The Phoenix & Third Trust Company was organized in March 1913, by the principal stockholders of the Phoenix & Third National Bank, to operate as a trust company under the laws of the Commonwealth of Kentucky. Upon organization, the bank assumed the assets of the Lexington Banking and Trust Company. The firm's officers at the time of its organization were Younger Alexander, President; William A. McDowell, Vice President and William L. Threlkeld, Secretary and Treasurer. The combined capital stock of the new trust company was one hundred fifty thousand dollars, divided into six thousand shares of twenty-five dollars each.
The initial stockholders and directors were Younger Alexander, John S. Skain, Robert C. Estill, John M. Kelly, Bailey D. Berry, Ernest B. Drake, John F. Lynch, William A. McDowell, J. Waller Rodes, William L. Petty, Roger H. Smith, Leonard B. Shouse, Jacob Speyer, Garrett D. Wilson, Matthew Walton and James L. Watkins. These men were all involved with the Phoenix & Third National Bank.
In 1916, William A. McDowell replaced Mr. Alexander as President. After the laws requiring separation of banks and trust companies were amended, the Phoenix & Third National Bank merged in 1921 with the Phoenix & Third Trust Company.
