In the spring of the year 1899, the same group of business men concluded to organize a trust company in the city of Hoboken, operating as a branch of the People's Safe Deposit and Trust Company of Jersey City. They were met by the law of 1899, then on its final passage in the Legislature, preventing the operation of branches which theretofore had been permissible. Nothing daunted, they organized the Trust Company of New Jersey in Hoboken, which also was successful from the start.
In 1902, the Bergen & Lafayette Trust Company was founded in the Bergen Section of Jersey City, and in 1911, the Carteret Trust Company was organized and located in Journal Square at the Summit Avenue tube station, Jersey City. Both these companies were founded by the same men as the other two, and were similarly successful.
In 1913, the Legislature of the state of New Jersey passed an act permitting the consolidation of trust companies and their operation as branches with one main office. In accordance with this act, on the 20th day of September, 1913, the People's Safe Deposit and Trust Company with its branch in the Town of Union, the Bergen & Lafayette Trust Company, and the Carteret Trust Company all went out of existence and were taken over by the Trust Company of New Jersey, with Hoboken as the main office. Since that date the other institutions have been operated as branches under the names of People's Safe Deposit Branch, Town of Union Branch, Bergen & Lafayette Branch, and Carteret Branch.
The following gentlemen formed the Board of Directors of the consolidation which had thus become the Trust
