.
The North American Trust Company was organized in early 1986, with a capital of $1 million. At the end of 1897, the company report announced that it had resources of about $5.5 million, an increase from about $5.1 at the end of 1896. At the start of 1898, the company was located in the American Surety Building at 100 Broadway. On January 19, 1898, Colonel William L. Trenholm was elected president of the North American Trust Company. Former president Samuel M. Jarvis resigned and it was announced he would "devote himself more especially to the international business of the company." The company at large announced it would be more active with expansion, both in the United States and Europe. By May 1899, vice presidents Jarvis and Roland R. Conklin were the primary stockholders of the company. Jarvis had organized the company branches in Santiago and Havana in Cuba. The company also had a branch in London.
On April 3, 1900, the directors of the International Banking and Trust Company and the North American Trust Company met separately. Both groups unanimously voted to merge the two organizations under the new name the North American Trust Company. The new North American Trust Company would be based in the corner of Broadway and Cedar Street, formerly secured by the International Company. At the time of the vote, North American had a capital of $2 million and a surplus of $1 million. International, on the other hand, had capital of $1 million and a surplus of $500,000. In the merger, the International Company surrendered its charter and all its assets to North American, with the new capital stock of the company to be $2 million, with entire assets of something over $4,500,000. A date was set for two weeks later, to ratify the director vote. On April 3, seven men from the International Banking and Trust Company were elected as directors of the North American company. They included president Oakleigh Thorne of the International.
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