 On February 17, 1902, the first trust company was chartered in Schenectady, formed through the purchase of the assets of the Schenectady Bank (c. 1832).As the credit union for General Electric Corporation, Schenectady Trust Company opened for business on June 9, 1902, with 11 employees, and initial deposits of $762,578.11.The original buildings resided at 320 and 318 State Street in downtown Schenectady, New York.