Frederick Ferris Thompson

Frederick Ferris Thompson (June 14, 1836 – April 10, 1899) was an American banker and railroad president who co-founded the First National Bank and what is now Citibank. He was also an early amateur photographer and philanthropist.

Thompson attended Peacham Academy in Peacham, Vermont. He wrote, "I was only a quondam member of ’56, of two years’ presence in college, and a thorn in the side of the faculty of that day. Good old President Mark Hopkins gave me a special graduation certificate afterward, just to show that I was not kicked out of college..." In 1863, the trio opened their third bank, called the First National Bank of the City of New York—this was the first national bank under a new federal system. This bank survives as Citibank.

In 1873, John and Samuel Thompson left the First National Bank to form the Chase National Bank, named after their friend and the US Secretary of the Treasury Salmon P. Chase.

In May 1884, First National Bank was drawn into a financial scandal, causing the Marine National Bank to fail. Grant, Ward & Co., who owed $77,000 to the Marine Bank, wrote three checks totaling $210,000 on a non-existent account from First National; the Clearing House for processing checks had cleared the checks, leaving Thompson with a $210,000 shortfall. This is nearly $6.2 million in today's money. First National went to court for a resolution as the check were processed the day the Marine Bank closed.

Thompson also founded and was president of the National Currency Bank of New York and started the First National Bank of Detroit, and the Columbia Bank in Chatham, New York. That same year, he was a founding trustee of the American Electric Railway Company of New York. The company had $1 million in capital to build locomotive engines and cars.

In May 1894, Thompson was also elected to the board of the Maritime Canal Company of Nicaragua which was involved with the Nicaragua Canal project. The company had sold more than $22 million in stock in 1894. Despite being incorporated by Congress, the Maritime Canal Company received no federal funding and ultimately defaulted on the project in 1899 because of lacking funds and the instability of Nicaragua.

Philanthropy Thompson and his wife donated large sums of money to numerous organizations, including the American Geographical Society, the Metropolitan Museum of Art, the Union League, and the Williams College Alumni Association.

At Williams College, he donated a clock tower to Lasell Gymnasium in 1886. In June 1888, he gave a challenge gift of $25,000 to construct a $100,000 memorial to Dr. Mark Hopkins, provided alumni donated the balance needed. The resulting Mark Hopkins Memorial building contained a library, art gallery, offices, and a room for lectures and recitations. In 1895, he donated $175,000 for the construction of the Thompson Laboratories.

in 1898, the New York Times noted that "Mr. Thompson is a veritable fairy godfather to [Vassar] college." In 1887, Thompson donated $20,000 toward Vassar College's goal of a $200,000 endowment. When Vassar's new gymnasium opened in 1894, it had marble-lined, heated swimming pool, provided by Thompson. At the time, this was the largest swimming pool at any college gym in the country. Officially named the Frederick Ferris Thompson Annex Library, was also called "Uncle Fred's Nose."

He was affectionally known as "Uncle Fred" to the Vassar students, not just for these large gifts, but for making gifts that added to the students' comforts and learning experiences. He donated funds for the annual senior picnic each June. He also served on the central council of the Charity Organization Society of the City of New York. The society distributed more than $22 million in 1887.

Honors

Thompson received an honorary M.A. from Williams College in 1883. Williams College named Thompson Laboratories in his honor. His portrait by John Harrison Littlefield is in the collection of the National Portrait Gallery. Mary Clark Thompson donated the Frederick Ferris Thompson Memorial Library building to Vassar College. Mary Clark Thompson donated Frederick Thompson Memorial Chapel to Williams College in his honor. After his death, Mary Clark Thompson renovated and expanded the gardens at Sonnenberg Mansion as a living memorial to her husband. Sonnenberg, its gardens, and fifty acres survive as Sonnenberg Gardens and Mansion, a New York State Historic Park. It was featured in Artistic Homes magazine in 1883.

In 1863, the Thompsons purchased a 300-acre farm near Canandaigua Lake in Canandaigua, New York for their summer home. At that time, this hobby took time, money, a knowledge of chemistry, and the ability to transport heavy and bulky equipment. He was also a member and board member of the New England Society of New York. He was a member of the American Fine Arts Society, the American Museum of Natural History, the Metropolitan Museum of Art.

In 1899, Thompson died at his home in New York City. He was buried at Woodlawn Cemetery in Canandaigua, New York.