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The Texas Commerce Bank (officially Texas Commerce Bank N.A., with its parent bank holding company known as Texas Commerce Bancshares, Inc.) was a Texas-based bank acquired by Chemical Banking Corporation of New York in May 1987. The acquisition of Texas Commerce Bank represented the largest interstate banking merger in history at the time with a purchase price of $1.2 billion. The bank had its headquarters in what is now the JPMorgan Chase Building (formerly Gulf Building) in downtown Houston, Texas.
Prior to the merger, interstate banking was illegal in Texas and many other states, which effectively prevented such cross-border mergers. Texas and New York had changed their laws to allow a merger of an in-state bank and an out-of-state bank. Without those changes to the law, the merger between Chemical Bank and Texas Commerce Bank, and later Chase Manhattan Bank would not have been possible.
Through a series of mergers and acquisitions
Lady Bird (Claudia Taylor) Johnson , Scholastic
The Texas Commerce Bank (officially Texas Commerce Bank N.A., with its parent bank holding company known as Texas Commerce Bancshares, Inc.) was a Texas-based bank acquired by Chemical Banking Corporation of New York in May 1987. The acquisition of Texas Commerce Bank represented the largest interstate banking merger in history at the time with a purchase price of $1.2 billion. The bank had its headquarters in what is now the JPMorgan Chase Building (formerly Gulf Building) in downtown Houston, Texas.
Prior to the merger, interstate banking was illegal in Texas and many other states, which effectively prevented such cross-border mergers. Texas and New York had changed their laws to allow a merger of an in-state bank and an out-of-state bank. Without those changes to the law, the merger between Chemical Bank and Texas Commerce Bank, and later Chase Manhattan Bank would not have been possible.
Through a series of mergers and acquisitions 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 ...
bought Chase Manhattan Bank and then JP Morgan finally changed Texas Commerce to JPMorgan Chase & Co.
History
The Texas Commerce Bank, formerly known as Texas National Bank of Commerce Houston, was a product of the 1964 merger of the National Bank of Commerce and the Texas National Bank. Texas Commerce changed its name to Chase Bank of Texas in 1998 and merged into The Chase Manhattan Bank in 2000. In 1977, Lady Bird (Claudia Taylor) Johnson (wife of President Lyndon Baines Johnson) became a director of Texas Commerce Bank and Texas Commerce Bancshares in Houston. Other directors were former PresidentGerald Ford
Gerald Rudolph Ford Jr. (born Leslie Lynch King Jr.; July 14, 1913December 26, 2006) was the 38th president of the United States, serving from 1974 to 1977. A member of the Republican Party (United States), Republican Party, Ford assumed the p ...
, former U.S. Representative Barbara Jordan and the Odessa
ODESSA is an American codename (from the German language, German: ''Organisation der ehemaligen SS-Angehörigen'', meaning: Organization of Former SS Members) coined in 1946 to cover Ratlines (World War II aftermath), Nazi underground escape-pl ...
oil industrialist Bill Noël. At one time Ken Lay of Enron
Enron Corporation was an American Energy development, energy, Commodity, commodities, and services company based in Houston, Texas. It was led by Kenneth Lay and developed in 1985 via a merger between Houston Natural Gas and InterNorth, both re ...
was a director. Past presidents of the bank include Thomas E. Locke of Lubbock.
Jeb Bush
John Ellis "Jeb" Bush (born February 11, 1953) is an American politician and businessman who served as the 43rd governor of Florida from 1999 to 2007. A member of the Bush family, Bush political family, he was an unsuccessful candidate for pre ...
's career started with an entry-level position in the international division of the Texas Commerce Bank, a job he received through James A. Baker, III, a longtime family friend and chairman of the board. Bush assisted in drafting communications for the company's chairman, Ben Love. In November 1977 he was sent to the Venezuelan capital of Caracas to open a new operation for the bank. Bush spent about two years there, working in international finance. He eventually worked for the bank's executive program.
The New York City based Chemical Bank acquired Texas Commerce in 1987, and through a series of various mergers over the years, is now part of the present-day JPMorgan Chase.
References:
Lady Bird Johnson, Director, Texas Commerce Bank Lady Bird (Claudia Taylor) Johnson , Scholastic
Further reading
*References
{{JPMorgan Chase Defunct banks of the United States JPMorgan Chase Banks established in 1866 Banks disestablished in 1987 1866 establishments in Texas