Texas Commerce Bank

Texas Commerce Bank

The Texas Commerce Bank was a bank that merged with Chemical Banking Corporation of New York in May 1987. The price tag: for $1.2 billion, the largest interstate banking merger in history at the time. Through a series of mergers and acquisitions Chemical Bank bought Chase Manhattan Bank and then JP Morgan finally changed Texas Commerce to JPMorgan Chase & Co.. In 2003, it acquired Bank One.The Texas Commerce Bank traces its roots to 1866. It was founded by Jesse Jones who was President Franklin Roosevelt reconstruction banker from the Great Depression and later created the EX-IM bank that facilitates export and import financing. Texas Commerce changed its name to Chase Bank of Texas in 1998 and merged into The Chase Manhattan Bank in 2000. [ cite web
title = JPMorganChase corporate website
accessdate = 2007-10-14
year = 2006
url = http://web.archive.org/web/20060215224902/http://ar.jpmorganchase.com/ar/corporate/s5.html
]

In 1977, Lady Bird (Claudia Taylor) Johnson (wife of President Lyndon Baines Johnson) became a director of Texas Commerce Bank and Texas Commerce Bancshares in Houston. Other Directors were former President Gerald Ford and former Congresswoman Barbara Jordan. At one time Ken Lay of Enron was also a director.

Jeb Bush's career started with an entry level position in the international division of the Texas Commerce Bank, a job he received through James A. Baker, a long time family friend and chairman of the board. Bush assisted in drafting communications for the company's chairman, Ben Love. In November 1977 he was sent to the Venezuelan capital of Caracas to open a new operation for the bank. Bush spent about two years there, working in international finance. He eventually worked for the bank's executive program.

J.P. Morgan acquired in 1987

References:Lady Bird Johnson, Director, Texas Commerce Bank - http://content.scholastic.com/browse/article.jsp?id=4952

References


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