Company type | Public |
---|---|
Industry | Banking |
Founded | April 7, 1803 |
Defunct | 1920 |
Fate | Merged with Bank of the Manhattan Company |
Successor | JPMorgan Chase |
Headquarters | 42 Wall Street, New York City, New York, United States |
Area served | New York |
Key people | Oliver Wolcott Jr., Joshua Sands, Richard Varick |
Products | Financial services |
The Merchants' National Bank of the City of New York was an American bank based in New York City.
On April 7, 1803, fourteen men met at 25 Wall Street to sign the Articles of Association, which were drawn up by former U.S. Secretary of the Treasury Alexander Hamilton, of the Merchants' Bank in the City of New York. [1]
In 1803, a total of 24,925 shares, at $50 per share were owned by investors, totaling $1,246,250 (equivalent to $24,354,000in 2022). [1] Elbert Adrian Brinckerhoff, son-in-law of W. R. Vermilye (former president of the New York Stock Exchange and brother of Merchants' Bank president Jacob D. Vermilye) was long associated with Merchants' Bank. [2]
Pursuant to a merger agreement dated March 1, 1920 (and approved by the Superintendent of Banks on the same day), the Merchants' National Bank merged with the Bank of the Manhattan Company [3] (the earliest of the predecessor institutions that eventually formed the current JPMorgan Chase & Co.), which was established in 1799 by Aaron Burr. [4] The merger became effective on March 27, 1920. [5] Merchants' president, Raymond E. Jones, became vice president and second in command of the combined institutions. [6]
The capital stock of the Merchants Bank at the time of its merger into The Manhattan Company was $3,000,000 consisting of 30,000 shares of the par value of $100 each all of which were listed upon the New York Stock Exchange. [5] On March 1, 1920, the Bank then known as The Merchants' National Bank of the City of New York, was converted from a national bank into a state bank under the name of The Merchants' Bank of the City of New York. [5]
Since its establishment, the Bank occupied 42 Wall Street next door to the Manhattan Company (and its bank). [4] In 1839, they constructed a new building. That building was torn down and in 1883, foundation work began on a new building in the same location. [7] Construction of the Merchants' National Bank building was completed in 1885. The building stood after the bank's 1920 merger until it was also demolished in 1929 to make way for the banks combined headquarter's at 40 Wall Street. [8]
Wall Street is a street in the Financial District of Lower Manhattan in New York City. Eight city blocks long, it runs between Broadway in the west to South Street and the East River in the east. The term "Wall Street" has become a metonym for the financial markets of the United States as a whole, the American financial services industry, New York–based financial interests, or the Financial District itself. Anchored by Wall Street, New York has been described as the world's principal financial and fintech center.
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.
The Financial District of Lower Manhattan, also known as FiDi, is a neighborhood located on the southern tip of Manhattan in New York City. It is bounded by the West Side Highway on the west, Chambers Street and City Hall Park on the north, Brooklyn Bridge on the northeast, the East River to the southeast, and South Ferry and the Battery on the south.
40 Wall Street is a 927-foot-tall (283 m) neo-Gothic skyscraper on Wall Street between Nassau and William streets in the Financial District of Manhattan in New York City. Erected in 1929–1930 as the headquarters of the Manhattan Company, the building was designed by H. Craig Severance with Yasuo Matsui and Shreve & Lamb. The building is a New York City designated landmark and is listed on the National Register of Historic Places (NRHP); it is also a contributing property to the Wall Street Historic District, an NRHP district.
28 Liberty Street, formerly known as One Chase Manhattan Plaza, is a 60-story International style skyscraper between Nassau, Liberty, William, and Pine Streets in the Financial District of Manhattan in New York City. The building, designed by Gordon Bunshaft of Skidmore, Owings & Merrill (SOM), opened in 1961. It is 813 feet (248 m) tall.
1 Wall Street is a mostly residential skyscraper in the Financial District of Lower Manhattan, New York City, on the eastern side of Broadway between Wall Street and Exchange Place. 1 Wall Street, designed in the Art Deco style, is 654 feet (199 m) tall and consists of two sections. The original 50-story building was designed by Ralph Thomas Walker of the firm Voorhees, Gmelin and Walker and constructed between 1929 and 1931, while a 36-story annex to the south was designed by successor firm Voorhees, Walker Smith Smith & Haines and built between 1963 and 1965.
14 Wall Street, originally the Bankers Trust Company Building, is a skyscraper at the intersection of Wall Street and Nassau Street in the Financial District of Manhattan in New York City. The building is 540 feet (160 m) tall, with 32 usable floors. The original 540-foot tower is at the southeastern corner of the site, and a shorter annex wraps around the original tower.
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.
Broad Street is a north–south street in the Financial District of Lower Manhattan in New York City. Originally the Broad Canal in New Amsterdam, it stretches from today's South Street to Wall Street.
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.
48 Wall Street, formerly the Bank of New York & Trust Company Building, is a 32-story, 512-foot-tall (156 m) skyscraper on the corner of Wall Street and William Street in the Financial District of Lower Manhattan in New York City. Built in 1927–1929 in the Neo-Georgian and Colonial Revival styles, it was designed by Benjamin Wistar Morris.
63 Wall Street, originally the Wall and Hanover Building, is a 37-story skyscraper on Wall Street in the Financial District of Manhattan in New York City. Built in 1929, it was designed by Delano & Aldrich as the headquarters of Brown Brothers & Co.
15 Broad Street is a residential condominium and former office building in the Financial District of Manhattan, New York City, on the eastern side of Broad Street between Wall Street and Exchange Place. It has entrances at 51 Exchange Place and 35 Wall Street.
Elbert Adrain Brinckerhoff, Sr. was the Mayor of Englewood, New Jersey from 1899 to 1901, and the founder of Brinckerhoff, Turner and Company. He was president of Merchants' National Bank and president of Columbia Presbyterian Hospital in New York City and vice president of the American Bible Society.
Sven is a residential building located at 29-59 Northern Boulevard in the Long Island City neighborhood of Queens, New York City. At 762 feet (232 m) tall, Sven is the second-tallest building in Queens behind Skyline Tower, as well as one of the tallest buildings in New York City outside of Manhattan.
Col. Washington Romeyn Vermilye was an American banker who served as president of the New York Stock Exchange.
The Fourth National Bank of New York was an American bank based in New York City.
Exchange Place is a street in the Financial District of Lower Manhattan, New York City. The street runs five blocks between Trinity Place in the west and Hanover Street in the east.
John Stewart Baker was an American banker who served as the first president of the Chase Manhattan Bank.
James M. Morrison was an American banker who worked at the Bank of the Manhattan Company for more than forty years as teller, cashier and, finally, president from 1860 to 1879.