Chemical Banking

Infobox Defunct Company
company_name = Chemical Banking Corporation
company_
slogan =
fate = Acquired Chase Manhattan and assumed the name Chase.
successor = Chase
foundation = 1823
defunct = 1996
location = New York City
industry = Bank holding company
key_people =
products = Financial services
num_employees =
parent =
subsid =

The Chemical Banking Corporation was the bank holding company for Chemical Bank in New York City from 1823 until 1996. It changed its name to Chase following the acquisition of Chase Manhattan.

History

The company was founded in 1823 as the New York Chemical Manufacturing Company in Greenwich Village. It produced chemicals such as blue vitriol, alum, nitric acid, camphor and saltpeter, as well as medicines, paints and dyes. [ [http://www.scripophily.net/chemnatbanof.html scripophily.net - Retrieved November 8, 2007] ]

Its charter was amended in 1824 to allow banking practices. It became the Chemical Bank of New York in 1844 and completely left the manufacturing business in 1851 although the name was to stick.

It received its national charter in 1865. Following a series of acquisitions it merged with the Corn Exchange Bank to become the Chemical Corn Exchange Bank in 1954. It continued acquisitions and became the Chemical Banking Corporation in 1988.

In 1986, it acquired Texas Commerce Bank, and, at the end of 1991, it acquired Manufacturers Hanover Corporation. In 1996, Chemical acquired The Chase Manhattan Corporation and continued under the Chase name until acquiring J.P. Morgan & Co. in December 2000 to form JPMorgan Chase & Co. Throughout all of these acquisitions, Chemical's original management team remained in charge of both the bank and its private equity investment group, JP Morgan Partners, until acquiring Bank One in 2004.fact|date=November 2007

Acquisition history

The following is an illustration of the company's major mergers and acquisitions and historical predecessors (this is not a comprehensive list):

clade | style=font-size:90%;line-height:130%
label1=
"(merged 1991)"
1=clade
label1=
1=The Chemical Bank
of New York
"(est. 1823)"

label2=
"(merged 1961)"
2=clade
1=Manufacturers
Trust Company
"(est. 1905)"
2=Hanover Bank
"(est. 1873)"

Offices

It opened at 216 Broadway in Downtown New York in 1824 and in 1848 moved to 270 Broadway. For many years it was called "Old Bullion" [ [http://query.nytimes.com/search/query?frow=0&n=10&srcht=s&daterange=period&query=%22Old+Bullion%22+Chemical&srchst=p&submit.x=0&submit.y=0&submit=sub&hdlquery=&bylquery=&mon1=09&day1=18&year1=1851&mon2=12&day2=31&year2=1980 Search: "Old Bullion" Chemical] in "The New York Times" archives.] because of its refusal to make specie payments in 1857, even though all other clearing house banks had done so.fact|date=November 2007

The bank moved to 165 Broadway in the late 1920s [ [http://select.nytimes.com/gst/abstract.html?res=F50713FE3E581B7A93C0AB1789D95F428285F9 "Chemical National's Move"] , "The New York Times", December 22, 1926. Accessed 20 June 2008.] and was to move to 277 Park Avenue in 1980. It moved across Park Avenue in 1991 to occupy the former headquarters of Manufacturers Hanover Corporation at 270 Park Avenue, which is now the headquarters of Chase.

References

External links

* [http://www.fundinguniverse.com/company-histories/Chemical-Banking-Corporation-Company-History.html Funding Universe History of Bank]