The Corn Exchange Bank was a retail
bank
A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...
founded in 1853 in
New York
New York most commonly refers to:
* New York (state), a state in the northeastern United States
* New York City, the most populous city in the United States, located in the state of New York
New York may also refer to:
Places United Kingdom
* ...
state.
Over the years, the company acquired many community banks.
History
In 1855, the Corn Exchange Bank moved into an existing building in
New York City
New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...
at the northwest corner of
William
William is a masculine given name of Germanic languages, Germanic origin. It became popular in England after the Norman Conquest, Norman conquest in 1066,All Things William"Meaning & Origin of the Name"/ref> and remained so throughout the Middle ...
and
Beaver Streets in
Manhattan
Manhattan ( ) is the most densely populated and geographically smallest of the Boroughs of New York City, five boroughs of New York City. Coextensive with New York County, Manhattan is the County statistics of the United States#Smallest, larg ...
.
In 1894, the bank completed its new headquarters, an 11-story building designed by
Robert Henderson Robertson located at 11-15 William Street.
Between 1923 and 1925, together with a number of other New York banks, it held a small stake in the
Connecticut
Connecticut ( ) is a U.S. state, state in the New England region of the Northeastern United States. It borders Rhode Island to the east, Massachusetts to the north, New York (state), New York to the west, and Long Island Sound to the south. ...
-chartered
Bank of Central and South America. In 1929, it was renamed the Corn Exchange Bank and Trust Company. In 1954, it merged with
Chemical Bank
Chemical Bank, headquartered in New York City, was the principal operating subsidiary of Chemical Banking Corporation, a bank holding company. In 1996, it acquired Chase Bank, adopted the Chase name, and became the largest bank in the United Stat ...
and the combined entity took the name Chemical Corn Exchange Bank. After Chemical Corn merged with
New York Trust Company in 1959, the words "Corn Exchange" were dropped, creating the
Chemical Bank New York Trust Company.
As late as 1928, photographs show that the Corn Exchange Bank had a branch in a building on Grove Street, approximately 50 feet east of
Seventh Avenue South in
Greenwich Village
Greenwich Village, or simply the Village, is a neighborhood on the west side of Lower Manhattan in New York City, bounded by 14th Street (Manhattan), 14th Street to the north, Broadway (Manhattan), Broadway to the east, Houston Street to the s ...
. The building was likely expanded following the bank's merger with
Chemical Bank
Chemical Bank, headquartered in New York City, was the principal operating subsidiary of Chemical Banking Corporation, a bank holding company. In 1996, it acquired Chase Bank, adopted the Chase name, and became the largest bank in the United Stat ...
in 1954. The enlarged building's exterior appearance is virtually unchanged since 1954, likely due to the creation of the
New York City Landmarks Preservation Commission
The New York City Landmarks Preservation Commission (LPC) is the Government of New York City, New York City agency charged with administering the city's Historic preservation, Landmarks Preservation Law. The LPC is responsible for protecting Ne ...
in 1965 in response to the mounting losses of historically significant buildings in New York City, most notably the old
Pennsylvania Station.
The Grove Street building currently houses a Chase Bank branch. Chase Manhattan (now known as
JPMorgan Chase
JPMorgan Chase & Co. (stylized as JPMorganChase) is an American multinational financial services, finance corporation headquartered in New York City and incorporated in Delaware. It is List of largest banks in the United States, the largest ba ...
) merged with Chemical Bank in 1995.
Acquisition history
* 1899: Astor Place Bank (founded 1891),
Hudson River Bank of the City of New York (founded 1888),
and Queens County Bank (founded 1873 as Flushing and Queens County Bank).
* 1900: Home Bank (founded 1883).
* 1902: Mechanics & Traders' Bank of Brooklyn (founded 1867),
Eleventh Ward Bank (founded 1867),
and Union Square Bank of the City of New York (founded 1889).
* 1905: First National Bank of Staten Island at New Brighton (founded 1886).
* 1913:
Mount Morris Bank (founded 1881).
* 1914: Washington Trust Company of the City of New York (founded 1889).
* 1928: Stapleton National Bank (founded in 1902).
See also
*
JPMorgan Chase
JPMorgan Chase & Co. (stylized as JPMorganChase) is an American multinational financial services, finance corporation headquartered in New York City and incorporated in Delaware. It is List of largest banks in the United States, the largest ba ...
- the successor company
Notes
Sources
JPMorgan Chase
Banks established in 1853
Banks based in New York City
1954 mergers and acquisitions
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