 |
|
| Fate | Acquired by Chemical Bank and assumed the name Chemical. |
|---|---|
| Successor | JPMorgan Chase through Chemical Bank and Chase Manhattan Bank |
| Founded | 1905 |
| Defunct | 1991 |
| Headquarters | New York City |
| Industry | Bank holding company |
| Products | Financial services |
Manufacturers Hanover Corporation was the bank holding company formed as parent of Manufacturers Hanover Trust Company, a large New York bank formed by a merger in 1961. After 1969, Manufacturers Hanover Trust became a subsidiary of Manufacturers Hanover Corporation.
The corporation acquired the former Union Carbide Corporation headquarters at 270 Park Avenue, and though it merged into Chemical Banking Corporation for $1.9 billion in 1991, the successor corporations down to today's J.P. Morgan Chase & Co. have continued to have their headquarters in that building.
Charles J. Stewart was president and the first chairman.[1]
History
Manufacturers Hanover's oldest predecessor was chartered in 1905 as Citizens Bank of Brooklyn. In 1915, the bank changed its name to Manufacturers Trust Company. Through various mergers with banks throughout New York City it became a growing commercial bank.
In 1961, Manufacturers Trust Company merged with Central Hanover Bank & Trust Company (Hanover Trust) creating Manufacturers Hanover Trust Company. The bank became the main source of financing for check cashing stores.
In 1987, the bank bought some of the branches of Dollar Dry Dock Savings Bank. In 1992, it bought the New York City branches of the failed Goldome. By 1992, it was running out of money due to savings account interest rates and bad loans. By the end of 1992, Chemical Bank had purchased the operations of Manufacturers Hanover Trust Company.
Following the merger with Chemical, in 1996, the new Chemical bought Chase Manhattan Bank and four years later would merge with J.P. Morgan & Co. to form JPMorgan Chase.
Prior to acquisition, the bank was sometimes referred to as "Manny Hanny."[2]
Timeline of mergers
- 1905 – NYS Chartered Citizens Trust Company of Brooklyn
- 1912 – Broadway Bank of Brooklyn
- 1914 – Manufacturers National Bank of Brooklyn
- 1914 – Name Change To Manufacturers-Citizens Trust Company
- 1915 – Name Change To Manufacturers Trust Company
- 1918 – West Side Bank
- 1921 – Ridgewood National Bank
- 1922 – North Side Bank of Brooklyn
- 1922 – Industrial Bank of New York
- 1923 – Columbia Bank
- 1925 – Yorkville Bank
- 1925 – Gotham National Bank
- 1925 – Fifth National Bank of the City of New York
- 1927 – Commonwealth Bank
- 1927 – Standard Bank
- 1928 – United Capitol National Bank and Trust Company
- 1929 – State Bank & Trust Company
- 1930 – Pacific Trust Company
- 1931 – Midtown Bank of New York
- 1931 – Bryant Park Bank
- 1931 – Midwood Trust Company
- 1932 – Chatham Phenix National Bank & Trust Company
- 1937 – Equitable Trust Company of New York (1930-1937)
- 1939 – Banca Commerciale Italiana Trust Co.
- 1942 – Standard National Bank, Woodside, N.Y.
- 1946 – Flatbush National Bank of Brooklyn
- 1947 – Fidelity National Bank in New York, The
- 1949 – National Bronx Bank of New York
- 1950 – Brooklyn Trust Company
- 1953 – Peoples Industrial Bank
- 1961 – Central Hanover Bank & Trust Company
- 1961 – Name Change To Manufacturers Hanover Trust Company
- 1991 –Goldome (assets)[3]
- 1992 – Merge To State Chemical Bank
References
- ^ "Charles Stewart Dies; An Ex-Bank Executive" (obituary), The New York Times, July 17, 1987. Accessed 20 June 2008.
- ^ POSTINGS: Manny Hanny's Move; 5th to Madison
- ^ Hanover Deal For Deposits Of Goldome. New York Times, November 29, 1990
This entry is from Wikipedia, the leading user-contributed encyclopedia. It may not have been reviewed by professional editors (see full disclaimer)
