 |
|
| Type | Subsidiary of HSBC Holdings plc |
|---|---|
| Founded | 1850 |
| Headquarters | Wilmington, Delaware, United States |
| Key people | Michael Geoghegan, Worldwide Group CEO Paul Lawrence, Bank President and CEO |
| Industry | Finance and Insurance |
| Products | Financial Services |
| Employees | 43,000 (including HSBC Finance Corporation) |
| Website | www.us.hsbc.com |
HSBC Bank USA, N.A., the American subsidiary of UK-based HSBC Holdings plc, is a bank with its head office in New York City. HSBC Bank USA NA (National Association) is a nationally chartered bank, regulated by the Office of the Comptroller of the Currency (OCC), Department of the Treasury.
Contents |
History
The Hongkong and Shanghai Banking Corporation acquired a 51% shareholding in Marine Midland Bank of New York State, headquartered in Buffalo, New York, in 1980 and extended to full ownership in 1987. The banks continued to operate under the Marine Midland name until 1998, when the branch offices were rebranded as HSBC Bank USA in line with the worldwide corporate identity of HSBC.
In 1994, Marine Midland acquired Spectrum Home Mortgage, which operated in eight states. Then in 1995, Marine acquired United Northern Federal Savings Bank, with branches in Watertown and Lowville, N.Y.. Marine Midland also acquired The Hongkong and Shanghai Banking Corporation's six New York City retail branches, and the next year Hang Seng Bank's two branches in New York City.
That same year, Marine Midland acquired 11 branches from the East River Savings Bank in the New York Metropolitan area. Marine also acquired the US dollar clearing business of J P Morgan. At the same time, HSBC transferred two branches in the northwestern United States to HSBC Bank Canada. The next year, Marine completed its acquisition of First Federal Savings and Loan from Toronto-based CT Financial Services, for $620 million. First Federal Savings, headquartered in Rochester (New York), had $7.2 billion in assets, 1,600 employees, 79 retail branches in New York State and 15 mortgage origination offices in nine states.
In 1998, Marine Midland acquired First Commercial Bank of Philadelphia, which had been established in 1989 as the first-state chartered Asian-American bank in Pennsylvania. The bank served the local Asian community, which often faced language and cultural barriers at traditional American banks. Marine paid $23.75 million for First Commercial, which had $90 million in assets and $78 million in deposits in two branches.
After the acquisition of Republic National Bank in 1999, the head office of HSBC Bank USA moved from One HSBC Center in Buffalo to 452 Fifth Avenue, New York City, although the official headquarters are in Wilmington, Delaware.
In 2004 HSBC USA sold two New York state branches to City National Bank. HSBC did not have enough nearby branches to give it economies of scale.
US banking
There are some 400 HSBC branches throughout New York in addition to some 20 to 25 branches in other states, including Florida and California. There was a branch office on the ground floor of the World Trade Center in New York City.
HSBC Direct is HSBC's attempt to compete nationally with other Internet banks such as Citibank Direct, Emigrant Direct, GMAC Bank, ING Direct, and VirtualBank.
Properties
Marine Midland owned several prominent properties, including the Marine Midland Building at 140 Broadway in Manhattan, near the World Trade Center. Completed in 1967, this 52-story, 688 ft (209.7 m) highrise provides 1.2 million square feet (110,000 m²) of office space in lower Manhattan and is noted for the distinctive Noguchi's Cube sculpture at its entrance. One HSBC Center is the tallest building in Buffalo, and is noted for its open entry level, under which the Buffalo Metro Rail passes.
Also of note, Marine Midland had purchased naming rights to the Buffalo sports and entertainment venue constructed in 1996, the Marine Midland Arena, home of the Buffalo Sabres. Today, the venue is known as the HSBC Arena.
External links
|
|||||||||||||||||
|
|||||
This entry is from Wikipedia, the leading user-contributed encyclopedia. It may not have been reviewed by professional editors (see full disclaimer)
