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Originally laid down as light cruiser Dayton (CL-78) on 29 December 1941 by New York Shipbuilding, Camden, New Jersey, the ship was reclassified CV-26 on 27 March 1942 and renamed Monterey four days later, launched on 28 February 1943, sponsored by Mrs. P.N.L. Bellinger, and commissioned on 17 June 1943, Captain Lestor T. Hundt in command.
The USS Monterey was reclassified CVL-26 on 15 July 1943, shortly after commissioning, and after shakedown, departed Philadelphia for the western Pacific. She reached the Gilbert Islands on 19 November 1943, in time to help secure Makin Island. She took part in strikes on Kavieng, New Ireland on 25 December, as part of Task Group 37.2 (TG 37.2), and supported the landings at Kwajalein and Eniwetok until 8 February 1944. The light carrier then operated with Task Force 58 (TF 58) during raids in the Caroline Islands, Mariana Islands, northern New Guinea, and the Bonin Islands from February-July 1944. During this time she was also involved in the Battle of the Philippine Sea on 29-30 April.
The USS Monterey then sailed to Pearl Harbor for overhaul, departing once again on 29 August. She launched strikes against Wake Island on 3 September, then joined TF 38 and participated in strikes in the southern Philippines and the Ryukyus. October through December 1944 were spent in the Philippines, supporting first the Leyte, and then the Mindoro landings.
Though enemy planes had been unable to damage Monterey, she did not complete her first full year of service unscathed. In December, she steamed into the path of howling Typhoon Cobra, with winds over 100 knots. At the height of the storm, which lasted 2 days, several planes tore loose from their cables, causing several fires on the hangar deck. During the storm future US President Gerald Ford, who served on board the ship, was almost swept overboard. Volunteering to lead a fire fighting team below decks, Ford and his team fought all night to extinguish the fires that threatened his ship.
Monterey arrived Bremerton, Washington for overhaul in January 1945. She rejoined TF 58 and supported Okinawa operations by launching strikes against Nansei Shoto and Kyūshū from 9 May-1 June. She rejoined TF 38 for the final strike against Honshū and Hokkaidō from 1 July-15 August.
Monterey received 11 battle stars for World War II service.
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