Thomas W. Olcott

Thomas Worth Olcott (May 22, 1795 – March 23, 1880) was an American banker who served as president of the Mechanics' and Farmers' Bank of Albany, an institution he was connected with for 69 years.

Early life Olcott was born on May 22, 1795, in Hudson, New York. He was the eldest child of Josiah Olcott (1760–1860) His father was born in Stratford, Connecticut and his mother was born in Nantucket. Among his siblings were younger brothers Theodore Olcott and Horatio Josiah Olcott, president of the Cherry Valley Bank. Among his extended family was uncle Gorham A. Worth, president of City National Bank from 1844 and 1856.

He was educated in the schools in Hudson before beginning his career as a clerk in the Columbia Bank of Hudson.

Career After two years as a clerk in the Columbia Bank of Hudson, he was given a clerkship in the Mechanics' and Farmers' Bank of Albany when it was formed on July 29, 1811, as the third bank incorporated in Albany, New York. In 1817 he became cashier, and in June 1836, he was made fifth president of the bank.

Thomas Worth Olcott Jr. (1821–1873), who married Lucia Marvin Fowler in 1844. After her death in 1850, he married Harriet M. Leonard in 1853. After her death in 1861, he married Emeline McClure (1839–1909) in 1863. Frederic Pepoon Olcott (1841–1909), who married Mary Esmay, a daughter of Isaac Esmay.

Olcott's wife died on March 12, 1867. He died on March 23, 1880, in Albany and was buried in the Albany Rural Cemetery in Menands, New York.

Descendants and legacy Through his eldest son Thomas, he was a grandfather of Thomas Worth Olcott III (1856–1938), who served as Secretary and Treasurer of Union Railway Co.

In 1856, he had a large home constructed in the Italianate style for himself and his family. During the 1860s, the residence was extensively remodeled by Robert L. Johnson, its second owner. Samuel Tilden became the first governor to reside in the house when he rented it in 1875, and the state purchased it two years later. Today, his Albany home is known as the New York State Executive Mansion and is the official residence of the governor of New York.