Chemical Banking
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| Fate | Acquired Chase Manhattan and assumed the name Chase. |
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| Successor | Chase |
| Founded | 1823 |
| Defunct | 1996 |
| Headquarters | New York, New York |
| Industry | Bank holding company |
| Products | Financial services |
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.
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[edit] 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.[1]
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. At the same time, in the 1980s and early 1990s, Chemical emerged as one of the leaders in the financing of leveraged buyout transactions. In 1984, Chemical launched Chemical Venture Partners to invest in private equity transactions alongside various financial sponsors. By the late 1980s, Chemical developed its reputation for financing buyouts, building a syndicated leveraged finance business and related advisory businesses under the auspices of pioneering investment banker, Jimmy Lee.[2][3]
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.[citation needed]
[edit] Acquisition history
The following is an illustration of the company's major mergers and acquisitions and historical predecessors (this is not a comprehensive list):
Chemical Bank (merged 1991) |
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[edit] 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"[4] because of its refusal to make specie payments in 1857, even though all other clearing house banks had done so.[citation needed]
The bank moved to 165 Broadway in the late 1920s[5] 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 JPMorgan Chase.
JPMorgan Chase's investment banking groups returned to 277 Park Avenue in 2003 following the departure of its previous tenant but will relocate following the 2008 merger with Bear Stearns.
[edit] References
- ^ scripophily.net - Retrieved November 8, 2007
- ^ JIMMY LEE'S GLOBAL CHASE. New York Times, April 14, 1997
- ^ Kingpin of the Big-Time Loan. New York Times, August 11, 1995
- ^ Search: "Old Bullion" Chemical in The New York Times archives.
- ^ "Chemical National's Move", The New York Times, December 22, 1926. Accessed 20 June 2008.
