# Grace National Bank

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**Grace National Bank** was a [bank](/source/Bank) headquartered in [New York, New York](/source/New_York%2C_New_York). It was established as local private bank by [W. R. Grace and Company](/source/W._R._Grace_and_Company) in 1914 to concentrate on business done in [South America](/source/South_America). On June 19, 1924, the Grace National Bank became a nationally chartered financial institution.[1] The bank operated from a head office in the Grace National Bank Building at 58-[60 Water Street](/source/60_Water_Street).

The founding president was J. Louis Schaefer, a vice-president at W. R. Grace and Company. He died in 1927 and was succeeded by Francis H. McKnight (1927-1933) then Chester R. Dewey. Other former presidents included [Frank Comerford Walker](/source/Frank_Comerford_Walker).

Grace National Bank lost clients and deposits during the [Great Depression](/source/Great_Depression) of the 1930s but survived and began growing again in the post [World War II](/source/World_War_II) era. In 1950, the bank earned the largest gross and net profit in its thirty-five-year history.[2]

In the 1960s, the bank struggled with stiff competition from large operations and on August 10, 1965, the [Federal Reserve Board of Governors](/source/Federal_Reserve_Board_of_Governors) gave its approval for the [merger](/source/Mergers_and_acquisitions) of Grace National Bank with the [Marine Midland Bank](/source/Marine_Midland_Bank) (now [HSBC Bank USA](/source/HSBC_Bank_USA)), with a vote of 6-1 from the Federal Reserve Board. The dissenting vote was from [James L. Robertson](/source/James_Robertson_(central_banker)), who had stated:[3]

I cannot accept the view that simply because Grace has in effect been labeled a limited service bank and Marine Midland a full service bank, there is no significant competition.

## References

- [Banks portal](https://en.wikipedia.org/wiki/Portal:Banks)

1. **[^](#cite_ref-1)** ["GRACE NATIONAL BANK.; Will Concentrate Its Activities In South America"](https://www.nytimes.com/1924/06/20/archives/grace-national-bank-will-concentrate-its-activities-in-south.html). *The New York Times*. 1924-06-20. [ISSN](/source/ISSN_(identifier)) [0362-4331](https://search.worldcat.org/issn/0362-4331). Retrieved 2020-02-16.

1. **[^](#cite_ref-2)** ["'50 A RECORD YEAR AT GRACE NATIONAL; Bank Reports Largest Gross and Net Profits in 35 Years at Stockholders Meeting. Income Gain Was 18.22%"](https://www.nytimes.com/1951/01/10/archives/50-a-record-year-at-grace-national-bank-reports-largest-gross-and.html). *The New York Times*. 1951-01-10. [ISSN](/source/ISSN_(identifier)) [0362-4331](https://search.worldcat.org/issn/0362-4331). Retrieved 2017-03-19.

1. **[^](#cite_ref-3)** ["Sale of the Grace National Bank Approved by Federal Reserve"](https://www.nytimes.com/1965/08/11/archives/sale-of-the-grace-national-bank-approved-by-federal-reserve.html). *The New York Times*. 1965-08-11. [ISSN](/source/ISSN_(identifier)) [0362-4331](https://search.worldcat.org/issn/0362-4331). Retrieved 2020-02-16.

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