Security Trust Company of Rochester

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Security Trust Company of Rochester
Industry Banking
FateAcquired by Norstar Bancorp
Founded1892;126 years ago (1892)
Defunct1983;35 years ago (1983)
Headquarters Rochester, New York

Security Trust Company of Rochester was a bank headquartered in Rochester, New York. In 1983, the bank was acquired by Norstar Bank, which was acquired by FleetBoston Financial, which was in turn acquired by Bank of America.

Bank financial institution

A bank is a financial institution that accepts deposits from the public and creates credit. Lending activities can be performed either directly or indirectly through capital markets. Due to their importance in the financial stability of a country, banks are highly regulated in most countries. Most nations have institutionalized a system known as fractional reserve banking under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, known as the Basel Accords.

Rochester, New York City in New York, United States

Rochester is a city on the southern shore of Lake Ontario in western New York. With a population of 208,046 residents, Rochester is the seat of Monroe County and the third most populous city in New York state, after New York City and Buffalo. The metropolitan area has a population of just over 1 million people. It is about 65 miles (105 km) east of Buffalo and 73 miles (117 km) west of Syracuse.

FleetBoston Financial was a Boston, Massachusetts–based bank created in 1999 by the merger of Fleet Financial Group and BankBoston. In 2004 it merged with Bank of America; all of its banks and branches were converted to Bank of America.

The bank managed trusts for some of the wealthiest individuals in Rochester, including George Eastman, the founder of Kodak. [1]

George Eastman American entrepreneur, inventor and photographer

George Eastman was an American entrepreneur who founded the Eastman Kodak Company and popularized the use of roll film, helping to bring photography to the mainstream. Roll film was also the basis for the invention of motion picture film stock in 1888 by the world's first film-makers Eadweard Muybridge and Louis Le Prince, and a few years later by their followers Léon Bouly, William Kennedy Dickson, Thomas Edison, the Lumière Brothers, and Georges Méliès.

Kodak American company

The Eastman Kodak Company is an American technology company that produces camera-related products with its historic basis on photography. The company is headquartered in Rochester, New York, and is incorporated in New Jersey. Kodak provides packaging, functional printing, graphic communications and professional services for businesses around the world. Its main business segments are Print Systems, Enterprise Inkjet Systems, Micro 3D Printing and Packaging, Software and Solutions, and Consumer and Film. It is best known for photographic film products.

History

The bank was formed in 1892. [1] [2]

The first president of the bank was Hiram W. Sibley, whose father, Hiram Sibley, was one of the founders of Western Union. [1]

The President is a leader of an organization, company, community, club, trade union, university or other group. The relationship between the president and the Chief Executive Officer varies, depending on the structure of the specific organization. In a similar vein to the Chief Operating Officer, the title of corporate President as a separate position is also loosely defined; the President is usually the legally recognized highest rank of corporate officer, ranking above the various Vice Presidents, but on its own generally considered subordinate, in practice, to the CEO. The powers of the president vary widely across organizations and such powers come from specific authorization in the bylaws.

Hiram Sibley American industrialist, entrepreneur, and philanthropist; co-founder and President of Western Union

Hiram Sibley, was an American industrialist, entrepreneur, and philanthropist who was a pioneer of the telegraph in the United States.

The Western Union Company is an American financial services and communications company. Its headquarters is in Meridian, Colorado, although the postal designation of nearby Englewood is used in its mailing address. Up until it discontinued the service in 2006, Western Union was the best-known U.S. company in the business of exchanging telegrams.

In 1981, a deadly shootout occurred at a branch of the bank. [1] [3] Also in 1981, Erland E. "Erkie" Kailbourne was named president of the bank. [4]

Branch (banking) subsidiary office of bank

A branch, banking center or financial center is a retail location where a bank, credit union, or other financial institution offers a wide array of face-to-face and automated services to its customers.

In late 1983, the bank was acquired by Norstar Bancorp and became Security Norstar Bank. In 1987, the bank was fully integrated into Norstar and dropped the "Security" from its name. [1]

The first headquarters of the bank was demolished and replaced by the Rochester Riverside Convention Center. [1] The second headquarters, a mid-century modern building with a unique crenelated roof on both the tower and connected banking office, still functions as the downtown Bank of America branch. The penthouse now serves as an event space for corporate rentals and private parties.

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References

  1. 1 2 3 4 5 6 Morrell, Alan (January 7, 2017). "Whatever Happened To ... Security Trust?". Democrat and Chronicle .
  2. "Institution History for ROCHESTER BRANCH (630818)". Federal Financial Institutions Examination Council.
  3. "GUNMAN AND 3 KILLED IN ROCHESTER". The New York Times . Associated Press. June 18, 1981.
  4. Hutchins, Zach (September 3, 1999). "Kailbourne, top banker and civil leader, will receive prestigious Corning Award". The Business Council .