He was born in New York City and received his first training in the house of Boorman, Johnston, and Company.

In 1852, he formed a partnership with Wall Street pioneer John Bond Trevor of the Glenview Mansion, and opened the banking house of Trevor and Colgate; this company dealt in stocks, securities and precious metals and regulated a large portion of the gold and paper exchange during the Civil War.

His extensive loans to the federal government during the financial crisis of 1873 contributed materially to the reestablishment of confidence both in the United States and the markets of Europe.

As a trustee of Colgate (formerly Madison) University, he for 30 years made almost annual donations to that institution, the development of which is due chiefly to his constant care and valuable advice.

Ellen died in 1846 and on February 19, 1851, he remarried to Susan Farnum Colby, daughter of Gov.