Established in 1952 in PA, US; The Foundations are comprised of three separate foundations established in 1952 and 1965 in PA; and in 1965 in FL. In early 2001, Foundation No. 1 merged with Foundation No. 2 - Founded by the late Arthur Vining Davis, who made his fortune as an industrialist with the Aluminum Company of America (ALCOA). The company is a world leader in the production and management of primary aluminum, fabricated aluminum and alumina combined, through its active and growing participation in all major aspects of the industry. There were three distinct Davis Foundations designated as Foundations No. 1, 2, and 3. Foundation No. 1 was organized in 1952 during Mr. Davis's lifetime. Foundations No. 2 and No. 3, substantially larger, were created upon the death of the founder in 1965. Mr. Davis's will specified their creation to receive the major share of his estate, estimated at $43 million. Foundations No. 2 and No. 3 began operations in 1967. In early 2001, Foundation No. 1 was merged with Foundation No. 2. Although the two foundations are operated and administered as separate legal entities, they share a single administrative office located in Jacksonville and are administered by one staff. Both foundations share the same board of trustees except that BNY Mellon Bank is corporate trustee for Foundation No. 2 while SunTrust Banks is corporate trustee for Foundation No. 3.