Francis Asbury Palmer was born in Bedford, New York on November 26, 1812. He moved to New York City when he was eighteen years old, where he entered a commercial house. He was so successful that within a few years he went into business for himself as a grocer. He did very well and made investments in New York's cartage and drayage lines. The rewards from these investments made it possible for him to found the National Broadway Bank in 1849, and co-found the Broadway Savings Institution in 1851. In 1897, he created the Francis Asbury Palmer Trust Fund to support faith-based organizations. Since his death on November 1, 1902, the Fund has continued its philanthropic mission.