Trust Company of America
| Industry | Financial |
|---|---|
| Genre | Trust company |
| Fate | Absorbed by the Equitable Trust Company in the spring of 1912 |
| Successor | Equitable Trust Company |
| Founded | May 23, 1899 in Albany, New York, United States |
| Founder | Ashbel P. Fitch |
| Defunct | 2012 |
| Headquarters |
Singer Building, Manhattan 37 Wall Street, Manhattan, New York City, United States |
The American Trust Company was a large company in New York City. Founded in May 23, 1899 in Albany, New York, its founding president was Ashbel P. Fitch and it was initially located in the Singer Building in Manhattan's Financial District. In 1907 the company absorbed the Colonial Trust Company, a commercial bank. It later survived the Panic of 1907 when it was the target of a bank run starting on Wednesday, October 23, 1907. It survived, with the backing of J. Pierpont Morgan and an infusion of gold from the Bank of England and other European sources. The company ultimately represented a consolidation of the North American Trust Company, the former Trust Company of America, the City Trust Company and the Colonial Trust Company. The Trust Company of America was absorbed by the Equitable Trust Company in the spring of 1912.
The Trust Company of America commenced business in 1895. Later on it represented a consolidation of the North American Trust Company, the former Trust Company of America, the City Trust Company and the Colonial Trust Company.
The company was incorporated in Albany, New York on May 23, 1899. It had been promoted by Edward F. Cragin, James M. Donald of Hanover National Bank, and Alvah Trowbridge of the National Bank of North America. New York Representative Ashbel P. Fitch was founding president. To start, the company had $2,500,000 in capital stock, with a paid-up surplus of the same amount. However, its structure was not fully outlined, with the general belief that it would be a trust company of trust companies, "and as such, a Clearing House for them." It was initially located in the Singer Building at Liberty Street and Broadway in Lower Manhattan's Financial District.
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