Texas Commerce Bank
| Company type | Subsidiary |
|---|---|
| Industry | Banking, Financial services |
| Founded | 1866 |
| Defunct | 1987 |
| Fate | Acquired by Chemical Banking Corporation |
| Headquarters | Houston , United States |
| Parent | Texas Commerce Bancshares, Inc. |
The Texas Commerce Bank—officially known as Texas Commerce Bank N.A. and owned by the parent company Texas Commerce Bancshares, Inc.—was a financial institution based in Texas that was purchased by Chemical Banking Corporation from New York in May 1987. This transaction represented the largest interstate banking merger at that time, with a valuation of $1.2 billion. The bank's headquarters were located in what is currently called the JPMorgan Chase Building situated in downtown Houston.
Prior to this acquisition, interstate banking was prohibited in Texas and several other states, which prevented cross-state mergers. Nevertheless, legislative changes in both Texas and New York allowed banks to merge across state lines, facilitating the Chemical Bank–Texas Commerce Bank deal and subsequent consolidation with Chase Manhattan Bank.
After a series of mergers, Chemical Bank took over Chase Manhattan Bank and later merged with JP Morgan, culminating in Texas Commerce becoming part of JPMorgan Chase & Co..
History
The origins of Texas Commerce Bank trace back to 1964 when the National Bank of Commerce merged with Texas National Bank. In 1998, it adopted the name Chase Bank of Texas before merging into The Chase Manhattan Bank in 2000.
Among its distinguished board members were Lady Bird Johnson, former President Gerald Ford, ex-U.S. Representative Barbara Jordan, and oil magnate Bill Noël. Ken Lay of Enron also held a position on the board. Thomas E. Locke served as one of the bank's presidents.
Jeb Bush launched his professional journey within Texas Commerce Bank’s international division through his association with chairman James A. Baker III. He played a role in establishing operations in Caracas, Venezuela, which provided him with valuable international finance experience prior to entering the bank's executive development program.
The acquisition of Texas Commerce by New York’s Chemical Bank occurred in 1987; through subsequent consolidations, it eventually became integrated into today’s JPMorgan Chase.
Further reading
- But Also Good Business: Texas Commerce Banks and the Financing of Houston and Texas, 1886-1986 by Walter L. Buenger, published by Texas A&M University Press in 1986