Straus National Bank and Trust Company (New York)
The Straus National Bank and Trust Company was a financial institution based in New York. Founded in In 1928,[1] in 1931 it merged with the Continental Bank and Trust Company in New York.[2]
| Industry | Financial |
|---|---|
| Fate | Absorbed on September 15, 1931 by the Continental Bank and Trust Company of New York |
| Headquarters | |
Key people | C. Howard Marfield (president) |
| Services | General commercial, savings bank, and trust business |
History
1928-1930: Founding and growth
In 1928 the Straus National Bank and Trust Company was formed, with executives such as H. S. Martin joining from the former S. W. Straus & Co.[1] The company made its first report in January 1929.[3] Founder Simon W. Straus died on September 7, 1930.[4] In December 1930, Straus was replaced as head of Straus National Bank by C. H. Marfield.[5]
1931: Absorption by Continental
On August 3, 1931, it was reported that on September 16, the merger of Continental Bank and Trust Company and Straus National Bank and Trust Company, both of New York, and the acquisition “by the merged bank of the International Trust Company, subject to ratification by stockholders,” would be effective.[6] On September 4, 1931, Straus National stockholders approved the proposal.[2] The consolidation was effective on September 15, 1931,[7][2] and the merged institution acquired certain assets of the International Trust Company. The Continental in its enlarged form opened the morning of September 16, 1931. Chairman of the consolidated bank was Frederick H. Hornby, who had formerly been president of Continental. President C. Howard Marfield was of Straus National as former president.[7]
References
- "H. S. Martin Dies in Nine Story Fall; Head of the Ambassador Hotel System Plunges From a Window of Park Avenue Home. He had Long Been Ailing - Executive of S.W. Straus & Co.--Turned Over $1,000,000 Garment Business to Employees in 1923". The New York Times. New York City, New York, United States. January 15, 1930.
- "Straus Bank Votes Deal". New York Times. New York City, New York, United States. September 5, 1931. Retrieved November 4, 2017.
- "Straus Bank Makes First Report". The New York Times. New York City, New York, United States. January 4, 1929. Retrieved December 5, 2017.
- "S. W. Straus Estate is Put at $4,738,091; Transfer Tax Appraisal Filed on Net of Mortgage Banker Who Died in 1930". The New York Times. New York City, New York, United States. June 21, 1944. Retrieved December 5, 2017.
- "C. H. Marfield Heads Straus National Bank; Was in Banking Here Before Going to Chicago--Takes Place of S.W. Straus". The New York Times. New York City, New York, United States. December 30, 1930. Retrieved December 5, 2017.
- "Basis Is Worked Out For Merger of Banks; Union of Continental and Straus and International Trust Acquisition Due Sept. 16". The New York Times. New York City, New York, United States. August 3, 1931. Retrieved November 1, 2017.
- "Straus Bank Joins With Continental; Merged Institution Acquires Certain of the Assets of International Trust. DOld Personnel Retained - Capital Funds Set at $11,000,000, including $6,000,000 Surplus and $1,000,000 Reserves". The New York Times. New York City, New York, United States. September 16, 1931. Retrieved November 1, 2017.