Chase Bank History

Chase is a bank that has gone through several changes in its history, which goes back to the late 18th century. It now functions as a division of a huge financial services firm.

The Manhattan Company

The earliest incarnation of Chase, or actually the larger company that absorbed it in 2000, was The Manhattan Company. It was the first corporate bank in New York. Aaron Burr (1756 to 1836), the future third Vice President of the United States, founded it in 1799.

Chase National Bank

Banker John Thompson (1802 to 1891) founded Chase National Bank, named after Salmon P. Chase (1808 to 1873), who served as Treasury secretary and chief justice. Over the next 70-plus years, the bank bought several small banks.

Chase Manhattan Bank

In 1955, Chase National Bank merged with The Manhattan Company to create Chase Manhattan Bank. Fourteen years later, the bank became part of the Chase Manhattan Corporation, a bank holding company formed as its parent.

JPMorgan

In 1996, Chemical Bank of New York acquired Chase Manhattan Bank, with the latter retaining the Chase Manhattan Corporation name. However, in 2000, the entire corporation merged with J.P. Morgan & Co to form JPMorgan Chase.

Today

Chase now functions as the banking division of JPMorgan Chase, with its headquarters in Chicago.

References

• About JPMorgan Chase
• JPMorgan Chase: 1799 to Present