Manufacturers Hanover Corporation
Encyclopedia
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.
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.
-based bank, founded in 1896 and acquired in 1902 by the Title Guarantee and Trust Company, another Brooklyn bank.
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.
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. Also during that period, Manufacturers Hanover heavily promoted its "Any Car" Loan using an "Any Car" 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. By the end of 1992, Chemical Bank had purchased the operations of Manufacturers Hanover Trust Company.
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."
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
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.
The corporation acquired the former Union Carbide
Union Carbide
Union Carbide Corporation is a wholly owned subsidiary of The Dow Chemical Company. It currently employs more than 2,400 people. Union Carbide primarily produces chemicals and polymers that undergo one or more further conversions by customers before reaching consumers. Some are high-volume...
Corporation headquarters at 270 Park Avenue
270 Park Avenue
The JPMorgan Chase Tower or the Union Carbide Building is a skyscraper in Midtown Manhattan, designed by the office of Skidmore, Owings & Merrill. It was built in 1961, and served as the headquarters for Union Carbide until the company moved to Danbury, Connecticut. It is currently the world...
, and though it merged into Chemical Banking Corporation for $
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
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.
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 BrooklynBrooklyn
Brooklyn is the most populous of New York City's five boroughs, with nearly 2.6 million residents, and the second-largest in area. Since 1896, Brooklyn has had the same boundaries as Kings County, which is now the most populous county in New York State and the second-most densely populated...
-based bank, founded in 1896 and acquired in 1902 by the Title Guarantee and Trust Company, another Brooklyn bank.
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.
Continued Consolidation (1961 - 1992)
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 ZoneTwilight zone
-Television series and spinoffs:*The Twilight Zone, the anthology television series and its franchise:**The Twilight Zone , the 1959–1964 original television series***Twilight Zone: The Movie, a 1983 film based on the original series...
writer Rod Serling
Rod Serling
Rodman Edward "Rod" Serling was an American screenwriter, novelist, television producer, and narrator best known for his live television dramas of the 1950s and his science fiction anthology TV series, The Twilight Zone. Serling was active in politics, both on and off the screen and helped form...
and comedian Paul Lynde
Paul Lynde
Paul Edward Lynde was an American comedian and actor. A noted character actor, Lynde was well known for his roles as Uncle Arthur on Bewitched and Harry MacAfee, the befuddled father in Bye Bye Birdie...
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. Also during that period, Manufacturers Hanover heavily promoted its "Any Car" Loan using an "Any Car" 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. By the end of 1992, Chemical Bank had purchased the operations of Manufacturers Hanover Trust Company.
Following the merger with Chemical, in 1996, the new Chemical bought 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...
and four years later would merge 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...
to form JPMorgan Chase.
Prior to acquisition, the bank was sometimes referred to as "Manny Hanny."
Timeline of mergers and name changes
- 1905 – NYS Chartered Citizens Trust Company of Brooklyn
- 1912 – Broadway Bank of Brooklyn
- 1914 – Manufacturers National Bank of Brooklyn
- 1914 – Name change to Manufacturers-Citizens Trust Company
- 1915 – Name change to Manufacturers Trust Company
- 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.Banca Commerciale Italiana Trust Co.Banca Commerciale Italiana established Banca Commerciale Italiana Trust Co. of New York in 1924 and closed it in 1939.-History:...
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 Bank
- 1961 – Central Hanover Bank & Trust Company
- 1961 – Name change to Manufacturers Hanover Trust Company
- 1991 – Goldome (assets)
- 1992 – Chemical Bank