About Chase Bank
Chase is the commercial and retail banking arm of JPMorgan Chase & Co. With roots that go back 200 years, Chase is one of the oldest and largest American financial institutions. With a presence spanning over 60 countries, JPMorgan Chase & Co. employs over 200,000 people and has assets totaling over $2.1 trillion.
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History
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Chase National Bank was established in 1877 by John Thompson. Through a series of bank acquisitions, particularly that of the Equitable Trust Company of New York in 1930, Chase National Bank became the largest bank in the world. In 1955, Chase National Bank was merged with the Bank of the Manhattan Company (est. 1799), forming Chase Manhattan Bank. It was this merger that shifted Chase's focus from wholesale (dealing primarily with financial institutions and large corporate clients) to consumer banking. The bank was folded into a holding company, Chase Manhattan Corporation, in 1969.
Acquisitions
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In 1996, the Chemical Bank of New York purchased Chase Manhattan Corporation. Although the new company was chartered under Chemical Bank's name, the Chase Manhattan title was used publically due to its global brand recognition. In 2000, Chase Manhattan Corporation acquired J.P. Morgan & Co., forming JPMorgan Chase & Co. In 2004, the company purchased Bank One, making Chase the largest issuer of consumer credit cards in the United States. Most recently, in the wake of the 2008 sub-prime financial crisis, JPMorgan Chase acquired the troubled firms of Bear, Stearns & Co. and Washington Mutual.
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Business Lines
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The Chase brand is used for the company's U.S. consumer and commercial banking operations. Services offered under the Chase brand include branch and ATM retail banking, credit cards, small business loans and banking, home mortgages and lines of credit, auto loans, student loans, commercial real estate, and various insurance products. Investment banking, private banking, and securities brokerage services are offered under the J.P. Morgan brand.
Branches
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According to the Federal Deposit Insurance Corporation, JPMorgan Chase Bank, NA currently has 5,491 branches in 26 states, plus an additional 197 offices in foreign locations. The majority of Chase branches are located in New York (855), with Texas (797), California (738), Illinois (469) and Arizona (308) filling out the top five states. JPMorgan is ranked as the second largest bank in the United States based on number of branches.
TARP and Stress Tests
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In May of 2009, the United States Treasury released the results of stress tests performed on the nation's nineteen largest banks. JPMorgan Chase was one of nine institutions told they do not need to raise additional capital based on the results of the tests. JPMorgan CEO Jamie Dimon has stated that the firm is willing and able to pay back $25 billion of taxpayer funds it received as part of the TARP (Troubled Asset Relief Program). The bank is waiting on government permission to begin the repayment process.
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Resources
- Photo Credit Photo by Sanja Gjenero - downloaded from http://www.sxc.hu
