Grace National Bank
Encyclopedia
Grace National Bank was a bank
headquartered in New York, New York. It was established as local private bank by W. R. Grace and Company
in 1914 to concentrate on business done in South America
. On June 19, 1924, the Grace National Bank became a nationally chartered financial institution. http://select.nytimes.com/gst/abstract.html?res=FA0A13FB385F17738DDDA90A94DE405B848EF1D3 The bank operated from a head office in the Grace National Bank Building at 58-60 Water Street.
The founding president was J. Louis Schaefer, a vice-president at W. R. Grace and Company. He died in 1927 and was succeeded by Francis H. McKnight (1927-1933) then Chester R. Dewey. Other former presidents included Frank Comerford Walker
.
Grace National Bank lost clients and deposits during the Great Depression
of the 1930s but survived and began growing again in the post World War II
era. In 1950, the bank earned the largest gross and net profit in its thirty-five-year history. http://select.nytimes.com/gst/abstract.html?res=F60D17F6345D147B93C2A8178AD85F458585F9
In the 1960s, the bank struggled with stiff competition from large operations and on August 10, 1965 the Federal Reserve Bank
gave its approval for the merger
of Grace National Bank with the Marine Midland Bank
(now HSBC Bank USA
). http://select.nytimes.com/gst/abstract.html?res=F3071EFF3C5A157A93C3A81783D85F418685F9
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
headquartered in New York, New York. It was established as local private bank by W. R. Grace and Company
W. R. Grace and Company
W. R. Grace and Company is a Columbia, Maryland, United States based chemical conglomerate.The company has two main divisions, Davison Chemicals and Performance Chemicals. The Davison unit makes chemical catalysts, refining catalysts, and silica-based products that let other companies make...
in 1914 to concentrate on business done in South America
South America
South America is a continent situated in the Western Hemisphere, mostly in the Southern Hemisphere, with a relatively small portion in the Northern Hemisphere. The continent is also considered a subcontinent of the Americas. It is bordered on the west by the Pacific Ocean and on the north and east...
. On June 19, 1924, the Grace National Bank became a nationally chartered financial institution. http://select.nytimes.com/gst/abstract.html?res=FA0A13FB385F17738DDDA90A94DE405B848EF1D3 The bank operated from a head office in the Grace National Bank Building at 58-60 Water Street.
The founding president was J. Louis Schaefer, a vice-president at W. R. Grace and Company. He died in 1927 and was succeeded by Francis H. McKnight (1927-1933) then Chester R. Dewey. Other former presidents included Frank Comerford Walker
Frank Comerford Walker
Frank Comerford Walker was a United States political figure. He served as the United States Postmaster General between 1940 and 1945. He also served as the chairman of the Democratic National Committee from 1943 until 1944....
.
Grace National Bank lost clients and deposits during the Great Depression
Great Depression
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...
of the 1930s but survived and began growing again in the post World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
era. In 1950, the bank earned the largest gross and net profit in its thirty-five-year history. http://select.nytimes.com/gst/abstract.html?res=F60D17F6345D147B93C2A8178AD85F458585F9
In the 1960s, the bank struggled with stiff competition from large operations and on August 10, 1965 the Federal Reserve Bank
Federal Reserve Bank
The twelve Federal Reserve Banks form a major part of the Federal Reserve System, the central banking system of the United States. The twelve federal reserve banks together divide the nation into twelve Federal Reserve Districts, the twelve banking districts created by the Federal Reserve Act of...
gave its approval for the merger
Mergers and acquisitions
Mergers and acquisitions refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling, dividing and combining of different companies and similar entities that can help an enterprise grow rapidly in its sector or location of origin, or a new field or...
of Grace National Bank with the Marine Midland Bank
Marine Midland Bank
Marine Midland Bank was a bank formerly headquartered in Buffalo with several hundred branches throughout the state of New York. Marine Midland began in 1850 in Buffalo as the Marine Trust Company with the objective of financing the new shipping trade on the Great Lakes...
(now HSBC Bank USA
HSBC Bank USA
HSBC Bank USA, National Association, the American subsidiary of UK-based HSBC Holdings plc, is a bank with its operational head office in New York City and its nominal head office in McLean, Virginia . HSBC Bank USA, N.A...
). http://select.nytimes.com/gst/abstract.html?res=F3071EFF3C5A157A93C3A81783D85F418685F9