CAMDEN, NEW JERSEY
A History of Banking in Camden
This page was drawn
in great part from the book
COMPILED FROM NOTES ANDS DATA COLLECTED BY CHARLES S. BOYER, PRESIDENT CAMDEN COUNTY HISTORICAL SOCIETY. PUBLISHED BY CENTENNIAL ANNIVERSARY COMMITTEE OF CAMDEN, NEW JERSEY. EDITED, WITH ADDITIONAL PHOTOS AND NOTES BY PHILLIP COHEN IN 2003.
Thanks to John Cianfrani for the idea to create this page.
The Farmers and Mechanics Bank was organized with a capital of $300,000 on March 31, 1855. The banking house at the southeast corner of Front and Market Streets was built at the cost of $18,000. This institution was conducted as a State Bank until September 1, 1864 when it became a National Bank and its title changed to First National Bank of Camden. On July 1, 1922, it merged with the National State Bank under the title of First National State Bank of Camden. The banking house of the National State Bank was used by the combined institutions and the old building of the First National Bank was subsequently sold to the Joseph Campbell Soup Company.
The Camden Insurance Safe Deposit & Trust Company was chartered by an act of the Legislature, approved April 4, 1873, and the subscription book was opened May 31, 1873, at Parson's Hotel, Front and Federal Streets.
In 1874 the Legislature authorized the company to change the name to The Camden Safe Deposit & Trust Company. The house lately occupied by Dr. Isaac S. Mulford, which was originally built by Joshua Cooper in 1810, was purchased, fitted up as a banking house and opened for business July 1, 1873. With some alterations, made necessary from time to time, this building was used until October 31, 1892, when the present banking house was completed and opened for business. The Mulford House was torn down in April of 1893, and in 1901 the rear building was completed. Jesse W. Starr was the first president, followed in succession by James B. Dayton, Peter L. Voorhees, William C. Dayton, Alexander C. Wood, Edward L. Farr, and Ephraim Tomlinson.
In 1938 the bank shortened its name again to that of Camden Trust. By the time it celebrated its 75th Anniversary, in 1948, it was the largest bank in South Jersey, and seventh largest in the state.
The Camden National Bank opened at 259 Kaighn Avenue on August 13, 1885. Zophar C. Howell was the first President. The brick bank building at 2nd and Kaighn Avenue was opened in July of 1887. The bank removed to its new building at Broadway and Sycamore Street in 1906. This bank merged with the First Camden National Bank and Trust Company on July 1, 1927.
The New Jersey Safe Deposit and Trust Company was incorporated on November 10, 1886. Its temporary office was at 225 Market Street, until the building at 301, Market Street designed by local architect Arthur Truscott, was occupied on November 1, 1888. This company was merged with the Security Trust Company on December 8, 1902, and was thereafter known as the Security Trust Company.
The Central Trust Company commenced business on May 11, 1891. The bank was located at 324 Federal Street until April 1, 1892, and then at 323 Federal Street. The bank building at 4th & Federal Streets was opened on October 31, 1900. The first president was Abraham Anderson. Other principals included William L. Hurley, Killam Bennett, Volney G. Bennett, and George A. Munger. This bank merged with the Camden Safe Deposit & Trust Company in 1927.
In 1938 the bank shortened its name again to that of Camden Trust. By the time it celebrated its 75th Anniversary, in 1948, the Camden Trust was the largest bank in South Jersey, and seventh largest in the state.
the merger, the building became the home of the Equitable Beneficial
Insurance Company, and remains as such today.
In October of 1902 the Security Trust Company, which had been previously created by the consolidation of the Security Trust & Safe Deposit Company and the Real Estate Loan & Trust Company, absorbed the New Jersey Trust & Safe Deposit Company. Francis R. Fithian was the President if the Security Trust Company at that time.
East End Trust Company organized May 26, 1905. Dr. C.F. Hadley was the first president.
The Camden City Clearing House, organized by Camden’s financial institutions to facilitate business and to do away with runners, began operation on Monday, February 17, 1919.
Thomas W. McCowan, for forty-seven years assistant paying teller of the Camden Safe Deposit and Trust Company, died on March 15, 1921 at the age of 76 years.
cornerstone of the East End Trust Company was laid on September 24,
banks received their first “Peace” silver dollars on January 4, 1922
from the Federal Reserve Bank.
Trust Company introduced a twelve-hour service in its banking-house in
Safe Deposit and Trust Company celebrated its fiftieth anniversary July
2, 1923. Ephraim Tomlinson, the President, and other officers and
directors of the bank were host to visiting bankers from Camden and
Trust Company organized November of 1923. It took over the private
banking business of Antonio Di
Paola, who became the first President of
new banking house of the Parkside
Title and Trust Company was opened to the public on March 12, 1926.
North Camden Trust Company began business on May 4, 1926 in the banking
house on Penn Street at 6th and the Bridge Plaza. Dr. J. Lynn Mahaffey
was the first President.
awarded December 1927 for the construction of the new bank building for
Camden National Bank& Trust Company, to be erected at Broadway
Streets, at a cost of approximately $825,000
May 16, 1927 a merger was effected between the West Jersey Trust Company
and the Parkside
Title and Trust Company, the new bank to be known as the West
Jersey-Parkside Trust Company. Congressman Francis
Ford Patterson Jr. was the first president of the combined banks.
The West Jersey Trust Company was established April 2, 1906 at Third and
Market Streets, and its first President was Norman Grey.
office of the West Jersey-Parkside Trust Company was opened November 1,
July 1, 1927 the First
Camden National Bank& Trust Company began business under this
title. The bank and its forebears trace their history back to 1812. In
that year Camden's first bank was incorporated. It was known as The
State Bank at Camden, and retained that name until June 2, 1865, at
which time it became a National Bank and its title was made "The
National State Bank of Camden". This name was retained until July
1, 1922 when it merged with the First National Bank under the name First
National State Bank. In 1927 another merger took place, this time with
the Camden National bank, the new and large institution now being known
Camden National Bank& Trust Company. The first President of this
institution was F.
Trust Company and the Merchants Trust Company merged July 1, 1927.
John B. Kates was the first President of the merged banks. The Broadway
Trust Company was incorporated in April 1907 and opened for business
August 12, 1907. Its first president was John
J. Burleigh. On September 8, 1920 this company moved into its
handsome banking building at Broadway
Streets. The Merchants
Trust Company was organized November 16, 1911 and opened for business
March 4, 1912 at 18 Broadway. The first President was
Reynolds. The present bank building (1928) was opened for business March
consolidation of the West Jersey Trust Company and Parkside Title and
Trust Company became effective May 16, 1927.
Camden Safe Deposit and Trust Company announced early in April the
purchase of a site at the northwest corner of Broadway
and Market Street, upon which a modern bank building will later be erected.
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