Guide to the National Newark and Essex Bank Company Collection 1929-1982 MG 1579
TABLE OF CONTENTS
Guide to the National Newark and Essex Bank Company Collection
The New Jersey Historical Society
Finding aid encoded by Danielle Kovacs. September 2003. Production of the EAD 2002 version of this finding aid was made possible by a grant from the Andrew W. Mellon Foundation. Finding aid written in English.
The Newark Banking and Insurance Company was chartered by the State of New Jersey on February 18, 1804. The capital of the bank was raised by subscription beginning in April 1804, and the Board of Directors was elected at a meeting of the stockholders on May 4. Premises for the new bank were rented June 9 “in the dwelling of Smith Burnet,” where the bank opened for business on July 30. In May 1805 the bank moved to its own building at the corner of Broad Street and “Maiden Lane,” now called Bank Street. This building served as headquarters for the firm until 1856.
The city of Newark continued to develop during the first half of the nineteenth century as new forms of transportation linked its market with New York and Philadelphia. During this time the bank renewed its charter, taking the opportunity to change its name to “The Newark Banking Company” (the bank had discontinued the insurance side of the company in 1829 because it was not as profitable as the banking business). Ten years later in 1865, the bank was reorganized as a national banking association-a distinction that freed it from the heavy taxation on state bank notes-and changed its name once again, this time to “The National Newark Banking Company.” The remainder of the nineteenth century was full of challenges and advancements for the bank. As local markets became large companies serving the nation and not just the city or even the state, the bank’s resources reflected similar growth.
Early in the twentieth century the bank consolidated with the Essex County Banking Company. This was not to be its last consolidation. Throughout the 1950s the bank continued to transform through a series of mergers and acquisitions with a number of local banks. In 1962 the bank changed its name once again, this time to “National Newark and Essex Bank,” a name that conveyed its further expansion. By the late 1960s, the New Jersey Legislature approved new laws that altered the ways banks could do business. These alterations meant that they could operate as holding companies allowing statewide banking and providing broader markets for banking activities. National Newark and Essex Bank took advantage of the new laws and became a part of a holding company named Midlantic Bank Inc. This new holding company was initially comprised of four banks: National Newark and Essex was the lead bank, Sussex & Merchants National Bank represented the northern district, Raritan Valley National Bank represented the central district, and Elmer Trust Company represented the southern district. Throughout the 1970s, Midlantic Bank continued to acquire additional banks, and by the end of the decade was ranked as one of the top seventy banking institutions for its size in the United States.
The collection consists primarily of printed materials relating to the history of the company, including commemorative anniversary pamphlets, an annual report, a directory, and brochures. It also contains clippings and a reprint featuring articles about the United States Savings Bank and the history of Newark, as well as engravings of the bank’s early leaders: Silas Condit, John Taylor, and Charles G. Rockwood.
The collection is arranged alphabetically by type of material and chronologically therein.
There are no access restrictions on this collection.
Photocopying of materials is limited and no materials may be photocopied without permission from library staff.
Researchers wishing to publish, reproduce, or reprint materials from this collection must obtain permission.
The New Jersey Historical Society complies with the copyright law of the United States (Title 17, United States Code), which governs the making of photocopies or other reproductions and protects unpublished materials as well as published materials.
Acts of the New Jersey State Assembly proclaiming the establishment of the Newark Banking and Insurance Company, which became the National Newark Banking Company in 1865.
This collection should be cited as: Manuscript Group 1579, National Newark and Essex Bank Company Collection, The New Jersey Historical Society.
Donated to The New Jersey Historical Society by Russell C. Buchanan in 1999.
Van Deusen, W. M. “Newark Banks and Banking.” A History of the City of Newark, New Jersey.Frank John Urquhart. 3 vols. New York: The Lewis Historical Publishing Co., 1913. 931-948c.