Chemical Bank
Chemical Bank | |
---|---|
Country | United States |
Seat | New York City , New York |
legal form | Corporation |
founding | 1824 |
resolution | 1996 |
The Chemical Bank was one of the largest banks in the United States and forms the core of today's JPMorgan Chase . The Chemical Bank was founded in 1824 as a subsidiary of the New York Chemical Manufacturing Company , which was founded in 1823 , a company in the chemical industry for the manufacture of basic chemicals , paints and pharmaceutical products. The manufacturing operation was stopped in 1844 and the company continued as a pure bank. Over the course of the next century, the money house grew into one of the most important institutions in America and built a reputation for a solid company that survived all the financial and banking crises of its time. During this period, Chemical acquired the Citizens National Bank (1920), the Corn Exchange Bank (1954) and the Texas Commerce Bank (1986). In 1968 there was a reorganization, as a result of which the Chemical Bank was incorporated under the bank holding Chemical New York Corporation . In the late 1960s and 1970s, the bank expanded its international business, including opening a branch in Frankfurt / Main in 1969. In the same year Chemical had the first American ATM installed in the New York area. In 1991, Chemical took over Manufacturers Hanover Corporation . The two companies were the sixth and ninth largest banks in the United States by deposit at the time. The takeover created the second largest bank after Citicorp . The history of the Chemical company name finally ended in 1996 with the acquisition of Chase Manhattan Bank . Although Chemical was the acquiring company, the merged institute adapted the Chase name, which was better known outside of the United States. This created the largest credit institution in North America. In 2001, the new Chase Bank incorporated JP Morgan & Co and henceforth formed part of the major JPMorgan Chase bank .
Chemical Bank mergers and acquisitions between 1824 and 2001 | ||||||||||||||||||||||||||
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Companies | 1820s | 1830s | 1840s | 1850s | 1860s | 1870s | 1880s | 1890s | 1900s | 1910s | 1920s | 1930s | 1940s | 1950s | 1960s | 1970s | 1980s | 1990s | 2000s | |||||||
Chemical Bank | Chemical Bank | Chase | JPMorgan Chase | |||||||||||||||||||||||
Citizens National Bank | Citizens National Bank | |||||||||||||||||||||||||
Corn Exchange Bank | Corn Exchange Bank | |||||||||||||||||||||||||
Texas Commerce Bank | Texas Commerce Bank | |||||||||||||||||||||||||
Hanover Bank | Hanover Bank | Manufacturers Hanover | ||||||||||||||||||||||||
Manufacturers Trust Company | Manufacturers Trust Company | |||||||||||||||||||||||||
Chase Manhattan Bank | Chase Manhattan Bank | |||||||||||||||||||||||||
Drexel, Morgan & Co. | Drexel, Morgan & Co. | JP Morgan & Co. |
Web links
Individual evidence
- ↑ JPMorgan Chase & Co: History of JPMorgan Chase & Co (English), accessed on August 1, 2018
- ↑ Encyclopædia Britannica : Chemical Banking Corporation , accessed August 1, 2018
- ↑ NY Times : BANKING GIANT'S NEW: THE DEAL; CHASE AND CHEMICAL AGREE TO MERGE IN $ 10 BILLION DEAL CREATING LARGEST US BANK , accessed August 1, 2018