Manufacturers Hanover Corporation

Manufacturers Hanover Corporation
	The 1986–1991 logo was in use until its merger with Chemical Bank; Chemical continued its usage until its merger with Chase.
Trade name	Manufacturers Hanover Trust Company
Company type	Public
Traded as	NYSE: MHC
Industry	Bank holding company
Founded	1905;119 years ago (as Citizens); 1987;37 years ago (as Manufacturers Hanover);
Defunct	June 22, 1992;31 years ago
Fate	Acquired by Chemical Bank and assumed the name Chemical after the 1991 merger.
Successor	Chemical Bank
Headquarters	New York City
Products	Financial services

Last updated March 26, 2024

Manufacturers Hanover Corporation was the bank holding company formed as parent of Manufacturers Hanover Trust Company, a large New York bank formed by a merger in 1961. After 1969, Manufacturers Hanover Trust became a subsidiary of Manufacturers Hanover Corporation. Charles J. Stewart was the company's first president and chairman.^[1]

The corporation acquired the former Union Carbide Corporation headquarters at 270 Park Avenue, and though it merged into Chemical Banking Corporation for $1.9 billion in 1991, the successor corporations down to today's J.P. Morgan Chase & Co. have continued to locate their headquarters in that building.

History

Manufacturers Trust Company

Manufacturers Hanover traces its origins to the 1905 founding of Citizens Trust Company of Brooklyn. Through a series of acquisitions, the bank would grow into one of New York's largest banks within its first twenty years. Citizens Trust's first major acquisitions came with its mergers with the Broadway Bank of Brooklyn in 1912 and then two years later with the Manufacturers National Bank of Brooklyn (1914). In 1915, the bank adopted the older "Manufacturers" name, changing its name to the Manufacturers Trust Company. The "Manufacturers" name had been in use since 1858, when the Mechanics' Bank of Williamsburgh (founded 1853) was renamed the Manufacturers National Bank. Coincidentally, Manufacturers Trust Company had also been the name of a Brooklyn-based bank, founded in 1896 and acquired in 1902 by the Title Guarantee and Trust Company, another Brooklyn bank.^[2]

Manufacturers Trust acquired a Manhattan presence with its acquisition of the West Side Bank of New York in 1918. Later Manufacturers Trust acquired the Ridgewood National Bank of Queens (1921), the North Side Bank of Brooklyn (1922), the Industrial Bank of New York (1922), the Columbia Bank of New York (1923), and the Yorkville Bank of New York (1925), to become the 29th largest bank in the United States by 1925.^[3]

In 1932, Manufacturers Trust created the National Hotel Management Company (NMH) to centrally oversee the hotels the bank held mortgages on. They appointed hotel pioneer Ralph Hitz as President of the NMH. This was because, even at the height of the Great Depression, Hitz had been able to turn a profit at the New Yorker Hotel, which the Manufacturers Trust also held the mortgage for. By the time of Hitz's death in 1940, the NHM had become the largest hotel organization in the United States and managed the New Yorker, the Lexington and the Belmont Plaza hotels (New York); the Congress Hotel (Chicago); the Netherland Plaza (Cincinnati); Adolphus Hotel (Dallas); the Van Cleve (Dayton); the Book-Cadillac (Detroit); the Nicollet Hotel (Minneapolis); The New York Municipal Airport Restaurants (New York) and the Eastern Slope Inn (North Conway, New Hampshire).^[4]

The National Hotel Management Company was dissolved within a month of Hitz's death in 1940.^[5]

Continued consolidation (1961–1992)

The 1960–1986 Logo

In 1961, Manufacturers Trust Company merged with Central Hanover Bank & Trust Company (Hanover Trust) creating Manufacturers Hanover Trust Company. The bank became the main source of financing for check cashing stores. The bank reached its commercial heyday in the mid-1970s, when it ran a series of commercials that used the tagline, "It's banking the way you want it to be." Twilight Zone writer Rod Serling and comedian Paul Lynde served as celebrity spokesmen. At the same time, a Manufacturers Hanover billboard advertising "Super Checking" was a prominent feature of the newly renovated Yankee Stadium. The billboard could be seen as Chris Chambliss hit the home run that won the 1976 American League Championship Series for the New York Yankees over the Kansas City Royals. Also during that period, Manufacturers Hanover heavily promoted its "Any Car" Loan using an "Any Car", known as the "FordChevAmChrysWagon", made up of parts from 40 different cars.

In 1987, the bank bought some of the branches of Dollar Dry Dock Savings Bank. In 1992, it bought the New York City branches of the failed Goldome. By 1992, it was running out of money due to savings account interest rates and bad loans.^{[ citation needed ]} On June 22 of that year, Chemical Bank purchased the operations of Manufacturers Hanover Trust Company, and on that day, Manufacturers Hanover ceased to exist.^[6]

Following the merger with Chemical, in 1996, the new Chemical bought Chase Manhattan Bank and four years later would merge with J.P. Morgan & Co. to form JPMorgan Chase.

Prior to acquisition, the bank was sometimes referred to as "Manny Hanny."^[7]

Timeline of mergers and name changes

The timeline below, unless otherwise noted, indicates the purchase of the named entity by Manufacturers Hanover Corporation or its immediate controlling predecessors. Exceptions include the first and last entries (original charter and dissolution of the company by buyout, respectively), and several name changes.^[8]

1905 – Citizens Trust Company of Brooklyn (original New York State charter, no direct predecessors)
1912 – Broadway Bank of Brooklyn
1914 – Manufacturers National Bank of Brooklyn, resulting in name change to Manufacturers-Citizens Trust Company
1915 – Name change to Manufacturers Trust Company (no merger involved)
1918 – West Side Bank
1921 – Ridgewood National Bank
1922 – North Side Bank of Brooklyn
1922 – Industrial Bank of New York
1923 – Columbia Bank
1925 – Yorkville Bank
1925 – Gotham National Bank
1925 – Fifth National Bank of the City of New York
1927 – Commonwealth Bank
1927 – Standard Bank
1928 – United Capitol National Bank and Trust Company
1929 – State Bank & Trust Company

1930 – Pacific Trust Company
1931 – Midtown Bank of New York
1931 – Bryant Park Bank
1931 – Midwood Trust Company
1932 – Chatham Phenix National Bank & Trust Company
1937 – Equitable Trust Company of New York (1930–1937)
1939 – Banca Commerciale Italiana Trust Co. of New York
1942 – Standard National Bank, Woodside, N.Y.
1946 – Flatbush National Bank of Brooklyn
1947 – Fidelity National Bank in New York, The
1949 – National Bronx Bank of New York
1950 – Brooklyn Trust Company
1953 – Peoples Industrial
1961 – Central Hanover Bank & Trust Company, results in name change to Manufacturers Hanover Trust Company (parent named Manufacturers Hanover Corporation)
1991 – Goldome (assets)^[9]
1992 – Purchased by Chemical Bank, and ceases to exist

Central Hanover Bank & Trust Company

The final name of the company was Manufacturers Hanover Corporation, and the primary banking subsidiary was Manufacturers Hanover Trust. This name was a result of the merger of predecessor Manufacturers Trust with Central Hanover Bank & Trust.

Central Hanover was also a large, well-known bank before the merger. It was formed in 1929 from the merger of two other banking giants of the time, Central Union Trust Company and Hanover National Bank.^[10]

Hanover National built one of the early skyscrapers of New York, the Hanover National Building at 11 Nassau Street. It had twenty-two floors and was 385 feet high.^[11]

The corporate history of predecessor Hanover Bank is as follows:^[8]

1851 – Established Hanover Bank, NYS charter
1865 – Name change to Hanover National Bank of the City of New York (Federal)
1929 – Name change to Hanover Bank of the City of New York (NYS)
1929 – Bought by Central Union Trust Company of New York (see below)

The corporate history of predecessor Central Union Trust Company is as follows:^[8]^[12]

1873 – Established Central Trust Company of New York
1901 – Continental National Bank of New York (est. 1853)^[13]
1912 – Gallatin National Bank of the City of New York (est. 1829)^[14]
1918 – Union Trust Company of New York; changed name to Central Union Trust Company of New York^[15]^[16]
1927 – Greenwich National Bank of the City of New York (est. 1830)^[17]^[18]
1929 – Hanover Bank of the City of New York; changed name to Central Hanover Bank and Trust Company^[19]^[20]
1951 – Changed name to Hanover Bank (no merger)
1961 – Bought by Manufacturers Trust Company^[21]

Related Research Articles

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.

<span class="mw-page-title-main">Mellon Financial</span> Former investment firm located in the US

Mellon Financial Corporation was an investment firm which was once one of the world's largest money management firms. Based in Pittsburgh, Pennsylvania, it was in the business of institutional and high-net-worth individual asset management, including the Dreyfus family of mutual funds, business banking, and shareholder and investor services. On December 4, 2006, it announced a merger agreement with Bank of New York, to form BNY Mellon. After regulatory and shareholder approval, the banks completed the merger on July 2, 2007.

Bankers Trust was a historic American banking organization. The bank merged with Alex. Brown & Sons in 1997 before being acquired by Deutsche Bank in 1999. Deutsche Bank sold the Trust and Custody division of Bankers Trust to State Street Corporation in 2003.

Irving Trust was an American commercial bank headquartered in New York City that operated between 1851 and 1988 when it was acquired by Bank of New York. From 1965, the bank was the principal subsidiary of the Irving Bank Corporation.

SouthTrust Corporation was a banking company headquartered in Birmingham, Alabama. In 2004, SouthTrust reached an agreement to merge with Wachovia in a stock-for-stock deal. At the time of the merger with Wachovia was completed, SouthTrust had $53 Billion in assets. SouthTrust was listed on the NASDAQ exchange under the ticker symbol SOTR. The company was headquartered in the SouthTrust Tower, now known as the Shipt Tower. SouthTrust had branches in Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee, Texas and Virginia. By the end of 2005, all former SouthTrust branches that remained open carried the Wachovia name.

The Corn Exchange Bank was a retail bank founded in 1853 in New York state. Over the years, the company acquired many community banks.

Citizens and Southern National Bank (C&S) began as a Georgia institution that expanded into South Carolina, Florida and into other states via mergers. Headquartered in Atlanta, Georgia; it was the largest bank in the Southeast for much of the 20th century. C&S merged with Sovran Bank in 1990 to form C&S/Sovran in hopes of fending off a hostile takeover attempt by NCNB Corporation. Only a year later, however, C&S/Sovran merged with NCNB to form NationsBank, which forms the core of today's Bank of America.

The Brooklyn Trust Company was a bank in New York City. Chartered in 1866, the Brooklyn Trust Company originally offered trust management and estate management services but also functioned as a commercial bank. The Brooklyn Trust Company acquired over a dozen smaller banks throughout its existence, merging with the Manufacturers Trust Company in 1950.

The Bank of United States, founded by Joseph S. Marcus in 1913 at 77 Delancey Street in New York City, was a New York City bank that failed in 1931. The bank run on its Bronx branch is said to have started the collapse of banking during the Great Depression.

The Manhattan Company was a New York bank and holding company established on September 1, 1799. The company merged with Chase National Bank in 1955 to form the Chase Manhattan Bank. It is the oldest of the predecessor institutions that eventually formed the current JPMorgan Chase & Co.

<span class="mw-page-title-main">Florida National Bank</span>

Florida National Bank (FNB), founded in 1905, was the second largest commercial bank in Florida. Florida National Group was acquired in 1990 by First Union Corporation, which was renamed Wachovia in 2001; Wachovia was subsequently acquired by Wells Fargo in 2008.

Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo and Company in 2008, Wachovia was the fourth-largest bank holding company in the United States, based on total assets. Wachovia provided a broad range of banking, asset management, wealth management, and corporate and investment banking products and services. At its height, it was one of the largest providers of financial services in the United States, operating financial centers in 21 states and Washington, D.C., with locations from Connecticut to Florida and west to California. Wachovia provided global services through more than 40 offices around the world.

John Francis McGillicuddy was an American banking industry executive who oversaw the merger between Manufacturers Hanover Trust and Chemical Bank in the early 1990s.

The New York Trust Company was a large trust and wholesale-banking business that specialized in servicing large industrial accounts. It merged with the Chemical Corn Exchange Bank and eventually the merged entity became Chemical Bank.

American Fletcher National Bank was an Indianapolis-based bank founded in 1839 that was eventually absorbed by Bank One and later Chase Bank. Since the merger of the Fletcher Trust Company with the American National Bank to form the American Fletcher National Bank and Trust Company at the end of 1954, it had been the largest or the second largest bank in the state of Indiana, often changing places with its Indianapolis-based rival Indiana National Bank for the top spot. From the mid-1950s through the late-1980s, American Fletcher National Bank and Trust, along with Indiana National Bank and Merchants National Bank, was one of the top three largest banks within Indianapolis and its holding company, American Fletcher Corporation, was one of the top three largest bank holding companies within the state, along with INB Financial Corporation and Merchants National Corporation.

INB Financial Corporation was an Indianapolis-based statewide bank holding company that was the largest Indiana-based financial institution at the time it was acquired by Michigan-based NBD Bancorp in 1992. Its primary subsidiary was the Indianapolis-based INB National Bank, formerly the Indiana National Bank, which can trace its origins to the founding of the Second State Bank of Indiana in 1834.

The Chatham Phenix National Bank and Trust Company was a bank in New York City connected with the Chatham Phenix Corporation. Its predecessor Chatham and Phenix National Bank was formed in 1911 when Chatham National Bank paid $1,880,000 to absorb the asset of the Phenix National Bank. The bank grew significantly as it absorbed smaller banking institutions, such as Mutual Alliance Trust Company and Century Bank in 1915, at which point Chatham and Phenix National Bank became the "first national bank to operate branches in the same city with the main bank."

The Continental Bank and Trust Company of New York was a financial institution based in New York City, New York, United States. It was established in 1870 as the German-American Bank, which became the Continental Bank of New York. Originally in the Equitable Building at 120 Broadway, the bank was later headquartered at 50 Wall Street, 25 Broad Street, and starting in 1932 the Continental Bank Building It became known as the "brokers bank" for its collaboration with Wall Street brokers and investment banking interests. The institution was renamed the Continental Bank and Trust Company of New York around 1929, at which point it was involved in extending its business with acquisitions of commercial banking and fiduciary operations. Acquired banks included the Fidelity Trust Company in 1929, International Trust Company and Straus National Bank and Trust Company in 1931, and Industrial National Bank later that year. In 1947, the bank earned $804,000 in net profits. As of December 31, 1947, Continental had total resources of $202,000,000, and deposits of $188,000,000. It merged with the Chemical Bank and Trust Company in 1948.

The Farmers' Loan and Trust Company was a national bank headquartered in New York City that later became Citibank.

Charles J Stewart a Dallas-Born, Yale graduate, banking executive. Stewart was the first chairman of Manufacturers Hanover Trust Company.

References

Notes

↑ "Charles Stewart Dies; An Ex-Bank Executive (obituary)". The New York Times . July 17, 1987. Retrieved 20 June 2008.
↑ "Trust Concerns Unite" . The New York Times . 1 November 1902. Link via ProQuest.
↑ "Another merger of New York Banks" . The New York Times . 20 February 1925. Link via ProQuest.
↑ Pearson Education; Hospitality Leaders http://wps.prenhall.com/chet_kotler_marketing_5/114/29189/7472573.cw/content/index.html
↑ The Baltimore Sun (Baltimore, Maryland) · Wed, Jan 31, 1940 · Page 5
↑ Quint, Michael (June 22, 1992). "Manufacturers Hanover Fades Out". New York Times .
↑ Waite, Thomas L. (August 28, 1988). "POSTINGS: Manny Hanny's Move; 5th to Madison". The New York Times .
1 2 3 "New York Bank History - National Bank History". www.scripophily.com. Retrieved 2018-05-02.
↑ Quint, Michael (November 29, 1990). "Hanover Deal For Deposits Of Goldome". New York Times .
↑ "$722,000,000 MERGER OF BANKS EXPECTED; Central Union Trust Co. and Hanover National Reported in Negotiations. DAVISON DENIES ANY DEAL But Says He is No Prophet-- Wall St. Hears Terms Are 3 for 1 Exchange of Stock. SHARES SOARED RECENTLY Securities of Both Old Powers in Street Have Appreciated Greatly Since Stock Dividends. Remarkable Rise in Hanover Stock. Central Long a Wall Street Power". The New York Times. 1929-03-16. ISSN 0362-4331 . Retrieved 2018-05-01.
↑ "Hanover National Bank Building". The Skyscraper Center. Retrieved 2018-05-01.
↑ "New York Bank History - National Bank History". www.scripophily.com. Retrieved 2018-05-02.
↑ "NATIONAL BANKS MERGED.HANOVER ABSORBS ITS NEIGHBOR, THE CONTINENTAL". The Standard Union . 4 April 1901. p. 12. Retrieved 1 November 2021.
↑ "HANOVER ABSORBS GALLATIN NATIONAL; Both Banks Grew with Financial District and Hanover Became One of Country's Largest". The New York Times . 26 April 1912. Retrieved 29 October 2021.
↑ "APPROVE MERGER OF TRUST COMPANIES; Trustees of Central and Union Give Sanction to Plan for Consolidation. STOCKHOLDERS MUST ACT Combined Deposits, Around $250,000,000, Exceeded by Only TwoCompanies the Country". The New York Times . 2 March 1918. Retrieved 1 November 2021.
↑ "BANK MERGER APPROVED.; Stockholders of Central and Union Trust Companies Take Action". The New York Times . 12 April 1918. Retrieved 1 November 2021.
↑ "GREENWICH BANK CHANGES.; Becomes a National Bank Today in Step Toward Hanover Merger". The New York Times . 24 March 1927. Retrieved 1 November 2021.
↑ "STOCKHOLDERS FOR MERGER; Favor Absorption of Greenwich Bank by Hanover National". The New York Times . 26 April 1927. Retrieved 1 November 2021.
↑ "$722,000,000 MERGER OF BANKS EXPECTED; Central Union Trust Co. and Hanover National Reported in Negotiations. DAVISON DENIES ANY DEAL But Says He is No Prophet-- Wall St. Hears Terms Are 3 for 1 Exchange of Stock. SHARES SOARED RECENTLY Securities of Both Old Powers in Street Have Appreciated Greatly Since Stock Dividends. Remarkable Rise in Hanover Stock. Central Long a Wall Street Power". The New York Times . 16 March 1929. Retrieved 1 November 2021.
↑ "HANOVER BANK JOINS WITH CENTRAL UNION; Stockholders of Both Vote to Unite in New Company With $100,000,000 Funds. CORN EXCHANGE RENAMED Meeting Approves Change Into Trust Company--Parkbanc Corporation Endorsed". The New York Times . 15 May 1929. Retrieved 1 November 2021.
↑ Mooney, Richard E. (7 September 1961). "MERGER CLEARED FOR 2 BIG BANKS; Reserve Board Approves Hanover Consolidation With Manufacturers COURT ACTION POSSIBLE Resulting Institution Would Be the Fourth Largest in U.S. and World MERGER CLEARED FOR 2-BIG BANKS". The New York Times . Retrieved 1 November 2021.

Bibliography

This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.

[1] "Charles Stewart Dies; An Ex-Bank Executive (obituary)". The New York Times . July 17, 1987. Retrieved 20 June 2008.

[2] "Trust Concerns Unite" . The New York Times . 1 November 1902. Link via ProQuest.

[3] "Another merger of New York Banks" . The New York Times . 20 February 1925. Link via ProQuest.

[4] Pearson Education; Hospitality Leaders http://wps.prenhall.com/chet_kotler_marketing_5/114/29189/7472573.cw/content/index.html

[5] The Baltimore Sun (Baltimore, Maryland) · Wed, Jan 31, 1940 · Page 5

[6] Quint, Michael (June 22, 1992). "Manufacturers Hanover Fades Out". New York Times .

[7] Waite, Thomas L. (August 28, 1988). "POSTINGS: Manny Hanny's Move; 5th to Madison". The New York Times .

[:0-8] 1 2 3 "New York Bank History - National Bank History". www.scripophily.com. Retrieved 2018-05-02.

[9] Quint, Michael (November 29, 1990). "Hanover Deal For Deposits Of Goldome". New York Times .

[10] "$722,000,000 MERGER OF BANKS EXPECTED; Central Union Trust Co. and Hanover National Reported in Negotiations. DAVISON DENIES ANY DEAL But Says He is No Prophet-- Wall St. Hears Terms Are 3 for 1 Exchange of Stock. SHARES SOARED RECENTLY Securities of Both Old Powers in Street Have Appreciated Greatly Since Stock Dividends. Remarkable Rise in Hanover Stock. Central Long a Wall Street Power". The New York Times. 1929-03-16. ISSN 0362-4331 . Retrieved 2018-05-01.

[11] "Hanover National Bank Building". The Skyscraper Center. Retrieved 2018-05-01.

[12] "New York Bank History - National Bank History". www.scripophily.com. Retrieved 2018-05-02.

[13] "NATIONAL BANKS MERGED.HANOVER ABSORBS ITS NEIGHBOR, THE CONTINENTAL". The Standard Union . 4 April 1901. p. 12. Retrieved 1 November 2021.

[1912Absorbs-14] "HANOVER ABSORBS GALLATIN NATIONAL; Both Banks Grew with Financial District and Hanover Became One of Country's Largest". The New York Times . 26 April 1912. Retrieved 29 October 2021.

[1918Approve-15] "APPROVE MERGER OF TRUST COMPANIES; Trustees of Central and Union Give Sanction to Plan for Consolidation. STOCKHOLDERS MUST ACT Combined Deposits, Around $250,000,000, Exceeded by Only TwoCompanies the Country". The New York Times . 2 March 1918. Retrieved 1 November 2021.

[1918Merger-16] "BANK MERGER APPROVED.; Stockholders of Central and Union Trust Companies Take Action". The New York Times . 12 April 1918. Retrieved 1 November 2021.

[1927Changes-17] "GREENWICH BANK CHANGES.; Becomes a National Bank Today in Step Toward Hanover Merger". The New York Times . 24 March 1927. Retrieved 1 November 2021.

[1927Merger-18] "STOCKHOLDERS FOR MERGER; Favor Absorption of Greenwich Bank by Hanover National". The New York Times . 26 April 1927. Retrieved 1 November 2021.

[1929Merger-19] "$722,000,000 MERGER OF BANKS EXPECTED; Central Union Trust Co. and Hanover National Reported in Negotiations. DAVISON DENIES ANY DEAL But Says He is No Prophet-- Wall St. Hears Terms Are 3 for 1 Exchange of Stock. SHARES SOARED RECENTLY Securities of Both Old Powers in Street Have Appreciated Greatly Since Stock Dividends. Remarkable Rise in Hanover Stock. Central Long a Wall Street Power". The New York Times . 16 March 1929. Retrieved 1 November 2021.

[1929Joins-20] "HANOVER BANK JOINS WITH CENTRAL UNION; Stockholders of Both Vote to Unite in New Company With $100,000,000 Funds. CORN EXCHANGE RENAMED Meeting Approves Change Into Trust Company--Parkbanc Corporation Endorsed". The New York Times . 15 May 1929. Retrieved 1 November 2021.

[Mooney1961-21] Mooney, Richard E. (7 September 1961). "MERGER CLEARED FOR 2 BIG BANKS; Reserve Board Approves Hanover Consolidation With Manufacturers COURT ACTION POSSIBLE Resulting Institution Would Be the Fourth Largest in U.S. and World MERGER CLEARED FOR 2-BIG BANKS". The New York Times . Retrieved 1 November 2021.

[1]

[2]

[3]

[4]

[5]

[6]

[7]

[8]

[9]

[10]

[11]

[12]

[13]

[14]

[15]

[16]

[17]

[18]

[19]

[20]

[21]