Continental Bank and Trust Company
US financial institution / From Wikipedia, the free encyclopedia
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The Continental Bank and Trust Company of New York was a financial institution based in New York City, New York, United States. It was established in 1870[2] as the German-American Bank, which became the Continental Bank of New York.[3] Originally in the Equitable Building at 120 Broadway, the bank was later headquartered at 50 Wall Street,[1] 25 Broad Street,[2] and starting in 1932 the Continental Bank Building[2] It became known as the "brokers bank" for its collaboration with Wall Street brokers[3] and investment banking interests.[2] The institution was renamed the Continental Bank and Trust Company of New York[3] around 1929,[4] at which point it was involved in extending its business with acquisitions of commercial banking and fiduciary operations.[2] Acquired banks included the Fidelity Trust Company in 1929,[4] International Trust Company and Straus National Bank and Trust Company in 1931,[5] and Industrial National Bank later that year.[6] In 1947, the bank earned $804,000 in net profits. As of December 31, 1947, Continental had total resources of $202,000,000, and deposits of $188,000,000.[7] It merged with the Chemical Bank and Trust Company in 1948.[8]
Formerly | German-American Bank (1870–1918) Continental Bank of New York (1918–1929) |
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Genre | Banking |
Founded | August 1, 1870; 153 years ago (1870-08-01) in New York City, New York, United States as the German-American Bank |
Founders | Jacob H. Schiff, H. B. Claflin, Marcellus Hartley, Robert L. Cutting, Joseph Seligman |
Defunct | 1948; 76 years ago (1948) |
Fate | Absorbed |
Successor | Chemical Bank & Trust Co. |
Headquarters | 120 Broadway[1] 50 Wall Street[1]
|
Number of locations | Branches: 26 Broadway (until 1932), 565 5th Ave, 512 7th Ave, 72 2nd Ave[2] |
Total assets | $202 million (1947) |