George F. Rand, Jr.
George Franklin Rand, Jr. served as president of the Marine Trust Company of Buffalo, and was an outstanding figure in the banking and financial circles of the Niagara Frontier and an excellent example of the type of bank executive developed in that age. A close associate and great admirer of his father, who was accorded a foremost position among the ablest bankers of his day in Western New York, George F. Rand. Jr. from boyhood had an abiding interest in finance and banking, and his native genius for organization and aptitude for successful management was reflected by his achievements in banking circles.
He was born in North Tonawanda on December 9, 1892, a son of George F. and Vina S. (Fisher) Rand. He received his early education in the public schools of Buffalo, attending School No. 16 and Lafayette High School, and continued his studies at Wharton School of Commerce, University of Pennsylvania, from which he was graduated in 1916. In 1931, George.Rand, Jr. was awarded an honorary doctor of science degree from the University of Pennsylvania.
He began his business career with the Bankers’ Trust Company of Buffalo, in 1916, and the following year became assistant secretary of the institution. The entrance of the United States into the World War brought an interruption of his plans, as it did for so many of the young men of the country just beginning their business careers.
In 1917, Rand went to France with the Young Men’s Christian Association, remaining until 1918, when he returned to Buffalo and in March, 1919, was made assistant secretary of the Marine Trust Company. In 1920 he was promoted to the vice presidency and placed in charge of the branches of the Marine Trust Company, also becoming a director of that institution.
Early in the summer of 1921, Mr. Rand and a group of younger business men, among whom were the sons of his father’s close associates, acquired an interest in the Buffalo Trust Company, one of the city’s smaller financial institutions. Mr. Rand was elected president of this bank and under his administration the resources mounted in four years from fifteen million dollars to seventy million dollars. This growth was unprecedented in Buffalo ’s banking circles. Following the policy of his father, he opened branches in various neighborhoods in Buffalo and so improved the internal organization of the bank that its earnings increased amazingly.
The progress of the Buffalo Trust Company under his leadership proved his capability as a banker and in 1926 the Buffalo Trust Company and the Marine Trust Company were merged, Mr. Rand becoming president of the Marine Trust Company. Under Mr. Rand’s administration the Marine Trust Company prospered greatly and became known as one of the strong and ably managed banks of the country.
Rand saw the need for more extensive banking services in the state. This led to the formation in the fall of 1929 of the Marine Midland Group of Banks, centered around the Marine Trust Company of Buffalo and the Marine Midland Trust Company of New York city. Soon, sixteen strong, New York State banks in as many communities were controlled through the Marine Midland Corporation, of which Rand, as president, was the guiding spirit. Resources of these banks totaled nearly six hundred million dollars. Rand is regarded as one of the pioneers in the group banking movement.
In addition to his banking activities he was director of National Dairy Products; Studebaker Corporation; Pierce-Arrow Motor Car Company; American Steamship Company; Cleveland & Buffalo Transit Company; Buffalo, Rochester & Pittsburgh Railroad Company; General Baking Company; Remington-Rand, Inc.; Niagara Falls Power Company; Buffalo, Niagara & Eastern Power Company; Garlock Packing Company and many other corporations.
On March 28, 1922, George F. Rand, Jr. was married to Isabel Hadley Williams, a daughter of Frederick H. and Grace (Jewett) Williams. The.Rands had two sons and a daughter: George F., Isabel Hadley and Calvin Gordon.
Rand was a member of the Buffalo, Saturn, Buffalo Athletic, Country, Niagara Falls County, University, Tennis and Saddle & Bridle Clubs, the University Club of New York city, the Bankers Club of New York city and the Greek letter fraternity Delta Upsilon. He was an Officer de L’Instruction Publique, and a chevalier of the National Order of the Legion of Honor of France, being thus honored by France because of that country’s gratitude for his activities and friendship on behalf of the people of that country. Mr. Rand is a director of the Buffalo Foundation and of the Buffalo Fine Arts Academy. He was a Republican, and a member of North Presbyterian Church. He was an honorary 33 rd degree Mason..Before he was forty years old, he was one of the leading bankers in the United States. His vision and unceasing industry were not confined solely to his own enterprises but had an important influence in all corporations and civic projects in which he had a part.