By the turn of the century the Bank of Manhattan had established itself as one of the largest holders of individual depositor accounts. This open banking policy provided a great impetus for westward expansion in the United States during the mid- and late 19th century. Since the bank had virtually no restrictions in its charter, it was able to loan money to a wide variety of patrons, including tradespeople, land speculators, and manufacturers as well as the New York state government. Its example spawned corruption among other groups who sought incorporation the construction of canals during the 1820s and 1830s or the building of railroads in the 1850s and 1860s often became the pretext for procuring a bank charter that might not otherwise have been granted. The bank introduced several innovative banking practices, among them, the method by which it had gained a charter. From that time onward, the Bank of Manhattan flourished. In 1808, the year Daniel Ludlow resigned, the company was allowed to sell the water operation to the City of New York and devote its energy to banking. The bank ’s first president was Daniel Ludlow. To no one ’s surprise, the company soon discovered that the water-supply operation would not require all of its resources, so the Bank of Manhattan Company was opened in 1799 at 40 Wall Street. Organized by Aaron Burr to challenge the supremacy of the Bank of New York and the Bank of the United States, the company had a charter in which Burr had surreptitiously inserted a clause authorizing it to engage in other businesses with any leftover capital. Its real purpose, however, was to establish a bank. Bank of Manhattan Company: 1799-1955Ĭhase Manhattan ’s earliest predecessor, the Manhattan Company, was formed in 1799, ostensibly to supply New York with clean water to fight a yellow fever epidemic. The old Chase Manhattan itself was the product of a 1955 merger between the Bank of Manhattan Company, which was formed in 1799, and Chase National Bank, which traced its origins back to 1877. Then in 1996 Chemical Banking acquired Chase Manhattan, adopting the more prestigious Chase name and forming what was then the largest bank holding company in the country. In 1991 two banking giants, Chemical Banking Corporation and Manufacturers Hanover Corporation, merged to form the number five bank in the United States under the Chemical Banking name.
CHASE JETTISON FULL
Pierpont Morgan and David Rockefeller it also was the culmination of a historical process full of mergers, most notably those on the Chase side that occurred in the 1990s.
Morgan Chase brought together two of the most venerable names in banking, not to mention two famous historical figures associated with the two firms -J. Morgan name and a retail banking business known as Chase comprising regional consumer banking in the New York tri-state area and Texas, credit cards, mortgage banking, consumer lending, insurance, and middle-market banking. Morgan Chase is one of the largest financial institutions in the world encompassing global commercial banking services, including investment banking, wealth management, institutional asset management, and private equity, under the J.P. is the name adopted by the Chase Manhattan Corporation following its year-end 2000 acquisition of J.P. NAIC: 522110 Commercial Banking 522190 Other Depository Credit Intermediation 522210 Credit Card Issuing 522291 Consumer Lending 523110 Investment Banking and Securities Dealing 523120 Securities Brokerage 523210 Securities and Commodity Exchanges 523920 Portfolio Management 523991 Trust, Fiduciary, and Custody Activities 551111 Offices of Bank Holding Companies Incorporated: 1968 as Chemical New York Corporation
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