Chemical Bank
Chemical Bank was a bank with headquarters in New York City from 1824 until 1996. At the end of 1995, Chemical was the third-largest bank in the U.S., with about $182.9 billion in assets and more than 39,000 employees around the world.
Chemical's logo, adopted from Manufacturers Hanover after the banks' merger | |
| Industry | Bank holding company |
|---|---|
| Founded | 1824 |
| Founder | Balthazar P. Melick |
| Defunct | 1996 |
| Fate | Acquired Chase Manhattan Bank in 1996 and assumed the Chase name |
| Successor | JPMorgan Chase |
| Headquarters | New York City |
Key people | Walter V. Shipley (chairman, CEO) William B. Harrison Jr. (vice chairman) John Francis McGillicuddy (director) |
| Products | Financial services |
| Total assets | $182.9 billion (1995) |
Number of employees | 39,078 (1995) |
| Subsidiaries | Major acquisitions: Manufacturers Hanover, Chase Manhattan Bank, Texas Commerce Bank, Corn Exchange Bank |
Beginning in 1920 and accelerating in the 1980s and 1990s, Chemical was a leading consolidator of the U.S. banking industry, acquiring Chase Manhattan Bank, Manufacturers Hanover, Texas Commerce Bank and Corn Exchange Bank, among others. After 1968, the bank operated as the primary subsidiary of a bank holding company that was eventually renamed Chemical Banking Corporation.
In 1996, Chemical acquired Chase Manhattan Corporation in a merger valued at $10 billion, creating the largest financial institution in the United States. Although Chemical was the acquiring company and the nominal survivor, the merged bank adopted the Chase name, which was considered to be better known, particularly internationally. What was once Chemical forms the core of today's JPMorgan Chase.