The Early Years

In their early years, both institutions actively supported local commerce. In fact, for the first 15 years of its existence, The Bank of New York stood alone in generating virtually all of New York City's commercial activity, and most importers of cargo entering the Port of New York turned to the Bank for financing. Mellon quickly assumed a similar role in Western Pennsylvania, providing capital to Pittsburgh entrepreneurs.

The Bank of New York was closely involved with the growth of transportation networks, partially funding the Morris and Erie Canals and providing financing to the steamboat companies that benefited from these waterways. As the industrial age took hold, investments in nearly every railroad and utility, as well as in the construction of the New York City subway system, enabled the Bank to continue to provide vital capital to the expanding American economy.

The Bank of New York served affluent individuals and families since its earliest days, when the principal merchants of the new country, the Roosevelts and Varicks among them, were among the Bank's first private clients. T. Mellon and Sons' quickly became the largest private bank between New York and Chicago.