Updated 05-May-2020.
Mondo shtuff from around the internet, all about CHEMICAL BANK!
My botty best at summarizing from Wikipedia: Chemical Bank was a bank with headquarters in new york city from 1824 until 1996 . Chemical was the third-largest bank in the united states at the end of 1995 . what was once Chemical forms the core of today’ chemical was the third-largest bank in the united states by total assets, with $182.9 billion . the bank held about $82.1 billion of loans, including mortgage loans . Among Chemical’s largest international exposure was to Chemical reported record net income of $1.8 billion for 1995 . Chemical’s level of capital at the end of 1995 remained strong . chemical was among the leading bank lenders to small and medium-sized businesses . Chemical also had a significant presence in investment banking . the bank’s private equity and venture capital functions were also housed in this division . global markets was primarily focused on sales and trading activities . Chemicals Global Bank revenue was roughly balanced between investment banking and markets activities Consumer & Relationship Banking . Chemical maintained a leading market share position in providing financial services to middle market companies nationally and small businesses in the new york metropolitan area chemical bought additional land next to its building in 1879 and 1887 but its offices remained modest through the start of the 20th century . in 1907, the bank constructed a new headquarters on the original and adjacent properties at chemical moved in after the building was completed in 1928, and the bank’s headquarters remained there for more than five decades . in 2008, after JPMorgan acquired Bear Stearns, the bank moved its investment banking groups from chemical bank was originally a division of the New York Chemical Manufacturing Company . chemical produced blue vitriol, alum, nitric acid, camphor, saltpeter, medicines, paints, and dyes John Mason became Chemical’s second president in 1826 . he was responsible for the conservative business culture of the young bank . Mason led Chemical through the panic of 1837 . speculative bubble collapsed on may 10, 1837, banks suspended payment of gold and silver . banks stood alone in subsequent crisis when they continued to make payments in specie . chemical was one of the earliest to resume payments John Q. Jones was succeeded in 1878 by George G. Williams, who had joined the bank in 1842 . Williams would serve as president from 1878 through 1903. In 1844, when New York Chemical Manufacturing Company’s original chemical sold all remaining inventories from the chemical division by 1851 . two years later, Chemical became a charter member of the new york clearing house . chemical earned the nickname “Old Bullion” during the panic of chemical frequently used the refrain “Good as gold then, good as gold today” in advertisements from the 1860s well into the 20th century.Chemical received its national charter as the Chemical National Bank of New York in 1865. chemical had been reluctant to expand into securities and other businesses . both practices, considered to be highly conservative, had allowed Chemical to develop a large capital reserve but were not attracting customers. in 1917, Chemical named a new president of the bank, Herbert Twitchell, after the death of Joseph B. Martindale . he stole as much as $300,000 from the account of Ellen D. Hunt . in 1920, Twitchell was succeeded by Percy H. Johnston and remained with the bank as chairman of the board . in 1929, Chemical reincorporated as a state bank in new york as Chemical Bank During the Depression-era of the 1930s, Chemical’s deposits grew by more than 40% . in 1941, the bank reached $1 billion of assets . under Helm, Chemical completed a series of large mergers that again chemical completed its largest acquisition to date, in 1954, merging with the Corn Exchange Bank . the merger added 98 additional branches to Chemical’s system largely in the new york city . in 1959, the bank merged with in 1968, Chemical reorganized itself as a bank holding company, Chemical New York Corporation . in the late 1960s and early 1970s, Chemical was focused on building its international business . Chemical opened new offices in Frankfurt, Germany Chemical acquired security national bank, which had a branch network on Long island . in 1982, Chemical and Florida National Bank agreed to enter into a merger . laws preventing interstate banking were lifted, giving Chemical an option to acquire chemical completed its largest transaction of the 1980s when it acquired Texas Commerce Bank . chemical did not seek Federal Deposit Insurance Corporation backing for its acquisition of Texas Commerce . other large Texas banks, First RepublicBank Corporation and MCorp Bank chemical contributed $300 million to shore Texas Commerce as it continued to suffer losses . in 1986, Chemical agreed to a merger with New Jersey-based Horizon Bancorp . the merger was not completed until 1989 due again to interstate banking rules chemical adopted Manufacturers Hanover’s logo design and moved into its headquarters at 270 Park Avenue in new york . Chemical operated one of the nation’s largest bank credit card franchises and was a major originator and servicer the merger resulted in the reduction of more than 12,000 jobs between the two banks . the bank continued to operate under the Chase brand until its acquisition of J.P. Morgan & Co. in 2000 . when the combined chemical’s private equity group was renamed multiple times, ultimately becoming JP Morgan Partners . chemical completed a spin-out from the bank, as CCMP Capital, after the bank’s 2004 merger with Bank One chemical’s ATM, originally known as a Docuteller, was designed by Donald Wetzel and his company Docutel . Chemical executives were initially hesitant about the electronic banking transition given the high cost of the early machines Pronto was one of the largest early forays by a bank into home computer based banking . only 21,000 of Chemical’s 1.15 million customers were using the system . by 1985, it was clear that Eventually Chemical discontinued its efforts in 1989 at a loss of nearly $30 million.