Chase (bank)
Encyclopedia
JPMorgan Chase Bank, N.A., doing business as
Chase, is a national bank
that constitutes the consumer
and commercial bank
ing 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. Chase Manhattan Bank was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company
in 1955. The bank is headquartered in Chicago
, since its merger with Bank One Corporation
in 2004. In 2008, the bank acquired the deposits and most assets of Washington Mutual
.
Chase offers more than 5,100 branches and 16,100 ATMs nationwide.
JP Morgan Chase, through its Chase subsidiary, is one of the Big Four banks
of the United States.
on September 1, 1799, in a house at 40 Wall Street:
In addition to being fierce political and personal rivals, Aaron Burr
and Alexander Hamilton
competed in business, with Burr's Bank of the Manhattan Company
competing against Hamilton's Bank of New York
. In 1804, their rivalry erupted into a duel, leading to the death of Alexander Hamilton. The dueling pistols are owned by the successor company of Chase Manhattan. They are currently on display in the lobby of the first floor of the JP Morgan Chase building at 383 Madison Ave in New York City.
Over two centuries after their duel, it can be said that the Bank of the Manhattan Company ultimately won the "business" side of the rivalry. In 2006, the modern-day Chase bought the retail banking
division of the Bank of New York, who then only months later merged with Pittsburgh-based Mellon Financial
to form the present-day BNY Mellon.
. It was named after former United States Treasury Secretary and Chief Justice Salmon P. Chase
, although Chase did not have a connection with the bank.
The Chase National Bank acquired a number of smaller banks in the 1920s, through its Chase Securities Corporation. In 1926, for instance, it acquired Mechanics and Metals National Bank
.
Its most significant acquisition though was the Equitable Trust Company of New York in 1930, the largest stockholder of which was John D. Rockefeller, Jr.
This made it the largest bank in America and indeed, the world.
Chase was primarily a wholesale bank
, dealing with other prominent financial institutions and major corporate clients, such as General Electric
, which had, through its RCA
affiliate, leased prominent space and become a crucial first tenant of Rockefeller Center
, rescuing that major project in 1930. The bank is also closely associated with and has financed the oil industry, having longstanding connections with its board of directors to the successor companies of Standard Oil
, especially ExxonMobil
, which are also Rockefeller holdings.
In 1955, Chase National Bank and The Manhattan Company merged to create Chase Manhattan Bank. As Chase was a much larger bank, it was first intended that Chase acquire the "Bank of Manhattan", as it was nicknamed, but it transpired that Burr's original charter for the Manhattan Company had not only included the clause allowing it to start a bank with surplus funds, but another requiring unanimous consent of shareholders for the bank to be taken-over. The deal was therefore structured as an acquisition by the Bank of the Manhattan Company of Chase National, with John J. McCloy
becoming chairman of the merged entity. This avoided the need for unanimous consent by shareholders.
For Chase Manhattan Bank's new logo, Chermayeff & Geismar
designed a stylized octagon in 1961, which remains part of the bank's logo today. The Chase logo is a stylized representation of the primitive water pipes laid by the Manhattan Company, which were made by nailing together wooden planks.
Under McCloy's successor, George Champion, the bank relinquished its antiquated 1799 state charter for a modern one. In 1969, under the leadership of David Rockefeller
, the bank became part of a bank holding company, the Chase Manhattan Corporation.
, in 1991, and Texas Commerce Bank
, in 1987. Although Chemical was the nominal survivor, the merged company retained the Chase name since it was better known (particularly outside the United States).
In December 2000, the combined Chase Manhattan completed the acquisition of J.P. Morgan & Co.
, one of the largest banking mergers to date. The combined company was renamed JPMorgan Chase & Co.
In 2004, the bank acquired Bank One, making Chase the largest credit card issuer in the US. JPMorgan Chase added Bear Stearns & Co. and Washington Mutual
to its acquisitions in 2009. After closing nearly 400 overlapping branches of the combined company, less than 10% of the total, Chase will have approximately 5,410 branches in 23 states as of the closing date of the acquisition. According to data from SNL Financial
(data as of June 30, 2008), this places Chase third behind Wells Fargo
and Bank of America
in terms of total U.S. retail bank branches. In October 2010, Chase was named in two lawsuits alleging manipulation of the silver market. The suits allege that by managing giant positions in silver futures and options, the banks influenced the prices of silver on the New York Stock Exchange's Comex Exchange since early 2008.
The following is an illustration of the company's major mergers and acquisitions and historical predecessors to 1995 (this is not a comprehensive list):
In 2004, JPMorgan Chase merged with Chicago
-based Bank One Corp.
, bringing on board its current chairman and CEO Jamie Dimon
as president and COO and designating him as CEO William B. Harrison, Jr.
's successor. Dimon's pay was pegged at 90% of Harrison's. Dimon quickly made his influence felt by embarking on a cost-cutting strategy and replaced former JPMorgan Chase executives in key positions with Bank One executives—many of whom were with Dimon at Citigroup
. Dimon became CEO in January 2006 and Chairman in December 2006 after Harrison's resignation.
Bank One Corporation
was formed upon the 1998 merger between Banc One of Columbus, Ohio
and First Chicago NBD
. These two large banking companies were themselves created through the merger of many banks. JPMorgan Chase completed the acquisition of Bank One in Q3 2004. The merger between Bank One and JPMorgan Chase meant that corporate headquarters were now in New York City while the retail bank operations of Chase were consolidated in Chicago.
The following is an illustration of the Bank One's major mergers and acquisitions and historical predecessors (this is not a comprehensive list):
from the receivership
of the Federal Deposit Insurance Corporation
(FDIC). That night, the Office of Thrift Supervision
, in what was by far the largest bank failure in American history, seized Washington Mutual Bank and placed it into receivership. The FDIC sold the bank's assets, secured debt obligations and deposits to JPMorgan Chase & Co. for $1.836 billion, which re-opened the bank the following day. As a result of the takeover, Washington Mutual shareholders lost all their equity. Through the acquisition, JPMorgan became owner the former accounts of Providian Financial, a credit card issuer WaMu acquired in 2005. The company completed rebranding of Washington Mutual branches to Chase in late 2009.
, for $663 million. CFS was used as the foundation for the Chase Student Loans, previously known as Chase Education Finance.
In April of that same year, CHASE swapped its corporate trust
unit for The Bank of New York Co.
's retail and small business banking network. The swap valued The Bank of New York business at $3.1 billion and JPMorgan's trust unit at $2.8 billion and gave Chase access to 338 additional branches and 700,000 new customers in New York, New Jersey, and Indiana.
Doing business as
The phrase "doing business as" is a legal term used in the United States, meaning that the trade name, or fictitious business name, under which the business or operation is conducted and presented to the world is not the legal name of the legal person who actually own it and are responsible for it...
Chase, is a national bank
National bank
In banking, the term national bank carries several meanings:* especially in developing countries, a bank owned by the state* an ordinary private bank which operates nationally...
that constitutes the consumer
Retail banking
Retail banking is banking in which banking institutions execute transactions directly with consumers, rather than corporations or other banks. Services offered include: savings and transactional accounts, mortgages, personal loans, debit cards, credit cards, and so forth.-Types of...
and commercial bank
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
ing subsidiary of financial services firm JPMorgan Chase. The bank was known as Chase Manhattan Bank until it merged with J.P. Morgan & Co.
J.P. Morgan & Co.
J.P. Morgan & Co. was a commercial and investment banking institution based in the United States founded by J. Pierpont Morgan and commonly known as the House of Morgan or simply Morgan. Today, J.P...
in 2000. Chase Manhattan Bank was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company
Bank of the Manhattan Company
The Bank of the Manhattan Company is the earliest of the predecessor institutions that eventually formed the current JPMorgan Chase & Co.-History:...
in 1955. The bank is headquartered in Chicago
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
, since its merger with Bank One Corporation
Bank One Corporation
Some of the banks that were merged into these banks include:*Bank One**Security National Bank & Trust **Affiliated Bankshares of Colorado **American Fletcher Corp. **City National Bank and Trust Co...
in 2004. In 2008, the bank acquired the deposits and most assets of Washington Mutual
Washington Mutual
Washington Mutual, Inc. , abbreviated to WaMu, was a savings bank holding company and the former owner of Washington Mutual Bank, which was the United States' largest savings and loan association until its collapse in 2008....
.
Chase offers more than 5,100 branches and 16,100 ATMs nationwide.
JP Morgan Chase, through its Chase subsidiary, is one of the Big Four banks
Big Four (banks)
Big Four is the colloquial name for the four main banks in several countries, where the banking industry is dominated by just four institutions and where the phrase has gained currency.-Australia:...
of the United States.
History
The Manhattan Company
Chase traces its history back to the founding of The Manhattan Company by Aaron BurrAaron Burr
Aaron Burr, Jr. was an important political figure in the early history of the United States of America. After serving as a Continental Army officer in the Revolutionary War, Burr became a successful lawyer and politician...
on September 1, 1799, in a house at 40 Wall Street:
In addition to being fierce political and personal rivals, Aaron Burr
Aaron Burr
Aaron Burr, Jr. was an important political figure in the early history of the United States of America. After serving as a Continental Army officer in the Revolutionary War, Burr became a successful lawyer and politician...
and Alexander Hamilton
Alexander Hamilton
Alexander Hamilton was a Founding Father, soldier, economist, political philosopher, one of America's first constitutional lawyers and the first United States Secretary of the Treasury...
competed in business, with Burr's Bank of the Manhattan Company
Bank of the Manhattan Company
The Bank of the Manhattan Company is the earliest of the predecessor institutions that eventually formed the current JPMorgan Chase & Co.-History:...
competing against Hamilton's Bank of New York
Bank of New York
The Bank of New York was a global financial services company established in 1784 by the American Founding Father Alexander Hamilton. It existed until its merger with the Mellon Financial Corporation on July 2, 2007...
. In 1804, their rivalry erupted into a duel, leading to the death of Alexander Hamilton. The dueling pistols are owned by the successor company of Chase Manhattan. They are currently on display in the lobby of the first floor of the JP Morgan Chase building at 383 Madison Ave in New York City.
Over two centuries after their duel, it can be said that the Bank of the Manhattan Company ultimately won the "business" side of the rivalry. In 2006, the modern-day Chase bought the retail banking
Retail banking
Retail banking is banking in which banking institutions execute transactions directly with consumers, rather than corporations or other banks. Services offered include: savings and transactional accounts, mortgages, personal loans, debit cards, credit cards, and so forth.-Types of...
division of the Bank of New York, who then only months later merged with Pittsburgh-based Mellon Financial
Mellon Financial
Mellon Financial Corporation, was 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...
to form the present-day BNY Mellon.
Chase National Bank
Chase National Bank was formed in 1877 by John ThompsonJohn Thompson (banker)
John Thompson was a United States banker, financial publisher, and dealer in bank notes. The son of a Revolutionary War soldier, he was born near Pittsfield, Mass. He worked as a teacher and lottery-ticket dealer before moving to New York 1832 to become a dealer in bank notes...
. It was named after former United States Treasury Secretary and Chief Justice Salmon P. Chase
Salmon P. Chase
Salmon Portland Chase was an American politician and jurist who served as U.S. Senator from Ohio and the 23rd Governor of Ohio; as U.S. Treasury Secretary under President Abraham Lincoln; and as the sixth Chief Justice of the United States Supreme Court.Chase was one of the most prominent members...
, although Chase did not have a connection with the bank.
The Chase National Bank acquired a number of smaller banks in the 1920s, through its Chase Securities Corporation. In 1926, for instance, it acquired Mechanics and Metals National Bank
Mechanics and Metals National Bank
The Mechanics and Metals National Bank was founded in 1810 in New York as the Mechanics National Bank. In 1910 it merged with National Copper Bank , and took the Mechanics and Metals National Bank name. Between 1922 and 1925 it held a small ownership position in the Bank of Central and South...
.
Its most significant acquisition though was the Equitable Trust Company of New York in 1930, the largest stockholder of which was John D. Rockefeller, Jr.
John D. Rockefeller, Jr.
John Davison Rockefeller, Jr. was a major philanthropist and a pivotal member of the prominent Rockefeller family. He was the sole son among the five children of businessman and Standard Oil industrialist John D. Rockefeller and the father of the five famous Rockefeller brothers...
This made it the largest bank in America and indeed, the world.
Chase was primarily a wholesale bank
Wholesale banking
Wholesale banking is the provision of services by banks to the likes of large corporate clients, mid-sized companies, real estate developers and investors, international trade finance...
, dealing with other prominent financial institutions and major corporate clients, such as General Electric
General Electric
General Electric Company , or GE, is an American multinational conglomerate corporation incorporated in Schenectady, New York and headquartered in Fairfield, Connecticut, United States...
, which had, through its RCA
RCA
RCA Corporation, founded as the Radio Corporation of America, was an American electronics company in existence from 1919 to 1986. The RCA trademark is currently owned by the French conglomerate Technicolor SA through RCA Trademark Management S.A., a company owned by Technicolor...
affiliate, leased prominent space and become a crucial first tenant of Rockefeller Center
Rockefeller Center
Rockefeller Center is a complex of 19 commercial buildings covering between 48th and 51st streets in New York City, United States. Built by the Rockefeller family, it is located in the center of Midtown Manhattan, spanning the area between Fifth Avenue and Sixth Avenue. It was declared a National...
, rescuing that major project in 1930. The bank is also closely associated with and has financed the oil industry, having longstanding connections with its board of directors to the successor companies of Standard Oil
Standard Oil
Standard Oil was a predominant American integrated oil producing, transporting, refining, and marketing company. Established in 1870 as a corporation in Ohio, it was the largest oil refiner in the world and operated as a major company trust and was one of the world's first and largest multinational...
, especially ExxonMobil
ExxonMobil
Exxon Mobil Corporation or ExxonMobil, is an American multinational oil and gas corporation. It is a direct descendant of John D. Rockefeller's Standard Oil company, and was formed on November 30, 1999, by the merger of Exxon and Mobil. Its headquarters are in Irving, Texas...
, which are also Rockefeller holdings.
Merger as Chase Manhattan Bank
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...
becoming chairman of the merged entity. This avoided the need for unanimous consent by shareholders.
For Chase Manhattan Bank's new logo, Chermayeff & Geismar
Chermayeff & Geismar
Chermayeff & Geismar is a prominent New York-based branding and graphic design firm. It was founded in 1957 by Yale graduates Ivan Chermayeff and Tom Geismar...
designed a stylized octagon in 1961, which remains part of the bank's logo today. The Chase logo is a stylized representation of the primitive water pipes laid by the Manhattan Company, which were made by nailing together wooden planks.
Under McCloy's successor, George Champion, the bank relinquished its antiquated 1799 state charter for a modern one. In 1969, under the leadership of David Rockefeller
David Rockefeller
David Rockefeller, Sr. is the current patriarch of the Rockefeller family. He is the youngest and only surviving child of John D. Rockefeller, Jr. and Abby Aldrich Rockefeller, and the only surviving grandchild of oil tycoon John D. Rockefeller, founder of Standard Oil. His five siblings were...
, the bank became part of a bank holding company, the Chase Manhattan Corporation.
Merger with Chemical, J.P. Morgan
In July 1996, Chemical Bank of New York purchased Chase Manhattan Bank. Chemical's previous acquisitions included Manufacturers Hanover CorporationManufacturers Hanover Corporation
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...
, in 1991, and Texas Commerce Bank
Texas Commerce Bank
The Texas Commerce Bank was a Texas-based bank acquired by Chemical Banking Corporation of New York in May 1987...
, in 1987. Although Chemical was the nominal survivor, the merged company retained the Chase name since it was better known (particularly outside the United States).
In December 2000, the combined Chase Manhattan completed the acquisition of J.P. Morgan & Co.
J.P. Morgan & Co.
J.P. Morgan & Co. was a commercial and investment banking institution based in the United States founded by J. Pierpont Morgan and commonly known as the House of Morgan or simply Morgan. Today, J.P...
, one of the largest banking mergers to date. The combined company was renamed JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPMorgan Chase & Co. is an American multinational banking corporation of securities, investments and retail. It is the largest bank in the United States by assets and market capitalization.It is a major provider of financial services, with assets of $2 trillion and according to Forbes magazine is...
In 2004, the bank acquired Bank One, making Chase the largest credit card issuer in the US. JPMorgan Chase added Bear Stearns & Co. and Washington Mutual
Washington Mutual
Washington Mutual, Inc. , abbreviated to WaMu, was a savings bank holding company and the former owner of Washington Mutual Bank, which was the United States' largest savings and loan association until its collapse in 2008....
to its acquisitions in 2009. After closing nearly 400 overlapping branches of the combined company, less than 10% of the total, Chase will have approximately 5,410 branches in 23 states as of the closing date of the acquisition. According to data from SNL Financial
SNL Financial
SNL Financial LC is a financial information firm headquartered in Charlottesville, Virginia. SNL collects, standardizes and publishes corporate, financial, market and M&A data, plus news and analysis, on more than 4,000 public companies and over 50,000 private companies in these industries:...
(data as of June 30, 2008), this places Chase third behind Wells Fargo
Wells Fargo
Wells Fargo & Company is an American multinational diversified financial services company with operations around the world. Wells Fargo is the fourth largest bank in the U.S. by assets and the largest bank by market capitalization. Wells Fargo is the second largest bank in deposits, home...
and Bank of America
Bank of America
Bank of America Corporation, an American multinational banking and financial services corporation, is the second largest bank holding company in the United States by assets, and the fourth largest bank in the U.S. by market capitalization. The bank is headquartered in Charlotte, North Carolina...
in terms of total U.S. retail bank branches. In October 2010, Chase was named in two lawsuits alleging manipulation of the silver market. The suits allege that by managing giant positions in silver futures and options, the banks influenced the prices of silver on the New York Stock Exchange's Comex Exchange since early 2008.
Bank One Corporation
In 2004, JPMorgan Chase merged with Chicago
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
-based Bank One Corp.
Bank One Corporation
Some of the banks that were merged into these banks include:*Bank One**Security National Bank & Trust **Affiliated Bankshares of Colorado **American Fletcher Corp. **City National Bank and Trust Co...
, bringing on board its current chairman and CEO Jamie Dimon
Jamie Dimon
James "Jamie" Dimon is a business executive. He is the current chairman, president and chief executive of JPMorgan Chase, and previously served as a Class A director of the Board of Directors of the New York Federal Reserve, a three year term which started January 2007...
as president and COO and designating him as CEO William B. Harrison, Jr.
William B. Harrison, Jr.
William B. Harrison, Jr., born August 12, 1943 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...
's successor. Dimon's pay was pegged at 90% of Harrison's. Dimon quickly made his influence felt by embarking on a cost-cutting strategy and replaced former JPMorgan Chase executives in key positions with Bank One executives—many of whom were with Dimon at Citigroup
Citigroup
Citigroup Inc. or Citi is an American multinational financial services corporation headquartered in Manhattan, New York City, New York, United States. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate...
. Dimon became CEO in January 2006 and Chairman in December 2006 after Harrison's resignation.
Bank One Corporation
Bank One Corporation
Some of the banks that were merged into these banks include:*Bank One**Security National Bank & Trust **Affiliated Bankshares of Colorado **American Fletcher Corp. **City National Bank and Trust Co...
was formed upon the 1998 merger between Banc One of Columbus, Ohio
Columbus, Ohio
Columbus is the capital of and the largest city in the U.S. state of Ohio. The broader metropolitan area encompasses several counties and is the third largest in Ohio behind those of Cleveland and Cincinnati. Columbus is the third largest city in the American Midwest, and the fifteenth largest city...
and First Chicago NBD
First Chicago Bank
First Chicago Bank was a Chicago-based retail and commercial bank tracing its roots back to 1863. Over the years, the bank operated under several names including The First National Bank of Chicago and First Chicago NBD...
. These two large banking companies were themselves created through the merger of many banks. JPMorgan Chase completed the acquisition of Bank One in Q3 2004. The merger between Bank One and JPMorgan Chase meant that corporate headquarters were now in New York City while the retail bank operations of Chase were consolidated in Chicago.
The following is an illustration of the Bank One's major mergers and acquisitions and historical predecessors (this is not a comprehensive list):
Washington Mutual
On September 25, 2008, JPMorgan Chase bought most banking operations of Washington MutualWashington Mutual
Washington Mutual, Inc. , abbreviated to WaMu, was a savings bank holding company and the former owner of Washington Mutual Bank, which was the United States' largest savings and loan association until its collapse in 2008....
from the receivership
Receivership
In law, receivership is the situation in which an institution or enterprise is being held by a receiver, a person "placed in the custodial responsibility for the property of others, including tangible and intangible assets and rights." The receivership remedy is an equitable remedy that emerged in...
of the Federal Deposit Insurance Corporation
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation is a United States government corporation created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. , the FDIC insures deposits at...
(FDIC). That night, the Office of Thrift Supervision
Office of Thrift Supervision
The Office of Thrift Supervision was a United States federal agency under the Department of the Treasury that charters, supervises, and regulates all federally- and state-chartered savings banks and savings and loans associations. It was created in 1989 as a renamed version of another federal agency...
, in what was by far the largest bank failure in American history, seized Washington Mutual Bank and placed it into receivership. The FDIC sold the bank's assets, secured debt obligations and deposits to JPMorgan Chase & Co. for $1.836 billion, which re-opened the bank the following day. As a result of the takeover, Washington Mutual shareholders lost all their equity. Through the acquisition, JPMorgan became owner the former accounts of Providian Financial, a credit card issuer WaMu acquired in 2005. The company completed rebranding of Washington Mutual branches to Chase in late 2009.
Other recent acquisitions
In the first-quarter of 2006, CHASE purchased Collegiate Funding Services, a portfolio company of private equity firm Lightyear CapitalLightyear Capital
Lightyear Capital is a private equity firm focused on leveraged buyout and growth capital investments in financial services companies.The firm, which is based in New York City, was founded in 2002 with the backing of UBS AG by Donald Marron. Marron is best known for building up PaineWebber over a...
, for $663 million. CFS was used as the foundation for the Chase Student Loans, previously known as Chase Education Finance.
In April of that same year, CHASE swapped its corporate trust
Corporate trust
In the most basic sense of the term, A corporate trust is a trust created by a corporation.However, the term in the United States is most often used to describe the business activities of many financial services companies and banks that involve acting in a fiduciary capacity for investors in a...
unit for The Bank of New York Co.
Bank of New York Mellon
The Bank of New York Mellon Corporation is a global financial services company formed on July 1, 2007 as result of the merger of The Bank of New York and Mellon Financial Corporation...
's retail and small business banking network. The swap valued The Bank of New York business at $3.1 billion and JPMorgan's trust unit at $2.8 billion and gave Chase access to 338 additional branches and 700,000 new customers in New York, New Jersey, and Indiana.
External links
- Chase mobile banking
- An Evolutionary View of Internationalization: Chase Manhattan Bank, 1917 to 1996. A Financial Institutions Center study (PDF) completed in 2002.