Under Mr. Bacot's leadership, The Bank of New York became a global leader in providing a wide range of financial services to institutions and individuals around the world. Mr. Bacot orchestrated a series of strategic mergers and acquisitions that enabled the bank to dramatically expand its operations both in the U.S. and abroad. Chief among them was the merger with the Irving Bank Corporation in 1988, which at the time was the largest bank merger ever undertaken. While Mr. Bacot was chairman, The Bank of New York grew its assets from $11.5 billion to $60 billion, and net income from $58 million to $1.1 billion.
"All of us at The Bank of New York are deeply saddened by the loss of Carter Bacot, who was a dear friend, respected colleague and great corporate and community leader," said Thomas A. Renyi, chairman and chief executive officer of The Bank of New York. "Under his leadership, The Bank of New York experienced an extraordinary period of success and growth, establishing the underpinnings for our position today as the global leader in securities servicing. He instinctively knew what it would take for our company to thrive in a fiercely competitive world. He led the organization with great energy, decisiveness and vision. On behalf of our entire organization, I extend our deepest sympathies to his family."
Born in 1933, Mr. Bacot was a native of Utica, N.Y. Mr. Bacot married the former Shirley Schou in 1960. In addition to his wife, he is survived by his daughters, Susan Bacot and Betsy Bacot-Aigner, Betsy's husband Stefan Aigner, and two grandsons, Christoph and Erick Aigner.
Mr. Bacot graduated from Hamilton College in 1955 and Cornell Law School in 1958. Mr. Bacot joined The Bank of New York in 1960 and at various times served as the Head of the Bank's Investment Research and Personal Trust Departments. He was named Vice Chairman of the holding company in 1975 and President in 1979. Mr. Bacot served as Non-Executive Chairman and Director of Footlocker, Inc., a Director of the Phoenix Companies, NVR, Inc., Trustee of Atlantic Mutual Insurance Companies and a Director of Time Warner, Inc. He was a Director of The Philharmonic-Symphony Society of New York, Inc. and the Josiah Macy, Jr. Foundation. He was a Life Trustee and Chairman Emeritus of Hamilton College, a member of the Council on Foreign Relations and Economic Club of New York.
Mr. Bacot's funeral will be held at 4:00 p.m. on Saturday, April 9, at St. James Church in Upper Montclair, N.J. A reception will follow at Montclair Golf Club in West Orange, N.J. Memorial donations can be made to the Trustees of Hamilton College for the Bacot Family Scholarship Fund, 198 College Hill Road, Clinton, N.Y. 13323.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, investment management, and individual & regional banking services. The Company's extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at www.bankofny.com.