Part of its original charter also provided for a banking company which was begun as the Bank of Manhattan Company. It was important in financing the early economic development of New York City in the early 1800s. Among its founder members were Alexander Hamilton and Aaron Burr.
In 1877 John Thompson and 4 partners formed Chase National Bank, named for Salmon P. Chase Treasury Secretary under Abraham Lincoln with initial capital $300,000.
In 1927 Chase National Bank became the largest bank in the country with assets of $1 billion.
Throughout the 20th century much of the banks growth came through mergers. The Bank of Manhattan Company bought the Bank of the Metropolis in 1918, and Chase purchased Bank of Manhattan in 1955 and changed its name to the Chase Manhattan Bank.
Chemical Bank swallowed Chase Manhattan in 1996. By late 1999, Chase was a powerhouse consumer bank and budding investment bank.
On September 13, 2000, Chase Manhattan announced its merger with J.P Morgan and Co.
JP Morgan Chase now positioned as the largest bank in United States by assets, a global financial services behemoth with operations in more than 50 countries. It’s market leader in offering corporations a complete, platform of capital raising advice, trading, and risk management services spanning commercial and investment banking.
In 2004 the combined JP Morgan Chase merged with Bank One. After the merger, the combined JP Morgan and Bank One became number two in the United States banking industry.
Chase Manhattan Bank in history
