The West Side Trust Company was Newark's first Jewish owned bank. It was founded in 1896 by Meyer Kussy. The company gave loans to the Springfield Avenue merchants and others who had difficulty getting them from the older, established banks. It merged with the Bank of Commerce in the 1960s.
From: "Newark, the City of Industry" Published by the Newark Board of Trade 1912
This institution is about to enter its tenth successful year, having been organized and given its charter in May, 1902, and opened its doors for business on June 2nd, following, since which time its career has been signally steady, substantial and successful. A clear idea of its progress may be gained from a comparison of its assets and liabilities in June, 1904 and at the present time.
The bank conducts a general banking business, buys and sells exchanges, and issues drafts payable at any point.
The West Side Trust Company has been designated as a State, County and City Depository, and is under State control and supervision. It is also a United States Postal Savings Depository. In its banking house there may be found every facility for the proper transaction of a large volume of business, as well as all conveniences for patrons and attaches. it occupies its own building at the intersection of Springfield Avenue and High Street.
The company acts as executor, trustee, guardian and in other trust capacities, and is equipped with a special view to doing this work efficiently and economically. The custom of appointing a corporation to act as executor is being found so highly satisfactory that it is rapidly growing in favor and replacing the former plan of an individual executor, particularly where large estates are to be administered. One advantage to be gained by such a course is that while executors are seldom required to give security, and in some instances may prove unfaithful, the faithful performance of the trust by this company is guaranteed by the entire capital and surplus, aggregating $500,000.
|Copyright 1998 - 2020 Glenn G. Geisheimer|