42 Facts About Chemical Banking

In 1996, Chemical Banking acquired Chase Manhattan Corporation in a merger valued at $10 billion to create the largest financial institution in the United States.

The Chemical Banking Corporation was the fifth-largest bank holding company in terms of total assets.

Chemical Banking was among the leading bank lenders to small and medium-sized businesses.

Chemical Banking bought additional land next to its building in 1879 and 1887 but its offices remained modest through the start of the 20th century.

Chemical Banking moved in after the building was completed in 1928, and the bank's headquarters remained there for more than five decades.

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Under Chairman Donald Platten, Chemical Banking's headquarters was to move to 277 Park Avenue in 1979.

Isaac Jones and later his cousin John Quentin Jones would lead Chemical Banking, both serving as president, across the next forty years through 1878.

Chemical Banking sold all remaining inventories from the chemical division as well as the corresponding real-estate holdings by 1851.

Chemical Banking's decision was highly unpopular among its fellow banks and led to the bank's temporary suspension from the New York Clearing House, of which Chemical Banking was a charter member.

Chemical Banking frequently used the refrain "Good as gold then, good as gold today" in advertisements from the 1860s well into the 20th century.

Chemical Banking received its national charter as the Chemical Banking National Bank of New York in 1865, at the urging of the secretary of the treasury.

Unlike many of its peers, Chemical Banking had been reluctant to expand into securities and other businesses and had not paid interest on bank accounts.

In 1917, Chemical named a new president of the bank, Herbert Twitchell, after the death of Joseph B Martindale.

Twitchell initiated a major turnaround of Chemical Banking, setting up a trust business and reversing Chemical Banking's policy of not paying interest on cash accounts.

In 1920, Chemical Banking completed its first major acquisition, merging with Citizens National Bank.

In 1923, Chemical Banking established its first branch and by the end of the 1920s had opened a dozen branches in Manhattan and Brooklyn as well as a branch in London, its first international presence.

Under Helm, Chemical Banking completed a series of large mergers in the late 1940s and early 1950s that again made the bank among the largest in the US In 1947, Chemical Banking merged with Continental Bank and Trust Company.

Chemical Banking completed its largest acquisition to that point, in 1954, merging with the Corn Exchange Bank to become the Chemical Banking Corn Exchange Bank.

At the time of the merger, Chemical Banking Corn was the fourth largest bank in New York and New York Trust was the ninth largest bank and the merger created the third largest bank in New York, and the fourth largest in the US with $3.

In 1968, Chemical Banking reorganized itself as a bank holding company, Chemical Banking New York Corporation, which allowed for more rapid expansion.

However, by the late 1960s and early 1970s, Chemical Banking was focused on building its international business.

In 1975, Chemical Banking acquired Security National Bank, which had a branch network on Long Island.

Chemical Banking continued pursuing acquisitions, throughout the 1980s notably its acquisitions of Texas Commerce Bank and Horizon Bancorp as well as its attempted takeover of Florida National Bank.

In early 1983, Southeast Chemical Banking Corporation dropped its takeover attempt and agreed to exchange their Florida National shares for 24 FNB branch offices and other consideration.

Chemical Banking completed its largest transaction of the 1980s in December 1986, when the bank agreed to acquire Texas Commerce Bank.

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Chemical Banking did not seek Federal Deposit Insurance Corporation backing for its acquisition of Texas Commerce although other large Texas banks, First RepublicBank Corporation and MCorp Bank, received over $5 billion of support.

Ultimately Chemical Banking contributed $300 million to shore Texas Commerce as it continued to suffer losses.

Also in 1986, Chemical agreed to a merger with New Jersey-based Horizon Bancorp, although the merger was not completed until 1989, due again to interstate banking rules.

Additionally, in 1984, Chemical Banking launched Chemical Banking Venture Partners to invest in private equity transactions alongside various financial sponsors.

In July 1991, Chemical Banking announced that it would acquire Manufacturers Hanover Corporation in a $135 billion merger transaction.

Chemical Banking adopted Manufacturers Hanover's logo design and moved into its headquarters at 270 Park Avenue in New York.

In corporate banking, Manufacturers Hanover was better established with larger, blue-chip companies, whereas Chemical had been stronger with small- and medium-sized businesses.

Nationally, the combined Chemical Banking Bank became one of the largest lenders to US companies and was arguably the leader in loan syndication globally.

Additionally, Chemical Banking took a leading role providing foreign exchange, interest rate and currency swaps, corporate finance services, cash management, corporate and institutional trust, trade services and funds transfer.

Chemical Banking operated one of the nation's largest bank credit card franchises and was a major originator and servicer of home mortgages.

In 1996, Chemical Banking acquired Chase Manhattan Corporation in a merger valued at $10 billion to create the largest financial institution in the United States.

Chase, which at its height had been the largest bank in the US, had fallen to sixth, while Chemical Banking was the third largest bank at the time of the merger.

Additionally, many of Chemical Banking's businesses remained intact through the various mergers.

On September 2,1969, Chemical Banking installed the first automated teller machine at its branch in Rockville Centre, New York.

In 1982, Chemical initiated the first personal computer based banking system when it launched a pilot electronic banking program called Pronto.

Chemical Banking had spent $20 million to develop the software for Pronto.

Pronto was an extension of other electronic banking services offered by Chemical that included a corporate cash-management system and its growing ATM network and was one of the largest early forays by a bank into home computer based banking.