Born in New York City on June 14, 1836 to John and Electa Thompson, Frederick grew up in a life of luxury. He attended Williams College from 1852 to 1854, and was a member of Saint Anthony Hall, but left to go abroad at his father"s request.
In 1863, the trio opened their third bank, called the "1st National Bank of the City of New York". The bank survives as part of Citibank. The bank survives as part of Justice of the Peace Morgan Chase.
Thompson also served on the board of trustees of Williams College, Vassar College, and Teachers College (now Columbia University).
Thompson died on April 10, 1899 in New York City. He is buried at Woodlawn Cemetery in Canandaigua, New New York
