Corn Exchange Bank
| Company type | Private |
|---|---|
| Industry | Banking, Financial services |
| Founded | 1853 in New York, United States |
| Defunct | 1954 |
| Fate | Merged with Chemical Bank to form Chemical Corn Exchange Bank |
| Headquarters | New York City , United States |
| Products | Consumer banking |
The Corn Exchange Bank was a consumer banking institution established in 1853 within the state of New York. Throughout its history, it expanded by incorporating a variety of local banks.
History
By 1855, the Corn Exchange Bank had relocated to premises situated at the northwest intersection of William and Beaver Street in Manhattan. Its headquarters, an eleven-story structure designed by Robert Henderson Robertson, was completed in 1894 at 11-15 William Street. During the period from 1923 to 1925, it held a minority interest in the Connecticut-chartered Bank of Central and South America, alongside several other New York financial institutions. The bank adopted the name Corn Exchange Bank and Trust Company in 1929. A merger with Chemical Bank in 1954 led to the formation of the Chemical Corn Exchange Bank. Subsequently, after Chemical Corn's 1959 consolidation with New York Trust Company, the "Corn Exchange" designation was discontinued, resulting in the creation of the Chemical Bank New York Trust Company.
Photographic evidence from 1928 depicts a Corn Exchange Bank branch located on Grove Street near Seventh Avenue South in Greenwich Village. This site was probably enlarged following the 1954 merger. Its façade has remained mostly intact since that time, partly due to protections introduced by the New York City Landmarks Preservation Commission in 1965, which was established to safeguard historic buildings after significant losses such as the demolition of Pennsylvania Station. Currently, the Grove Street branch functions as a Chase Bank location. In 1995, Chase Manhattan (now known as JPMorgan Chase) merged with Chemical Bank.
Acquisition history
- 1899: Purchased Astor Place Bank (established 1891), which had previously integrated Empire State Bank (established 1888); Hudson River Bank of the City of New York (established 1888); and Queens County Bank (originally founded in 1873 as Flushing and Queens County Bank).
- 1900: Acquired Home Bank (established 1883).
- 1902: Took over Mechanics & Traders' Bank of Brooklyn (established 1867); Eleventh Ward Bank (established 1867, which had earlier absorbed Banking New-York Dry Dock Company); and Union Square Bank of the City of New York (established 1889).
- 1905: Acquired First National Bank of Staten Island at New Brighton (established 1886).
- 1913: Purchased Mount Morris Bank (established 1881).
- 1914: Added Washington Trust Company of the City of New York (established 1889), increasing assets by $10 million.
- 1928: Expanded into Staten Island by acquiring Stapleton National Bank (established 1902).
See also
- JPMorgan Chase – current successor institution