National Commercial Bank, Albany, NY (Charter 1301)

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Postcard of the National Commercial Bank
Postcard of the National Commercial Bank of Albany, New York, postmarked 1910. Courtesy of Adam Stroup

National Commercial Bank/National Commercial Bank & TC, Albany, NY (Chartered 1865 - Closed (Merger) 1997)

Town History

The old National Commercial Bank on State Street
The old National Commercial Bank on State Street, ca2023. Courtesy of Google Maps

Albany (AWL-bə-nee) is the capital and oldest city in the U.S. state of New York, and the county seat of and most populous city in Albany County. It is located on the west bank of the Hudson River, about 10 miles south of its confluence with the Mohawk River.

The city is the economic and cultural core of New York State's Capital District, a metropolitan area including the nearby cities and suburbs of Colonie, Troy, Schenectady, and Saratoga Springs. With an estimated population of 1.1 million in 2013, the Capital District is the third most populous metropolitan region in the state. As of 2023, Albany's population was 101,228. In 1860 the population was 62,367 growing to 127,412 by 1930.

The Hudson River area was originally inhabited by Algonquian-speaking Mohican. The area was settled by Dutch colonists, who built Fort Nassau in 1614 for fur trading and Fort Orange in 1624. In 1664, the English took over the Dutch settlements, renaming the city Albany in honor of the Scottish title of the Duke of York (later James II of England and Ireland and James VII of Scotland): the Duke of Albany. The city was officially chartered in 1686 under English rule. It became the capital of New York in 1797 after the formation of the United States. Albany is the oldest surviving settlement of the original British Thirteen Colonies north of Virginia.

Albany had 10 National Banks chartered during the Bank Note Era, and nine of those banks issued National Bank Notes.

Bank History

The Commercial Bank of Albany Obsolete proof
The Commercial Bank of Albany Obsolete proof $50-$100 uncut sheet, Haxby NY-60. Rawdon, Clark & Co, engraved notes. The $50 features St. George on his rearing horse, sword raised and ready to conquer the dragon. At the left end, a framed oval portrait of DeWitt Clinton is at the center with "50" dies above and below. The right end shows a standing portrait of Clinton with his overcoat unbuttoned holding his hat and walking stick. The base vignette is a portrait of John Jay. Courtesy of Heritage Auctions, www.ha.com
  • Organized May 31, 1865
  • Chartered June 17, 1865
  • Succeeded Commercial Bank
  • 1: Absorbed 1045 January 20, 1902 (Merchants National Bank, Albany, NY)
  • 1: Absorbed 1291 February 5, 1902 (Albany City National Bank, Albany, NY)
  • 1: Assumed 11626 by consolidation April 28, 1920 with title change (Union NB & TC (No Issue), Albany, NY)
  • Bank was Open past 1935
  • For Bank History after 1935 see FDIC Bank History website
  • Merged into KeyBank N.A. in Salt Lake City, UT, June 30, 1997

Commercial Bank of Albany

In December 1823, Joseph Alexander, G.W. Stanton, A. Davidson, and David E. Gregory gave notice of their intent to apply on behalf of themselves and their associates to the next legislature for the incorporation of a bank by the name and style of "Commercial Bank of Albany," with a capital of $500,000.[1]

On Saturday, January 22, 1825, some time was spent on the wolf-bounty bill in the Senate. The bill to incorporate the Dutchess County Bank and the Commercial Bank of Albany were made the order of the day for Monday, January 31st.[2] On March 30th, the bill to incorporate the Commercial Bank of Albany passed in the Senate.[3] In June it was reported that the stock books of the new Commercial Bank at Albany were opened three days and $1,500,000 were subscribed. The capital was only $300,000.[4] The Albany Daily Advertiser reported the Chancellor had granted an injunction against all further proceedings on the part of the commissioners of the Commercial Bank until they answered a bill of complaint filed against them.[5] The complaint was about the way shares were divided amongst all the subscribers.

In September 1826, the Commercial Bank at Albany was about to commence business with Mr. A. Bartow of Utica as cashier.[6]

In October 1835, the disappearance of Henry Bartow, late cashier of the Commercial Bank of Albany, created much excitement giving rise to various rumors concerning the solvency of the bank. Bartow was last seen on board the steamboat from Philadelphia for New Castle, Delaware on Saturday morning, October 3rd, where he said he had come express in pursuit of a runaway.[7] The Journal of Commerce of New York published that capital of the bank was $240,000 and the cashier had embezzled $210,000. The directors responded with a statement that the capital of the bank paid in was $300,000 together with a net surplus of $79,263, making the total amount of capital $379,263. The directors stated defalcations would not exceed $130,000 which would leave unimpaired capital of $249,253. Although a partial loss was thus sustained by the stockholders, the directors assured the public that no injury or loss would accrue to others. By the terms of the charter the stockholders were individually responsible for double the amount of the original capital. The business of the bank would not be suspended, and all notes, drafts, and depositors would be paid on demand. The directors present to make this statement were John Townsend, president; Willard Walker, vice president; George W. Stanton, John L. Schoolcraft, William Newton, Lewis Benedict, James Horner, John Gott, and Seth Hastings.[8] A reward of $5,000 was offered for the apprehension of Henry Bartow who absconded with about $130,000 of the funds of the Commercial Bank. $2,000 would be paid for the apprehension and delivery into one of the jails of the United States Mr. Bartow. For recovery of a portion of the money taken, a proportion of the reward would be paid. Bartow was described as about "5 foot 6 or 7 inches, dark complexion, high colored with some slight scars on his face, dark eyes, heavy eyebrows, black hair, rather thin, inclined to curl, small in person, slow in speech; when speaking, scowls."[9]

In February 1836, the New York Senate had a bone to pick as two of its members, J.C. Kemble and Isaac Bishop and the late Senator Edmonds were charged with being implicated with Bartow in squandering the funds of the Commercial Bank of Albany.[10] The senate found nothing wrong with the dealings of Senator John W. Edmonds in his dealings with the cashier of the Commercial Bank.[11]

The quarterly report of the Commercial Bank as of December 20, 1851, showed total resources of $1,426,397.39 with capital $300,000, profits $85,536.45, circulation $159,124.00 and deposits $175,633.92. John Townsend, president and Andrew White, acting cashier (James Taylor, the cashier, being absent from the state due to ill-health) signed the report.[12]

On August 26, 1854, John Townsend, Esq., distinguished citizen intimately connected with most of the great enterprises and businesses of Albany for the past fifty years, died at his residence in Albany. Mr. Townsend was born at the Sterling Iron Works in Orange County, on June 14, 1783. He came to Albany in 1802, and in 1804, became a partner with his brother, Isaiah Townsend, and the two brothers composed, until the death of the latter, the firm of I. & J. Townsend. In 1814, he married the daughter of the Hon. Ambrose Spencer, distinguished Chief Justice and Congressman. He held at various periods the office of Mayor of the City and Alderman. He was chairman of the committee to receive General Lafayette upon his visit to the United States in 1824. Under his administration as Mayor, many of the important improvements of the city were undertaken, including the building of the City Hall, the Albany Pier, and the Watervliet Road. He was the leading mind in the construction of the Utica and Schenectady Railroad, in which he held a directorship from the first organization of the Company, to the consolidation of the various works now constituting the New York Central Railroad a year earlier. He took an active and efficient part in the introduction of water into Albany as one of the Water Commissioners, which office he held at the time of his death. The first iron foundry west of the Highlands in this State was established by him and his brother and they, with Wm. James of Albany, and the Hon. Joshua Forman, were the first to establish the manufacture of salt by solar evaporation at Syracuse. At the time of his death, he was President of the Commercial Bank, the Board of Water Commissioners, the Albany Exchange Company, the Albany Savings Bank, the Albany Pier Company, the Syracuse Coarse Salt Company, the Watervliet Turnpike Company, and was acting President of the Albany Insurance Company. Mr. Townsend and his brother were the constant friends and advisers of Governor DeWitt Clinton in the commencement and carrying forward of the great system of internal improvement, which had contributed so largely to the prosperity of the State. They enjoyed in an eminent degree the confidence and esteem of that great man, and they stood nobly by him through all his struggles and trials, enjoying his friendship and sharing his counsels.[13]

John Lawrence Schoolcraft, a Representative from New York, born in Albany in 1804 and elected as a Whig to the 31st and 32d Congresses (March 4, 1849-March 3, 1853), president of the Commercial Bank at Albany, serving from 1854 until his death. He was a delegate to the Republican National Convention in 1860 and died while returning to his home from the convention at Chicago, in St. Catherines, Ontario, Canada, June 7, 1860. On Wednesday, June 13, 1860, at a meeting of the directors of the Commercial Bank, Ezra P. Prentice, Esq., was unanimously elected president to fill the vacancy caused by the death of Hon. John L. Schoolcraft.[14]

National Commercial Bank of Albany

On January 23, 1873, the death of William Cassidy, senior proprietor and the editor of the Albany Argus was announced. Educated at Albany Academy and Union College, he studied law, and was appointed State Librarian in 1843. "One of the most accomplished and brilliant journalists of his time," he was editor of the Albany Atlas and Albany Argus newspapers. In 1868 Mr. Cassidy became secretary of the Democratic State Committee. He was a member of the State Constitutional Convention in 1871, and in 1872 was appointed by Governor Hoffman to a commission to revise the constitution.[15] He was a director of the National Commercial Bank of Albany.

On June 20, 1900, the National Commercial Bank reported total resources of $8,737,582.59. The capital was $300,000, surplus and undivided profits $819,272.61, circulation $39,500, and deposits $7,578,809.98. The officers were Robert C. Pryun, president; Grange Sard, vice president; Edward A. Groesbeck, cashier; and Edward J. Hussey, assistant cashier.[16]

On January 1, 1902, announcement was made that the sale of the Albany City National Bank to the National Commercial Bank had been effected. The sale of the Merchants National to the Commercial was made only a few weeks earlier. The displacement of the City Bank would work quite a few changes in the officials and employees of the Commercial bank. Cashier Charles H. Sabin of the City bank would enter the Commercial as vice president and general manager. Cashier Edward A. Groesbeck of the Commercial, having decided to retire some time ago, was succeeded by his assistant, Edward J. Hussey. Hugh N. Kirkland, assistant cashier at the City bank became an assistant cashier at the Commercial. The capital stock of the City bank was $300,000. It was organized in 1834 and became a national bank in 1865. Erastus Corning Sr. was president for a long period. In 1890 the bank's capital was impaired to a considerable extent by the Gould-Whitney defalcation. [Wm. Gould, Jr., senior member of the firm of Gould & Co., law book publishers was charged with fraudulent conspiracy to rob the Albany City National Bank in collusion with George P. Whitney, the defaulting bookkeeper.][17] The bank's dividends had to be suspended for a long period, but it was recently paying 5% per year and the last sale of stock was made at $130.[18] In September 1902, the officers of the National Commercial Bank were Robert C. Pruyn, president; Grange Sard and Charles H. Sabin, vice presidents; Edward J. Hussey, cashier; Laurence H. Hendricks and Hugh N. Kirkland, assistant cashiers.[19]

Advertisement from 1920
[20]Advertisement from 1920 for the merger with the old Union Trust Company of Albany.
On February 26, 1902, the Union Trust Company of Albany was authorized to begin business by State Superintendent of Banks Kilburn. The new company had a capital of $250,000.[21] In May 1904, preliminary steps were taking toward a state trust company association. Grange Sard, president of the Union Trust Company of Albany was elected a vice president of the new association.[22]

The report of condition for the National Commercial Bank as of December 27, 1916, showed total resources of $27,415,384.93 with capital $1,000,000, surplus and undivided profits $1,906,705.09, circulation $965,400 and deposits $23,507,679.84. The officers were Robert C. Pruyn, chairman of the board; John E. Walker, Edward J. Hussey, vice presidents; and Walter W. Batchelder, vice president and cashier.[23]

In December 1919, the executive committee of the Union Trust Company recommended to stockholders to accept the consolidation offer of the National Commercial Bank. The National Commercial Bank was capitalized at $1,000,000 and the Union Trust Company at $250,000.[24]

In February 1920, the Buffalo chapter of the American Institution of Banking was addressed by Gardner B. Perry, vice president of the National Commercial Bank of Albany. Mr. Perry was chairman of the board of directors of the International Banking Corporation of New York and for many years was vice president of the National City Bank and manager of its foreign department. His topic was "Does the Future of American Banking Lie in Foreign Fields?"[25] On April 28, 1920, the National Commercial Bank and the Union National Bank and Trust Company (formerly the Union Trust Co.) consolidated under the charter of National Commercial bank dated April 12, 1825. The name of the new institution was National Commercial Bank and Trust Company with resources over $40 million, capital $1,250,000, surplus and profits of over $2,750,000 and $4,000,000, respectively.[26]

Key Bank at 66 Pearl Street
Key Bank at 66 Pearl Street, ca2023. Courtesy of Google Maps
  • 04/01/1825 Institution established.
  • 01/02/1980 Changed Institution Name to Key Bank N.A.
  • 01/31/1981 Acquired First National Bank in Greene (7081) in Greene, NY.
  • 03/08/1990 Changed Institution Name to Key Bank of Eastern New York National Association. Changed Trust Powers to Full.
  • 03/08/1990 Acquired Key Bank of Southeastern New York National Association (7003) in Newburgh, NY.
  • 07/26/1991 Changed Institution Name to Key Bank of New York, National Association.
  • 07/26/1991 Acquired Key Bank of Western New York National Association (7352) in Buffalo, NY.
  • 07/26/1991 Acquired Key Bank of Central New York, National Association (27214) in Syracuse, NY.
  • 02/08/1992 Main Office moved to 66 South Pearl Street, Albany, NY 12207.
  • 06/17/1992 Institution withdraws from membership in the Federal Reserve System. Changed Chartering Agency to STATE. Changed Primary Federal Regulatory Agency to FDIC.
  • 06/17/1992 Changed Institution Name to Key Bank of New York.
  • 02/26/1993 Acquired National Savings Bank of Albany (16054) in Albany, NY. Reorganized banking operations.
  • 06/03/1994 Acquired Columbia Banking Federal Savings Association (33610) in Rochester, NY as part of a government assisted merger.
  • 09/05/1995 Acquired Key Bank USA National Association (27014) in Albany, NY.
  • 06/30/1997 Merged and became part of KeyBank National Association (1254) in Salt Lake City, UT.

KeyBank is the primary subsidiary of KeyCorp, which was formed in 1994 through the merger of Society Corporation of Cleveland, Ohio ("Society Bank") and KeyCorp ("Old KeyCorp") of Albany, New York. The merger briefly made Key the 10th largest US bank. Its roots trace back to Commercial Bank of Albany, New York in 1825 and Cleveland's Society for Savings, founded in 1849.

Official Bank Titles

1: The National Commercial Bank of Albany, NY

2: The National Commercial Bank and Trust Company of Albany, NY (4/28/1920)

Bank Note Types Issued

1882 Brown Back $10 bank note
1882 Brown Back $10 bank note with printed signatures of Edward J. Hussey, Cashier and Charles H. Sabin, Vice President. Courtesy of Heritage Auctions, www.ha.com
1902 Red Seal $100 bank note
1902 Red Seal $100 bank note with printed signatures of Edward J. Hussey, Cashier and Charles H. Sabin, Vice President. Courtesy of Heritage Auctions, www.ha.com
1902 Plain Back $5 bank note
1902 Plain Back $5 bank note with printed signatures of H.J. Kneip, Cashier and Robert C. Pruyn, President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 2 $20 bank note
1929 Type 2 $20 bank note with printed signatures of J. Raymond Roos, Cashier and W.L. Gillespie, President. Courtesy of Heritage Auctions, www.ha.com

A total of $24,536,170 in National Bank Notes was issued by this bank between 1865 and 1935. This consisted of a total of 2,765,171 notes (2,002,870 large size and 762,301 small size notes).

This bank issued the following Types and Denominations of bank notes:

Series/Type Sheet/Denoms Serial#s Sheet Comments
1: Original Series 4x5 1 - 3600
1: Original Series 3x10-20 1 - 3300
1: Original Series 50-100 1 - 4034
1: Series 1875 4x5 1 - 500
1: Series 1875 3x10-20 1 - 4700
1: Series 1875 50-100 1 - 2337
1: 1882 Brown Back 3x10-20 1 - 9260
1: 1882 Brown Back 50-100 1 - 5100
1: 1902 Red Seal 4x5 1 - 29000
1: 1902 Red Seal 3x10-20 1 - 15200
1: 1902 Red Seal 50-100 1 - 2400
1: 1902 Date Back 4x5 1 - 104830
1: 1902 Date Back 3x10-20 1 - 68268
1: 1902 Date Back 50-100 1 - 1800
1: 1902 Date Back 3x50-100 1 - 3000
1: 1902 Plain Back 4x5 104831 - 132830
1: 1902 Plain Back 3x10-20 68269 - 83268
2: 1902 Plain Back 4x5 1 - 129100
2: 1902 Plain Back 3x10-20 1 - 77924
2: 1902 Plain Back 3x50-100 1 - 1200
2: 1929 Type 1 6x5 1 - 57936
2: 1929 Type 1 6x10 1 - 29710
2: 1929 Type 1 6x20 1 - 5318
2: 1929 Type 2 5 1 - 154292
2: 1929 Type 2 10 1 - 38248
2: 1929 Type 2 20 1 - 11977

Bank Presidents and Cashiers

Photo of William A. Law, Vice President, First National Bank of Philadelphia, and James H. Perkins, Vice President, National Commercial Bank of Albany taken at the New York State Bankers' Association meeting at Manhattan Beach, June 22 and 23, 1911
Photo of William A. Law, Vice President, First National Bank of Philadelphia (left), and James H. Perkins, Vice President, National Commercial Bank of Albany, taken at the New York State Bankers' Association meeting at Manhattan Beach, June 22 and 23, 1911. The Bankers' Magazine, Vol. 83, p. 100.

Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1935):

Presidents:

Cashiers:

Other Known Bank Note Signers

Bank Note History Links

Sources

  • Albany, NY, on Wikipedia
  • Don C. Kelly, National Bank Notes, A Guide with Prices. 6th Edition (Oxford, OH: The Paper Money Institute, 2008).
  • Dean Oakes and John Hickman, Standard Catalog of National Bank Notes. 2nd Edition (Iola, WI: Krause Publications, 1990).
  • Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
  1. ↑ Buffalo Patriot and Commercial Advertiser, Buffalo, NY, Tue., Dec. 9, 1823.
  2. ↑ Poughkeepsie Journal, Poughkeepsie, NY, Wed., Feb. 2, 1825.
  3. ↑ Buffalo Emporium and General Advertiser, Buffalo, NY, Sat., Apr. 9, 1825.
  4. ↑ Richmond Enquirer, Richmond, VA, Fri., June 17, 1825.
  5. ↑ The United States Gazette, Philadelphia, PA, Tues. July 5, 1825.
  6. ↑ The Fredonia Censor, Fredonia, NY, Wed., Sep. 13, 1826.
  7. ↑ The Evening Post, New York, NY, Tue., Oct. 13, 1835.
  8. ↑ The Evening Post, New York, NY, Wed., Oct. 14, 1835.
  9. ↑ The Evening Post, New York, NY, Wed., Nov. 25, 1835.
  10. ↑ The Fredonia Censor, Fredonia, NY, Wed., Feb. 24, 1836.
  11. ↑ Poughkeepsie Journal, Poughkeepsie, NY, Wed., June 1, 1836.
  12. ↑ Albany Evening Journal, Albany, NY, Wed., Jan. 14, 1852.
  13. ↑ The Charleston Daily Courier, Charleston, SC, Sat., Sep 2, 1854.
  14. ↑ The New York Times, New York, NY, Sat., June 16, 1860.
  15. ↑ Brooklyn Eagle, Brooklyn, NY, Thu., Jan. 23, 1873.
  16. ↑ The New York Times, New York, NY, Thu., July 12, 1900.
  17. ↑ The Buffalo Times, Buffalo, NY, Wed., May 14, 1890.
  18. ↑ The New York Times, New York, NY, Thu., Jan. 2, 1902.
  19. ↑ New-York Tribune, New York, NY, Sat., Sep. 20, 1902.
  20. ↑ New York Herald, New York, NY, Tue., May 4, 1920.
  21. ↑ Poughkeepsie Eagle-News, Poughkeepsie, NY, Thu., Feb. 27, 1902.
  22. ↑ Brooklyn Eagle, Brooklyn, NY, Sat., May 28, 1904.
  23. ↑ The New York Times, New York, NY, Sat., Jan. 13, 1917.
  24. ↑ The Buffalo News, Buffalo, NY, Wed., Dec. 17, 1919.
  25. ↑ The Buffalo News, Buffalo, NY, Mon., Feb. 9, 1920.
  26. ↑ New York Herald, New York, NY, Tue., May 4, 1920.
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