NATIONAL CITY BANK OF NEW YORK, THE, was organized under a charter granted by the state of New York on June 16, 1812 as the City Bank, with a paid-in capital of $800,000, its origin being closely associated with the dissolution of the First Bank of the United States, a national organization. Samuel Os good, the first United States postmaster-general, was its first president. With the passage of the National Banking Act in 1865, the City Bank became a part of the new national system and at that time its name was changed to the National City Bank of New York, which name it has retained ever since.
Engaged primarily in the financing of commerce, the growth and development of the institution has kept pace with the subse quent tremendous expansion of American industry and trade in all directions. As late as 1892, 8o years after its organization, its capital stood at one million dollars, the surplus and undivided profits at scarcely 21 millions and deposits at but twenty millions. Commencing with the early years of the present twentieth cen tury, the growth became more marked. The capital was increased in 1900 from $1,000,000 to $10,000,000, and two years later from $10,000,000 to $25,000,000, at which figure it stood until 1920 when, with deposits of approximately $700,000,000, its capital was again increased to $40,000,000 and its capital structure, in cluding both surplus and undivided profits, for the first time exceeded $1oo,000,000, with total resources in excess of $1,000, 000,000. In June, 1929, the Farmer's Loan and Trust Company
was affiliated with the National City Bank and, at that time, there was a re-arrangement of the National City organization under which the trust company became the City Bank Farmers Trust Company.
On September 3o, 1935 total resources of the National City Bank, amounting to $1,800,000,000, included $127,500,000 capital, $42,000,000 surplus and undivided profits and $1,600,000,000 deposits.
With the passage of the important Federal Reserve Act which went into operation Nov. 16, 1914, The National City Bank of New York was the first of American institutions to establish foreign branches throughout the world, such branches in 1935 numbering 71 in 23 different foreign countries. In 1921, because of changes in the law which then took place, branch expansion in the city of New York became possible and the National City Bank is now operating 72 local branches.