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The Texas Commerce Bank (officially Texas Commerce Bank N.A. [1] , with its parent bank holding company known as Texas Commerce Bancshares, Inc.) was a Texas-based bank acquired by Chemical Banking Corporation of New York in May 1987. The acquisition of Texas Commerce Bank represented the largest interstate banking merger in history at the time with a purchase price of $1.2 billion.[ citation needed ] The bank had its headquarters in what is now the JPMorgan Chase Building (formerly Gulf Building) in downtown Houston, Texas. [2]
Prior to the merger, interstate banking was illegal in Texas and many other states, [3] which effectively prevented such cross-border mergers. Texas and New York had changed their laws to allow a merger of an in-state bank and an out-of-state bank. Without those changes to the law, the merger between Chemical Bank and Texas Commerce Bank, and later Chase Manhattan Bank would not have been possible. [4]
Through a series of mergers and acquisitions Chemical Bank bought Chase Manhattan Bank and then JP Morgan finally changed Texas Commerce to JPMorgan Chase & Co.
The Texas Commerce Bank, formerly known as Texas National Bank of Commerce Houston, was a product of the 1964 merger of the National Bank of Commerce and the Texas National Bank. [5] Texas Commerce changed its name to Chase Bank of Texas in 1998 and merged into The Chase Manhattan Bank in 2000. [6]
In 1977, Lady Bird (Claudia Taylor) Johnson (wife of President Lyndon Baines Johnson) became a director of Texas Commerce Bank and Texas Commerce Bancshares in Houston. Other directors were former President Gerald Ford, former U.S. Representative Barbara Jordan and the Odessa oil industrialist Bill Noël. At one time Ken Lay of Enron was a director. Past presidents of the bank include Thomas E. Locke of Lubbock.
Jeb Bush's career started with an entry-level position in the international division of the Texas Commerce Bank, a job he received through James A. Baker, III, a longtime family friend and chairman of the board. Bush assisted in drafting communications for the company's chairman, Ben Love. In November 1977 he was sent to the Venezuelan capital of Caracas to open a new operation for the bank. Bush spent about two years there, working in international finance. He eventually worked for the bank's executive program.
The New York City based Chemical Bank acquired Texas Commerce in 1987, and through a series of various mergers over the years, is now part of the present-day JPMorgan Chase.
References: Lady Bird Johnson, Director, Texas Commerce Bank - Lady Bird (Claudia Taylor) Johnson | Scholastic
Chemical Bank, headquartered in New York City, was the principal operating subsidiary of Chemical Banking Corporation, a bank holding company. In 1996, it acquired Chase Bank, adopted the Chase name, and became the largest bank in the United States. Prior to the 1996 merger, Chemical was the third-largest bank in the U.S., with $182.9 billion in assets and more than 39,000 employees. In addition to operations in the U.S., it had a major presence in Japan, Germany, and the United Kingdom. It was active in both corporate banking as well as retail banking as well as investment banking and underwriting corporate bonds and equity.
JPMorgan Chase & Co. is an American multinational finance company headquartered in New York City and incorporated in Delaware. It is the largest bank in the United States and the world's largest bank by market capitalization as of 2023. As the largest of the Big Four banks, the firm is considered systemically important by the Financial Stability Board. Its size and scale have often led to enhanced regulatory oversight as well as the maintenance of an internal "Fortress Balance Sheet". The firm is temporarily headquartered at 383 Madison Avenue in Midtown Manhattan and is set to move back across the street into the under-construction JPMorgan Chase Building at 270 Park Avenue in 2025.
The JPMorgan Chase Tower, formerly Texas Commerce Tower, is a 305.4-meter (1,002-foot), 2,243,013-square-foot (208,382.7 m2), 75-story skyscraper at 600 Travis Street in Downtown Houston, Texas, United States. It is currently the tallest building in Texas and the South Central region of the United States, the tallest five-sided building in the world, the 29th-tallest building in the United States, and the 107th-tallest building in the world.
JPMorgan Chase Bank, N.A., doing business as Chase, is an American national bank headquartered in New York City that constitutes the consumer and commercial banking subsidiary of the U.S. multinational banking and financial services holding company, JPMorgan Chase. The bank was known as Chase Manhattan Bank until it merged with J.P. Morgan & Co. in 2000. Chase Manhattan Bank was formed by the merger of the Chase National Bank and the Manhattan Company in 1955. The bank merged with Chemical Bank New York in 1996 and later merged with Bank One Corporation in 2004 and in 2008 acquired the deposits and most assets of Washington Mutual. In May 2023, it acquired the assets of First Republic Bank.
Bank One Corporation was an American bank founded in 1968 and at its peak the sixth-largest bank in the United States. It traded on the New York Stock Exchange under the stock symbol ONE. The company merged with JPMorgan Chase & Co. on July 1, 2004, with its CEO Jamie Dimon taking the lead at the combined company. The company had its headquarters in the Bank One Plaza in the Chicago Loop in Chicago, Illinois, now the headquarters of Chase's retail banking division.
Comerica Incorporated is an American financial services company, headquartered in Dallas, Texas. It is the parent of Comerica Bank, a regional commercial bank with 413 branches in the U.S. states of Texas, Michigan, California, Florida and Arizona. Comerica is among the largest U.S. financial holding companies, with offices in a number of U.S. cities.
Frost Bank is an American bank based in San Antonio that is chartered in Texas, with 155 branches and 1,700 automated teller machines in the state. It is the primary subsidiary of Cullen/Frost Bankers, Inc., a bank holding company. It is one of the 60 largest banks of the country by total assets.
William B. Harrison Jr.,, in Rocky Mount, North Carolina, is the former CEO and chairman of JPMorgan Chase. He attended high school at Virginia Episcopal School, where he was a basketball star. He attended the University of North Carolina at Chapel Hill, where he was admitted to the Zeta Psi fraternity. Having risen through the ranks of Chemical Bank before succeeding Walter V. Shipley during the Chemical Bank merger with the Chase Manhattan Corporation in 1995, which kept the Chase name. As Chairman and CEO of Chase, he and Douglas A. Warner III, then CEO of J.P. Morgan & Co., were the principal architects of the US$30.9 billion acquisition by Chase of J.P. Morgan & Co. in 2000, to form JPMorgan Chase & Co. Harrison has been a director of the Firm or a predecessor institution since 1991. Harrison is also a director of Merck & Co., Inc.
J.P. Morgan & Co. is an American financial institution specialized in investment banking, asset management and private banking founded by financier J. P. Morgan in 1871. Through a series of mergers and acquisitions, the company is now a subsidiary of JPMorgan Chase, one of the largest banking institutions in the world. The company has been historically referred to as the "House of Morgan" or simply Morgan.
BBVA USA was a bank headquartered in Birmingham, Alabama. It was a subsidiary of Banco Bilbao Vizcaya Argentaria from 2007 until 2021, when it was acquired by PNC Financial Services. It operated mainly in Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas. The bank was earlier named Central Bank and Trust Company, Central Bank, Central Bancshares of the South, and Compass Bancshares.
The Corn Exchange Bank was a retail bank founded in 1853 in New York state. Over the years, the company acquired many community banks.
The JPMorgan Chase Building, formerly the Gulf Building, is a 37-story 130 m (430 ft) Art Deco skyscraper in downtown Houston, Texas. Completed in 1929, it remained the tallest building in Houston until 1963, when the Exxon Building surpassed it in height. The building is the Houston headquarters of JPMorgan Chase Bank, and was formerly the headquarters of Texas Commerce Bank.
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.
Moody National Bank (MNB) is a nationally chartered bank, founded in 1907, that is based in Galveston, Texas.
Boatmen's Bancshares Inc. was one of the 30 largest bank holding companies in the United States when it was acquired by NationsBank in 1996. Until its acquisition, Boatmen's traded on NASDAQ with the ticker BOAT.
James Bainbridge Lee, Jr. was an American investment banker, notable for his role in the development of the leveraged finance markets in the U.S. in the 1980s. He is widely credited as the architect of the modern-day syndicated loan market. At the time of his death, Lee was vice chairman of JPMorgan Chase & Co. and a member of the bank's executive committee. He was also Co-Chairman of JPMorgan's investment bank.
Walter Vincent Shipley II was the chairman and chief executive officer of Chase Manhattan Bank and, previous to that, the company with which it merged Chemical Bank. Shipley was named chief executive of Chemical in 1981 and held the position through 1999 and remained at the bank as chairman through January 2000, just prior to the bank's merger with J.P. Morgan & Co. During his 18-year tenure, Shipley oversaw Chemical's mergers with Texas Commerce Bank in 1987, Manufacturers Hanover in 1991 and Chase Manhattan Bank in 1996.
MidFirst Bank is an American bank based in Oklahoma City, Oklahoma. As of 2023, it was the largest privately owned bank in the United States, with $37.9 billion in assets. MidFirst Bank has locations in Arizona (Phoenix), Southern California, Colorado, Nevada, Oklahoma, Texas and Utah.
Bank OZK is an American regional bank established in 1903. Bank OZK conducts banking operations with over 240 offices in eight states including Arkansas, Georgia, Florida, North Carolina, Texas, California, Tennessee and Mississippi and had $37.44 billion in total assets as of September 30, 2024.
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.