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 \