Corn Exchange Bank

The Corn Exchange Bank was a retail bank founded in 1853 in New York state. Over the years, the company acquired many community banks.

New 1894 building
For the landmark former branch in Harlem, Manhattan, see Mount Morris Bank Building.
Corn Exchange Bank
TypePublic company
IndustryBanking, finance
Fatedefunct
SuccessorJPMorgan Chase
Founded1853 (1853)
HeadquartersNew York state
ProductsFinancial services

History

In 1855, the Corn Exchange Bank moved into an existing building in New York City at the northwest corner of William and Beaver Streets in Manhattan. In 1894, the bank completed its new headquarters, an 11-story building designed by Robert Henderson Robertson located at 11-15 William Street. Between 1923 and 1925, together with a number of other New York banks, it held a small stake in the Connecticut-chartered Bank of Central and South America. In 1929, it was renamed the Corn Exchange Bank and Trust Company. In 1954, it merged with Chemical Bank and the combined entity took the name Chemical Corn Exchange Bank. After Chemical Corn merged with New York Trust Company in 1959, the word "Corn" was dropped, creating the Chemical Bank New York Trust Company.[1]

As late as 1928, photographs show that the Corn Exchange Bank had a branch in a building on Grove Street, approximately 50 feet east of Seventh Avenue South in Greenwich Village. The building was likely expanded following the bank's merger with Chemical Bank in 1954. The enlarged building's exterior appearance is virtually unchanged since 1954, likely due to the creation of the New York City Landmarks Preservation Commission in 1965 in response to the mounting losses of historically significant buildings in New York City, most notably the old Pennsylvania Station.[2] The Grove Street building currently houses a Chase Bank branch. Chase Manhattan (now known as JPMorgan Chase) merged with Chemical Bank in 1995.[3]

Acquisition history
  • 1899: Astor Place Bank (founded 1891),[lower-alpha 1][5] Hudson River Bank of the City of New York (founded 1888),[5] and Queens County Bank (founded 1873 as Flushing and Queens County Bank).[6]
  • 1900: Home Bank (founded 1883).[7]
  • 1902: Mechanics & Traders' Bank of Brooklyn (founded 1867),[8] Eleventh Ward Bank (founded 1867),[9][lower-alpha 2] and Union Square Bank of the City of New York (founded 1889).[10]
  • 1905: First National Bank of Staten Island at New Brighton (founded 1886).[11]
  • 1913: Mount Morris Bank (founded 1881).[12]
  • 1914: Washington Trust Company of the City of New York (founded 1889).[13]
  • 1928: Stapleton National Bank (founded in 1902).[14]

See also

References
Notes
  1. In 1896, the Astor Place Bank had acquired the Empire State Bank, which had been founded in 1888.[4]
  2. In 1867, the Eleventh Ward Bank purchased the Banking New-York Dry Dock Company.[9]
Sources
  1. Kraus, Albert L. (3 June 1959). "Chemical Corn Exchange Bank And New York Trust Set Merger; MERGER PLANNED BY TWO BIG BANKS". The New York Times. Retrieved 23 August 2020. A proposal to merge the New York Trust Company and the Chemical Corn Exchange Bank has been approved by directors of both institutions, it was announced last night.
  2. Gray, Christopher (1 November 1987). "Streetscape: The Corn Exchange Bank; A 'Noble Monument to Thrift' With an Unusually Modern Air". The New York Times. Retrieved 24 August 2020.
  3. Hansell, Saul (1995-08-29). "Banking's New Giant: The Deal; Chase and Chemical Agree to Merge in $10 Billion Deal Creating Largest U.s. Bank". The New York Times. ISSN 0362-4331. Retrieved 2020-01-26.
  4. Moskowitz, Sam (30 April 2019). "Beyond the Village and Back: The Empire State Building". GVSHP | Preservation | Off the Grid. Retrieved 24 August 2020.
  5. "A New Corn Exchange Bank Branch". The New York Times. 18 April 1899. Retrieved 24 August 2020.
  6. "CORN EXCHANGE BANK BRANCH.; Making Arrangements to Operate the Queens County Institution". The New York Times. 28 July 1899. Retrieved 24 August 2020.
  7. "MAY ABSORB THE HOME BANK.; Corn Exchange Bank Will Make the Institution Its Fifth Branch, If Negotiations Are Successful". The New York Times. 16 February 1900. Retrieved 24 August 2020.
  8. "Mechanics and Traders' Bank". The New York Times. 30 April 1902. Retrieved 24 August 2020.
  9. "A Merging of Banks". The New York Times. 13 May 1902. Retrieved 24 August 2020.
  10. "How New York Banks Are Growing". The New York Times. 10 August 1902. Retrieved 24 August 2020.
  11. Nash, William A.; Bank, President of the Corn Exchange (8 January 1905). "New York State Banks". The New York Times. Retrieved 24 August 2020.
  12. "BANK MERGER APPROVED.; Corn Exchange Will Take Over Mt. Morris Bank and Use as Branch". The New York Times. 10 October 1913. Retrieved 24 August 2020.
  13. "WASHINGTON TRUST IN CORN EXCHANGE; Merger Will Add $10,000,000 to $68,000,000 Resources of the Big Bank". The New York Times. 20 January 1914. Retrieved 24 August 2020.
  14. "STATEN ISLAND BANK FOR CORN EXCHANGE; Stapleton National in Merger Plan, With View to Its Operation as Branch. OTHER BANKING CHANGES F.S. Allen Elected to Chemical National Board--John J. Leugers With the Harriman". The New York Times. 3 February 1928. Retrieved 24 August 2020.
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