143:"'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% Commercial Letters of Credit Volume Doubled as Result of Hostilities in Far East Upstate New York Albany Harverstraw Nanuet Sparkill Spring Valley Syracuse '50 A Record Year at Grace National Utica Actions on Long Island Far Rockaway Glen Cove Glen Head Riverhead Actions in Westchester New Rochelle White Plains Changes in New Jersey Elizabeth Haledon Newark New Brunswick Paterson Plain Princeton Railway Changes in Connecticut Bridgeport Hartford Stamford"
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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
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35:. On June 19, 1924, the Grace National Bank became a nationally chartered financial institution. The bank operated from a head office in the Grace National Bank Building at 58-
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In the 1960s, the bank struggled with stiff competition from large operations and on August 10, 1965, the
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era. In 1950, the bank earned the largest gross and net profit in its thirty-five-year history.
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of the 1930s but survived and began growing again in the post
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Grace
National Bank lost clients and deposits during the
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27:. It was established as local private bank by
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17:Grace National Bank
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