Arthur T. Roth
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Arthur Thomas Roth (December 22, 1905 in The Bronx – September 17, 1997 in Rockville Centre, New York) was an American banker.
Known as "Mr. Long Island", Arthur Roth played a key role in the development of Long Island banking from 1926 through the 1970s. Roth began his career as a cashier and worked his way up to become the chief executive of Franklin National Bank. During his tenure, Franklin National Bank became the 18th largest bank in the United States. Under Roth's leadership, Franklin National Bank was the first bank to issue credit cards, as well as the first to offer drive-in teller services.
In July 1968 Arthur Roth was removed from his position as chief executive due to growing loan losses and a shrinking stock price. He had over-extended the bank by aggressively pushing into the New York City market in 1964. As real estate values in New York dropped in the following years, Franklin National Bank was stuck with millions of dollars of bad loans. The management that succeeded Roth engaged in fraudulent activities that ultimately led to Franklin National Bank's demise on October 8, 1974. At the time it was the largest bank failure in the history of the United States.
[edit] External Links
- Newsday Article on Franklin National Bank
- NY Times Death Notice
- News Release: Papers of Arthur T. Roth
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