J. J. Vandergrift, he established the Oil City Trust Co., of which Forman was president for a time.

"[3] In December 1925, a few years after his death in 1922, the Fidelity Trust Company, with $35 million in assets, merged with Manufacturers and Traders Bank, founded in 1856, with $64 million in assets, under the new name Manufacturers and Traders Trust Company.

Harriman and a group of investors including A. H. Schoellkopf, from the founding family of the Niagara Falls Hydraulic Power and Manufacturing Company, and James Forrestal, who would become the first United States Secretary of Defense, owned enough shares to control both Fidelity and M&T.

Forman died on October 22, 1922,[3][4] and is buried at Mount View Cemetery in Olean, New York.

Today, the residence is home to Child and Family Services and the Stanley G. Falk School, which is located in the carriage house.