Charles A. Agemian
Encyclopedia
Charles A. Agemian was a nationally known Armenian
-American
banker who took early retirement from Chase Manhattan Bank
, where he was executive vice president of operations, to become chairman and chief executive officer of the Hackensack Trust Co., which later was renamed Garden State National Bank
.
in New York City, Agemian graduated from the American Institute of Banking and the Stonier Graduate School of Banking at Rutgers University
.
Agemian began his banking career in 1927 as a messenger for the Bank of Manhattan Co. After rising through the ranks in operations, Agemian was named vice president and deputy controller when the Bank of Manhattan Co. and Chase National Bank merged in 1955 to become Chase Manhattan Bank
. A year later, he became vice president and controller, and, in 1959, controller general. Agemian is known to have had a good relationship with John J. McCloy
, the Chairman of Chase Manhattan.
In July 1963, he was named executive vice president of operations of Chase Manhattan Bank
, a position he held until his retirement in December 1969. On Jan. 1, 1970, he became chairman and chief executive officer of Hackensack Trust Co. at the urging of Steve Ross (Time-Warner CEO)
, then chairman of Kinney Services Inc., which was the bank's majority shareholder. Kinney National Company
later merged with Warner Bros. to become Warner Communications
.
Shortly after taking over, Agemian changed the bank's name to Garden State National Bank, and, a year later, merged with North Jersey National Bank of Hudson County. Because of the Federal Bank Holding Corporation Act, Warner was forced to divest its stake in the Garden State National Bank. After an initial divestiture attempt was derailed by a dissident board member, William A. Conway
, who claimed that it allowed Warner Communications
to exit at a profit at the expense of certain minority shareholders, Garden State ultimately merged in 1980 with Fidelity Union Bancorporation of Newark (which later became part of Wachovia
). This transaction required Agemian's resignation from the Warner Communications
board so he could continue as chairman and chief executive officer of Garden State.
Agemian retired from Garden State in 1981 but remained active as a faculty member at the Stonier Graduate School of Banking and Pace University
.
Armenians
Armenian people or Armenians are a nation and ethnic group native to the Armenian Highland.The largest concentration is in Armenia having a nearly-homogeneous population with 97.9% or 3,145,354 being ethnic Armenian....
-American
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
banker who took early retirement from Chase Manhattan Bank
Chase Manhattan Bank
JPMorgan Chase Bank, N.A., doing business as Chase, is a national bank that constitutes the consumer and commercial banking subsidiary of financial services firm JPMorgan Chase. The bank was known as Chase Manhattan Bank until it merged with J.P. Morgan & Co. in 2000...
, where he was executive vice president of operations, to become chairman and chief executive officer of the Hackensack Trust Co., which later was renamed Garden State National Bank
Garden State National Bank
Garden State National Bank was a mid-size commercial bank located in northern New Jersey that enjoyed success in the increasingly wealthy New Jersey suburbs of New York City during the 1970s. The significant media coverage it received during that period was more due to the various M&A transactions...
.
Education and career
After attending Columbia UniversityColumbia University
Columbia University in the City of New York is a private, Ivy League university in Manhattan, New York City. Columbia is the oldest institution of higher learning in the state of New York, the fifth oldest in the United States, and one of the country's nine Colonial Colleges founded before the...
in New York City, Agemian graduated from the American Institute of Banking and the Stonier Graduate School of Banking at Rutgers University
Rutgers University
Rutgers, The State University of New Jersey , is the largest institution for higher education in New Jersey, United States. It was originally chartered as Queen's College in 1766. It is the eighth-oldest college in the United States and one of the nine Colonial colleges founded before the American...
.
Agemian began his banking career in 1927 as a messenger for the Bank of Manhattan Co. After rising through the ranks in operations, Agemian was named vice president and deputy controller when the Bank of Manhattan Co. and Chase National Bank merged in 1955 to become Chase Manhattan Bank
Chase Manhattan Bank
JPMorgan Chase Bank, N.A., doing business as Chase, is a national bank that constitutes the consumer and commercial banking subsidiary of financial services firm JPMorgan Chase. The bank was known as Chase Manhattan Bank until it merged with J.P. Morgan & Co. in 2000...
. A year later, he became vice president and controller, and, in 1959, controller general. Agemian is known to have had a good relationship with John J. McCloy
John J. McCloy
John Jay McCloy was a lawyer and banker who served as Assistant Secretary of War during World War II, president of the World Bank and U.S. High Commissioner for Germany...
, the Chairman of Chase Manhattan.
In July 1963, he was named executive vice president of operations of Chase Manhattan Bank
Chase Manhattan Bank
JPMorgan Chase Bank, N.A., doing business as Chase, is a national bank that constitutes the consumer and commercial banking subsidiary of financial services firm JPMorgan Chase. The bank was known as Chase Manhattan Bank until it merged with J.P. Morgan & Co. in 2000...
, a position he held until his retirement in December 1969. On Jan. 1, 1970, he became chairman and chief executive officer of Hackensack Trust Co. at the urging of Steve Ross (Time-Warner CEO)
Steve Ross (Time-Warner CEO)
Steve Jay Ross was CEO of Time Warner Inc., Warner Communications, and Kinney National Services, Inc.-Early life and career:...
, then chairman of Kinney Services Inc., which was the bank's majority shareholder. Kinney National Company
Kinney National Company
Kinney National Services, Inc. was formed in 1966 when the Kinney Parking Company and the National Cleaning Company merged. The new company was headed by Steve Ross....
later merged with Warner Bros. to become Warner Communications
Warner Communications
Warner Communications or Warner Communications, Inc. was established in 1971 when Kinney National Company spun off its non-entertainment assets, due to a financial scandal over its parking operations and changed its name....
.
Shortly after taking over, Agemian changed the bank's name to Garden State National Bank, and, a year later, merged with North Jersey National Bank of Hudson County. Because of the Federal Bank Holding Corporation Act, Warner was forced to divest its stake in the Garden State National Bank. After an initial divestiture attempt was derailed by a dissident board member, William A. Conway
William A. Conway
William A. Conway .William A. Conway was born in Newark, but resided for much of his life in Chatham, New Jersey and Summit, New Jersey.William A...
, who claimed that it allowed Warner Communications
Warner Communications
Warner Communications or Warner Communications, Inc. was established in 1971 when Kinney National Company spun off its non-entertainment assets, due to a financial scandal over its parking operations and changed its name....
to exit at a profit at the expense of certain minority shareholders, Garden State ultimately merged in 1980 with Fidelity Union Bancorporation of Newark (which later became part of Wachovia
Wachovia
Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo in 2008, Wachovia was the fourth-largest bank holding company in the United States based on total assets...
). This transaction required Agemian's resignation from the Warner Communications
Warner Communications
Warner Communications or Warner Communications, Inc. was established in 1971 when Kinney National Company spun off its non-entertainment assets, due to a financial scandal over its parking operations and changed its name....
board so he could continue as chairman and chief executive officer of Garden State.
Agemian retired from Garden State in 1981 but remained active as a faculty member at the Stonier Graduate School of Banking and Pace University
Pace University
Pace University is an American private, co-educational, and comprehensive multi-campus university in the New York metropolitan area with campuses in New York City and Westchester County, New York.-Programs:...
.