Financial History Issue 116 (Winter 2016) | Page 38
its insurance business and changed its
name to The Farmers’ Loan and Trust Co.
Eight years after the founding of Farmers,
the New York Life Insurance and Trust
Co. was established in New York City with
similar powers. Within the next few years,
insurance companies in Philadelphia and
Cincinnati also received trust powers
from their state legislatures. The Ohio Life
Insurance and Trust Co. of Cincinnati
did have a banking department and was
empowered to issue bank notes, but t \