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Generations of Strength, Stability, and Service
Today, we are Whitney National Bank, the oldest continuously operating bank in New Orleans and a banking industry leader in the Gulf South. The Whitney still represents what it did in its early days: solid business experience, sound ethical values, strong capital and careful customer attention. Founded during an economic upswing, the Bank persevered through financial crises, mergers, wars and economic depression. Now, as we begin the twenty-first century, we stand at the threshold of our future, but not without remembering our past. The Whitney Family and the Whitney BankWe often hear the comment that the Whitney "feels like a family." In part, that's because the company was founded by a family - the Whitney family - and many members of the family have played important roles in the Bank over the years. The Whitney dynasty started with Commodore Charles Morgan. Born in Connecticut, he was a self-made entrepreneur beginning his career as a retail clerk in New York. Most of his wealth came from shipping. Along with Cornelius Vanderbilt, Morgan was recognized as a major influence in the United States' shipping business. Morgan began in steamships and expanded into railroads. His business focused on trade between the Gulf Coast, especially New Orleans, and New York. In 1857, Morgan linked New Orleans and Brashear, Louisiana, with railroad service, thus shortening the important shipping route between Galveston, Texas and New Orleans. To recognize Morgan's contributions to the local economy, the Brashear city council renamed the town Morgan City in 1876. Commodore Morgan died in 1878 and his various railroad lines were eventually sold to Southern Pacific. In 1883, Marie Louise Morgan Whitney used the proceeds from the sale of her father's railroad empire to provide the financial backing to her sons Charles and George Whitney to start Whitney National Bank. She was one of the first directors of the bank. New Orleans and the Whitney in the BeginningNew Orleans had many challenges to face in 1883, as well as many advantages to its credit. Business development was on an upswing in the city, especially with the preparations for the World Cotton Exposition in 1884. The completion of the Eads jetties on the Mississippi River meant more business for the Port of New Orleans. Furthermore, expansion of passenger railroad service brought New Orleans and the West Coast together. The Whitney Bank began as the smallest of 13 banks in town. Between 1888 and 1911 the bank grew swiftly through mergers with several local banks. By 1911, the Whitney, then known as the Whitney Central National Bank of New Orleans, had moved into its current home at 228 St. Charles Avenue. World War II and the Post War BoomDuring World War II, the Whitney once again was at the forefront of the community, offering machinery and contracting advice and financing, ration book accounts and War Bonds. Whitney employees were off to battle again, and the Bank paid them for any loss in pay for military service. The post war years saw a boom of deposits from $141 million to $353 million; expansion with new branches and assistance to war-torn countries. In 1961, Whitney Holding Corporation was established to manage the operations of the Bank and to expand into other parishes. The Whitney TodayStarting in the mid-1980s, the Whitney began expanding throughout the Gulf South. We now have locations throughout greater New Orleans, Baton Rouge, Lafayette, Houma, Morgan City and Lake Charles. We have also expanded east, and the Whitney was the first Louisiana bank to move into Alabama, Mississippi and Florida. And in the past several years, the Whitney has entered and continues to expand our Texas market in Houston and the Tampa Bay area of Florida. We now operate over 150 branches across the Gulf Coast. Over the years, we have also expanded the services we offer our clients. Starting from our strong commercial base, we have added international banking, investment, trust and consumer services. Today, with assets of over $11 billion, Whitney Holding Corporation has well realized the dreams of its founders. Whitney's Plans for the FutureAs we grow, we will work diligently to incorporate Whitney's values and culture with contemporary thinking; combining traditional strengths with new ideas to meet the challenges of a rapidly changing banking environment. We will continue to invest in technology, so that our clients can enjoy the best, most convenient financial services available. Corporate Growth Since 1994
*Acquisition of selected assets and branches. |
On Tuesday, October 23, 1883, a group of industry and community leaders met to talk business. They discussed banking objectives and made plans. They decided what standards and values their bank would represent, and those were made into by-laws. Papers were signed, and they shook hands. Three days later, on October 26, 1883, the Whitney was born.
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