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Open Learning Campus | World Bank Group. World Bank Group, All Rights Reserved. REPORT FRAUD OR CORRUPTION. Submit an Online Integrity Complaint Form. According to the Reserve Bank of India (“ RBI ”), in the banking sector in India the Internet is being used, at present, only for accessing information. PNC Bank offers a wide range of personal banking services including checking and savings accounts, credit cards, mortgage loans, auto loans and much more.
chemical bank online banking sign in

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Child Care Licensing Account Registration and Login

Child care providers can create an online account to get their background checks, update operation information and see their inspections.

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Frequently Asked Questions

How do I create an online provider account through the CCL website?

See the Child Care Licensing Create a Child Care Licensing Account page for instructions.

What if I forgot my User ID or Password?

Go to the Provider Login and Background checks page. Click on the link directly below the login fields "Forgot your User ID or Password", which is located beneath the login button.

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  • Enter your Operation Number and click the "Email User ID" button.
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  • Enter your Operation Number and User ID, and then click the "Email Password" button.
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  • You must use the new password, which is case sensitive, and then change the password once you have successfully logged back into your account.

How must background check requests be submitted?

If you operate a residential child-care operation, child-care center, before or after-school program, school-age program, licensed child care home, or registered child care home you must submit background checks electronically through the Child-Care Licensing Account portal login page.

All other operations are encouraged to submit background checks using the online system, but may also submit requests using paper Form , Request For Background Check. This form also may be obtained from and submitted to your local Licensing representative or your CBCU representative, who can be located on the CBCU Contacts page.

To submit a request for a background check request online:

  • Login to your provider account on the Child-Care Licensing Account portal login page on the CCL website.
  • Select 'Submit a Background Check' from the available actions and enter the information for the individual.
  • Verify the information entered is correct, click the box verifying accuracy, and click the submit button.

If you verify that an applicant does not have a Social Security number, Driver’s License/State ID, or any of the Alternate Identification types available, you will not be able to utilize the electronic system and the background check for the applicant must be requested by submitting a completed Form

When will I receive background check results?

Notification of background check results are sent after they have been received and processed by CBCU.

If you have not received any results within seven calendar days of submitting the background and the subject of background check has been fingerprinted, or believe you may have made a technical error when submitting the background check contact your CBCU representative.

What if I'm not getting any results?

If there are questions about not receiving the results by email first look in the Junk or Spam mail of your email service to see if they are there. Many mail servers will filter email when there are mass mailings. You will need to signify that these are not Junk or Spam in order to receive notification by email.

If you have not received any results within seven calendar days of submitting the background and the subject of background check has been fingerprinted, or believe you may have made a technical error when submitting the background check contact your CBCU representative.

Why won't the address validate when I am trying to submit a background check request through the public provider site?

At this time, the Child-Care Licensing Account portal is not compatible with Microsoft Edge, Safari and many versions of Mozilla Firefox. Different browsers have different capabilities, and although these differences may seem minor, it's common for websites to work fine on one browser but poorly on another. For example, the Child Care Licensing Account portal allows the user to log in and attempt to submit a background check; however, when the user attempts to validate an address, the address validation tool pop-up window does not populate.

If you are having trouble submitting background checks, try using a different internet browser. See Changing Your Default Web Browser (PDF) for instructions to change the default web browser. If you continue to have problems submitting background checks, please contact your CBCU representative, who can be located on the CBCU Contacts page.

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Old National Banking Center

Fraud Prevention Reminder: Old National will never call, text or email you asking for personal information such as Online Banking credentials (passwords, etc.), Social Security Number, debit card number or PIN. If you have reason to doubt the validity of a call, email or text from Old National, please call us directly at Your safety is our priority.

 

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Chemical Bank

Former bank based in New York City

This article is about the former bank headquartered in New York City. For Chemical Bank in Michigan, see TCF Financial Corporation.

Chemical Bank was a bank with headquarters in New York City from until At the end of , Chemical was the third-largest bank in the U.S., with about $ billion in assets and more than 39, employees around the world.[1]

Beginning in and accelerating in the s and s, Chemical was a leading consolidator of the U.S. banking industry, acquiring Chase Manhattan Bank, Manufacturers Hanover, Texas Commerce Bank and Corn Exchange Bank among others. After , the bank operated as the primary subsidiary of a bank holding company that was eventually renamed Chemical Banking Corporation.

In , Chemical acquired Chase Manhattan Corporation in a merger valued at $10 billion to create the largest financial institution in the United States. Although Chemical was the acquiring company and the nominal survivor, the merged bank adopted the Chase name, which was considered to be better known, particularly internationally.

Overview of the company[edit]

Chemical National Bank offices at Broadway, c.&#;

Chemical Bank was the principal operating subsidiary of the Chemical Banking Corporation, a bank holding company. As of the end of , before its merger with the Chase Manhattan Bank, Chemical was the third-largest bank in the United States by total assets, with $ billion. The Chemical Banking Corporation was the fifth-largest bank holding company in terms of total assets.[1] It is not to be confused with the totally unrelated entity Chemical Bank and Trust (headquartered in the state of Michigan) [2] which is currently a division of TCF Financial Corporation but will be the surviving brand in their merger. [3]

Of Chemical's $ billion, the bank held about $ billion of loans, including mortgage loans, other consumer loans, and commercial loans in the U.S. and internationally. Among Chemical's largest international exposure was to Japan, Germany, and the United Kingdom. The other assets on the bank's balance sheet included cash as well as various debt and equity securities.[1]

Chemical reported record net income of $ billion for Chemical's level of capital at the end of remained strong, with capital adequacy ratios well in excess of regulatory requirements. The Corporation's Tier 1 and Total Capital ratios were % and %, respectively.[1]

Chemical was one of the leading banks in the U.S., active both in corporate banking as well as retail banking. Within retail banking, Chemical provided personal and commercial checking accounts, savings and time deposit accounts, personal loans, consumer financing and mortgage banking as well as trust and estate administration.[1]

Chemical's corporate banking business provided a wide variety business loans, leasing, real estate financing, money transfer and cash management among other services.[1] Chemical was among the leading bank lenders to small and medium-sized businesses. Chemical also had a significant presence in investment banking as well as underwriting corporate debt and equity securities.[1]

Lines of business[edit]

Before its merger with Chase, Chemical had two operating segments: the Global Bank and Consumer & Relationship Banking.

  • Global Bank The Global Bank served the bank's large corporate clients and was made up of a traditional investment banking division, known as Global Banking & Investment Banking as well as a sales and trading division, known as Global Markets. Global Banking & Investment Banking performed advisory services such as mergers and acquisitions and restructuring as well as capital raising functions, such as leveraged loan syndication, high yield financing and other debt and equity underwriting. The bank's private equity and venture capital functions were also housed in this division. Global Markets was primarily focused on sales and trading activities, foreign exchange dealing; derivatives trading and structuring, risk management and other market related functions. In , Chemicals Global Bank revenue was roughly balanced between investment banking and markets activities [1]
  • Consumer & Relationship Banking. Consumer and Relationship Banking was made up of a number of businesses, including consumer banking, commercial banking; credit cards; mortgage banking (and other consumer finance, i.e. – home equity loans, student loans) as well as a number of smaller businesses. Chemical maintained a leading market share position in providing financial services to middle market companies nationally and small businesses in the New York metropolitan area. This division also included a small private banking business, although Chemical was not a leading player in this market.[1]

Offices[edit]

The bank opened its first offices at Broadway in Downtown New York in at the corner of Ann Street. In , the bank agreed to sell its building to its neighbor Barnum's American Museum (the building collapsed during Barnum's subsequent remodeling) and in the bank moved into its newly constructed headquarters at Broadway.[4] Chemical bought additional land next to its building in and but its offices remained modest through the start of the 20th century.

In , the bank constructed a new headquarters on the original and adjacent properties at Broadway. In , Chemical acquired a story building belonging to the Shoe & Leather Bank on Broadway, next door to and surrounded by its existing properties.[5] Despite expanding its headquarters over the years, by the mids Chemical needed more space to accommodate its growth and reflect its increasing profile.

In , the bank made plans to move again, this time constructing a new six-story building at Broadway, on the corner of Broadway and Cortlandt Street, closer to the Financial District. Chemical moved in after the building was completed in , and the bank's headquarters remained there for more than five decades.[6]

Under Chairman Donald Platten, Chemical's headquarters was to move to Park Avenue in [7][8] The bank moved across Park Avenue in to occupy the former headquarters of Manufacturers Hanover Corporation at Park Avenue, which remained the headquarters of Chemical's successor, JPMorgan Chase, until the building was vacated in in preparation for demolition and construction of a new JPMorgan Chase headquarters on the same site. JPMorgan Chase would return to Park Avenue in , following the departure of its previous tenant, Donaldson Lufkin & Jenrette.[9] In , after JPMorgan acquired Bear Stearns, the bank moved its investment banking groups from Chemical's old headquarters to Madison Avenue, and eventually the entire headquarters on a temporary basis until the new Park Avenue is finished.[10]

History[edit]

Founding and early history[edit]

Presidents of Chemical Bank

  • John Mason

    John Mason, early shareholder and second president of Chemical Bank (–).

  • Isaac Jones

    Isaac Jones, third president of Chemical Bank ().

  • John Q. Jones

    John Q. Jones, fourth president of Chemical Bank (–).

Certificate of Stock of the Chemical Manufacturing Company, c.
Chemical Bank $5 note, c.

In (&#;years ago)&#;(), the company was founded as the "New York Chemical Manufacturing Company" by Balthazar P. Melick together with the original directors of the company, John C. Morrison, Mark Spenser, Gerardus Post, James Jenkins, William A. Seely, and William Stebbins.[11] Additionally, Joseph Sampson, although not a director, was among the largest of the original shareholders of the bank.[11] The founders used the manufacturing company (which produced chemicals such as blue vitriol, alum, nitric acid, camphor, and saltpeter, as well as medicines, paints, and dyes) as a means to securing a bank charter from the New York State legislature.[12] During the s, prospective bankers found that they were more likely to be able to successfully secure a charter if the bank were part of a larger business. The following year, in April , the company successfully amended its charter to allow Chemical to begin its banking practice. As a result, Chemical Bank was originally a division of the New York Chemical Manufacturing Company. Balthazar Melick was named the first president of the bank, which catered to merchants in New York City.[13]

In , John Mason became a shareholder of the bank and would serve as Chemical's second president. Mason, who would later be referred to as "the father of the Chemical Bank" and was one of the richest merchants of his day in New York, succeeded Baltus Melick in [11] Mason was responsible for establishing the highly conservative business culture of the young bank that would persist for nearly 90 years. For its first twenty-five years, the bank paid no dividends, nor did it pay interest on customer deposits.[13] Mason was also responsible for leading Chemical through the Panic of When a speculative bubble collapsed on May 10, , banks suspended payment of gold and silver. Although in the crisis Chemical followed others in suspending payments, they stood alone in a subsequent crisis twenty years later, when they continued to make payments in specie. Even in , Chemical was still one of the earliest to resume payments in specie.[11]

Mason died on September 26, , but his legacy of conservatism was taken on by his successors.[13] Isaac Jones and later his cousin John Quentin Jones would lead Chemical, both serving as president, across the next forty years through Both Isaac and John Jones had close connections to John Mason, particularly Isaac who married one of John Mason's three daughters. The Mason and Jones families would maintain effective control of Chemical for much of its first five decades.[14] John Q. Jones was succeeded in by George G. Williams, who had joined the bank in and served as cashier of the bank from onward.[15] In that position, Williams was also inculcated in Chemical's conservative style of banking. Williams would serve as president from through [11]

In , when New York Chemical Manufacturing Company's original charter expired, the chemical company was liquidated and was reincorporated as a bank only, becoming the Chemical Bank of New York in [13] Among the bank's first directors under its new charter were Cornelius Roosevelt, John D. Wolfe, Isaac Platt, and Bradish Johnson, as well as bank president John Q. Jones.[11] The company sold all remaining inventories from the chemical division as well as the corresponding real-estate holdings by [citation needed]

Two years later, in , Chemical became a charter member of the New York Clearing House, the first and largest bank clearing house in the U.S.[13] Two Chemical presidents would also serve as head of the clearing house, with John Q. Jones serving from – and George G. Williams serving in and from –[16]

During the Panic of , Chemical Bank earned the nickname "Old Bullion" by taking a stand that it would continue to redeem its bank notes in specie throughout the crisis. The panic, which had hit banks and caused a number of failures, led banks across the country to suspend specie payments and turn to issuing paper promissory notes.[17][18] Chemical's decision was highly unpopular among its fellow banks and led to the bank's temporary suspension from the New York Clearing House, of which Chemical was a charter member.[19] While hundreds of banks closed, including 18 banks in New York in a single day, Chemical developed a reputation for stability. This reputation proved extremely important in Chemical's growth during subsequent recessions during the s. Chemical frequently used the refrain "Good as gold then, good as gold today" in advertisements from the s well into the 20th century.[20]

Chemical received its national charter as the Chemical National Bank of New York in , at the urging of the secretary of the treasury. This allowed Chemical to issue government-backed national bank notes, the forerunner to paper money. By the early s, Chemical had accumulated deposits in excess of $6 million (equivalent to $&#;million in ).[citation needed]

A contemporary perspective of Chemical from described the bank as follows:

The Chemical National Bank is a famous corporation. Its stock commands a greater price in proportion to its par value than any other bank stock. It has the greatest surplus and undivided profits, with a single exception, of any bank in the country. It has the largest amount of individual deposits. It pays the largest percentage of dividends on its par value of any corporation of any kind&#; The shares of the bank based on $ par value have sold as high as $4, each.[21]

–[edit]

The Chemical National Bank logo

Percy H. Johnston, president of Chemical –, responsible for building Chemical into one of the largest U.S. banks

Herbert K. Twitchell, president of Chemical – and responsible for initiating major changes at the bank

By the first decade of the 20th century, Chemical had one of the strongest reputations in banking but as a business was in decline, losing accounts each year. Unlike many of its peers, Chemical had been reluctant to expand into securities and other businesses and had not paid interest on bank accounts. Both practices, considered to be highly conservative, had allowed Chemical to develop a large capital reserve but were not attracting customers. William H. Porter, a prominent banker of the era, was named president of the bank in after the death of the previous president George G. Williams.[15] Porter would leave Chemical seven years later to become a partner at J.P. Morgan & Co. in and was succeeded by Joseph B. Martindale, who was named president in [22]

Interior of Chemical National Bank offices at Broadway, c.

In , Chemical named a new president of the bank, Herbert Twitchell,[23] after the death of Joseph B. Martindale. It was uncovered, just months after Martindale's death, that the former Chemical president had stolen as much as $, from the account of Ellen D. Hunt, a niece of Wilson G. Hunt.[24][25]

Twitchell initiated a major turnaround of Chemical, setting up a trust business and reversing Chemical's policy of not paying interest on cash accounts. These steps along with other initiatives, resulted in an increase in deposits from $35 million to $81 million by [13][26] In , Twitchell was succeeded by Percy H. Johnston and remained with the bank as chairman of the board.[27] Johnston would hold the presidency of the bank through at which time the bank had grown to become the seventh largest in the U.S.[28]

In , Chemical completed its first major acquisition, merging with Citizens National Bank. The acquisition of Citizens National, a small New York commercial bank, increased Chemical's assets to more than $ million with more than $ million of deposits.[26] In , Chemical established its first branch and by the end of the s had opened a dozen branches in Manhattan and Brooklyn as well as a branch in London, its first international presence.

In , Chemical reincorporated as a state bank in New York as Chemical Bank & Trust Company and merged with the United States Mortgage & Trust Company, headquartered on the Madison Avenue and 74th Street.[29][30] During the Depression-era of the s, Chemical's deposits grew by more than 40% and in , the bank reached $1 billion of assets. During this period, Chemical also established Chemical National Company, a securities underwriting business.

–[edit]

The New York Trust Company merged in increasing the bank's wholesale banking business

In , after the retirement of Percy Johnston, Harold Holmes Helm was named the new president of Chemical and would serve first as president and later as chairman of the bank for the next 18 years until his retirement in Under Helm, Chemical completed a series of large mergers in the late s and early s that again made the bank among the largest in the U.S.[31] In , Chemical merged with Continental Bank and Trust Company. Then in , Chemical would merge with the Corn Exchange Bank and only five years later merge again with the New York Trust Company.

Chemical completed its largest acquisition to that point, in , merging with the Corn Exchange Bank to become the Chemical Corn Exchange Bank. Founded in , the Corn Exchange Bank was based in New York City, but had built a network of branches in other states through the acquisition of community banks.[32] The merger with the Corn Exchange Bank added 98 additional branches to Chemical's system largely in the New York City and $ million in deposits.[31]

In , the bank, now known as Chemical Corn Exchange Bank, merged with New York Trust Company, effectively doubling the size of the company. New York Trust Company, which had a large trust and wholesale-banking business, specialized in servicing large industrial accounts.[31] At the time of the merger, Chemical Corn was the fourth largest bank in New York and New York Trust was the ninth largest bank and the merger created the third largest bank in New York, and the fourth largest in the U.S. with $ billion of assets.[33] Following the merger, the bank dropped the usage of the "corn exchange" from the corporate name to become the Chemical Bank New York Trust Company.

In , Chemical reorganized itself as a bank holding company, Chemical New York Corporation, which allowed for more rapid expansion.[34] Throughout the early s Chemical had begun to expand into New York's suburbs, opening branches on Long Island and in Westchester County. However, by the late s and early s, Chemical was focused on building its international business. In these years, Chemical opened new offices in Frankfurt, Germany (), Zurich, Switzerland (), Brussels, Belgium (), Paris, France () and Tokyo, Japan ().

In , Chemical acquired Security National Bank, which had a branch network on Long Island.[35]

s[edit]

Chemical continued pursuing acquisitions, throughout the s notably its acquisitions of Texas Commerce Bank () and Horizon Bancorp () as well as its attempted takeover of Florida National Bank ().

Chemical and Florida National Bank agreed, in , to enter into a merger, after laws preventing interstate banking were lifted, giving Chemical an option to acquire the business.[36] In February, , Southeast Banking Corporation (SBC), which had been rebuffed in its attempted to acquire Florida National sued to obtain an injunction against the Chemical merger.[37] In early , Southeast Banking Corporation dropped its takeover attempt and agreed to exchange their Florida National shares for 24 FNB branch offices and other consideration.[38] Following the deal with SBC, Florida National was cleared to merge with Chemical, however interstate banking acquisitions were still prohibited by Federal law and required state legislative approval.[39] With the deadline running out for its option to buy Florida National and no sign of state legislative approval, Chemical Bank sold their % interest to First Union Corporation for $ million.[40]

Texas Commerce Bank, acquired by Chemical in in the largest interstate banking merger at that time

Chemical completed its largest transaction of the s in December , when the bank agreed to acquire Texas Commerce Bank. The $ billion transaction represented the largest interstate banking merger in U.S. history to that time.[41][42] Texas Commerce, which was officially acquired in May , was one of the largest bank holding companies in the Southwestern U.S., with a strong presence in corporate banking for small and medium-sized businesses. Chemical did not seek Federal Deposit Insurance Corporation backing for its acquisition of Texas Commerce although other large Texas banks, First RepublicBank Corporation (Acquired by NationsBank) and MCorp Bank (acquired by Bank One), received over $5 billion of support. Ultimately Chemical contributed $ million to shore Texas Commerce as it continued to suffer losses.[43][44]

Also in , Chemical agreed to a merger with New Jersey-based Horizon Bancorp, although the merger was not completed until , due again to interstate banking rules.[45]

The bank's holding company, Chemical New York Corporation, was renamed the Chemical Banking Corporation in following its series of out of state mergers and acquisitions, including Texas Commerce Bank and Horizon Bancorp.[46]

It was during this period, in the s and early s, that Chemical emerged as one of the leaders in the financing of leveraged buyout transactions. By the late s, Chemical developed its reputation for financing buyouts, building a syndicated leveraged finance business and related advisory businesses under the auspices of pioneering investment banker, Jimmy Lee.[47][48] It was not until that Chemical would permission to underwrite corporate bonds, however within a few years, Chemical (and later Chase) became a major underwriter of below-investment-grade debt under Lee. Additionally, in , Chemical launched Chemical Venture Partners to invest in private equity transactions alongside various financial sponsors.[49][50]

s[edit]

In July , Chemical announced that it would acquire Manufacturers Hanover Corporation in a $ billion merger transaction.[51] At the time of the merger, Chemical and Manufacturers Hanover were the sixth and ninth largest banks, respectively, by assets. The transaction, when it closed at the end of , made the combined bank, which retained the Chemical name, the second largest bank in the U.S., behind Citicorp both in terms of assets and customers (approximately million household accounts in ).[52] Chemical adopted Manufacturers Hanover's logo design and moved into its headquarters at Park Avenue in New York. In corporate banking, Manufacturers Hanover was better established with larger, blue-chip companies, whereas Chemical had been stronger with small- and medium-sized businesses.[35]

Nationally, the combined Chemical Bank became one of the largest lenders to U.S. companies and was arguably the leader in loan syndication globally. Additionally, Chemical took a leading role providing foreign exchange, interest rate and currency swaps, corporate finance services, cash management, corporate and institutional trust, trade services and funds transfer. Chemical operated one of the nation's largest bank credit card franchises and was a major originator and servicer of home mortgages.[53]

In , Chemical acquired Chase Manhattan Corporation in a merger valued at $10 billion to create the largest financial institution in the United States. Although Chemical was the acquiring company and the nominal survivor, the merged bank adopted the Chase name, which was considered to be better known, particularly internationally. Chase, which at its height had been the largest bank in the U.S., had fallen to sixth, while Chemical was the third largest bank at the time of the merger.[54][55][56][57][58] The merger resulted in the reduction of more than 12, jobs between the two banks and merger related expenses of approximately $ billion.[59][60]

The bank continued to operate under the Chase brand until its acquisition of J.P. Morgan & Co. in December to form JPMorgan Chase & Co. Throughout all of these acquisitions, Chemical's original management team, led by Walter V. Shipley, remained in charge of the bank. When the combined bank purchased J.P. Morgan & Co., William B. Harrison, Jr., who had been a longtime Chemical executive, was named CEO of the combined firm. Additionally, many of Chemical's businesses remained intact through the various mergers. Chemical's private equity group for example, was renamed multiple times, ultimately becoming JP Morgan Partners before completing a spin-out from the bank, as CCMP Capital, after the bank's merger with Bank One. Additionally, JPMorgan Chase retains Chemical's pre stock price history, as well as Chemical's old headquarters at Park Avenue.[citation needed]

Acquisition history[edit]

Major mergers, acquisitions, and historical predecessors of Chemical Bank
The Chemical Bank of New York
established
Citizens National Bank
established
acquired
Corn Exchange Bank
established
acquired
Texas Commerce Bank
established
acquired
Hanover Bank
established
Manufacturers Trust Company
established
Manufacturers Hanover
merged
Chemical Banking Corporation
reorganized
Chemical Bank
merged

Electronic banking[edit]

Chemical was among the pioneers of electronic online banking. On September 2, , Chemical installed the first automated teller machine (ATM) at its branch in Rockville Centre, New York. The first ATMs were designed to dispense a fixed amount of cash when a user inserted a specially coded card.[61] A Chemical Bank advertisement boasted "On Sept. 2 our bank will open at and never close again."[62] Chemical's ATM, initially known as a Docuteller, was designed by Donald Wetzel and his company Docutel. Chemical executives were initially hesitant about the electronic banking transition given the high cost of the early machines. Additionally, executives were concerned that customers would resist having machines handling their money.[63]

In , Chemical initiated the first personal computer based banking system when it launched a pilot electronic banking program called Pronto.[64] Chemical had spent $20 million to develop the software for Pronto.[64] The system, which worked with the Atari console, began in New York and served Chemical Bank customers. Pronto was an extension of other electronic banking services offered by Chemical that included a corporate cash-management system and its growing ATM network and was one of the largest early forays by a bank into home computer based banking.[65] However, a year after launching Pronto only 21, of Chemical's million customers were using the system, in large part due to the high monthly subscription costs that Chemical charged customers to use it.[66] By , it was clear that Pronto, which was heavily promoted by Chemical, was growing much slower than anticipated.[67]

In , Chemical and BankAmerica, another pioneer in electronic banking, entered into a joint venture with AT&T Corporation and Time Inc., known as Covidea, to market banking and discount stock-brokerage services to computer-equipped households.[66] By combining resources and sharing costs, the four firms hoped to reduce the risk of large and protracted losses.[68] Eventually Chemical discontinued its efforts in at a loss of nearly $30 million.[69][70]

Notable employees and executives[edit]

Executives and directors[edit]

  • Earl C. Sandmeyer, a founder of the New York Society of Security Analysts, New York Financial Writers Association, International Public Relations Association (IPRA), Public Relations Society, Public Relations Society of America, Public Utilities Advertising Association, Newcomen Society, Christ Church Day School, Corporate Intelligence, Inc. public relations and publishing, and Lifelighters' Associates record company, financial editor of the Rochester Times-Union from to , financial editor and columnist of the Gannett newspapers in Rochester from to , and financial writer for the New York Herald Tribune from to
  • William B. Harrison, Jr., later CEO of JPMorgan Chase
  • James B. Lee, Jr., investment banker and senior executive at JPMorgan Chase, notable for his role in the development of the leveraged finance markets in the U.S.
  • Robert I. Lipp, partner of Brysam Global Partners, a private equity firm, and former member of the board of JPMorgan Chase
  • John McGillicuddy, former chairman and CEO of Manufacturers Hanover
  • John Mason, early shareholder and second president of Chemical Bank
  • Balthazar P. Melick, founder and first president of Chemical Bank
  • John L. Notter, international financier and developer, former director
  • Cornelius Roosevelt, original director of Chemical Bank of New York when it was rechartered in
  • Emlen Roosevelt, cousin of Theodore Roosevelt and president of Roosevelt & Son
  • James A. Roosevelt, uncle of Theodore Roosevelt and founder of Roosevelt & Son
  • Walter V. Shipley, former chairman and CEO of Chemical and later Chase Manhattan Bank and chairman of JPMorgan Chase

Other former employees[edit]

  • Henry B. R. Brown, the originator of the world's first money market fund
  • Granger K. Costikyan, founder of Costikyan Freres
  • Alan H. Fishman, the last CEO of Washington Mutual before the bank was seized in
  • Ford M. Fraker, former ambassador to Saudi Arabia
  • Christopher C. Ashby, former ambassador to Uruguay
  • Abraham George, businessman, academic, and philanthropist and founder of The George Foundation
  • Glenn Hutchins, founder of Silver Lake Partners
  • Kathryn V. Marinello, former president and CEO of Ceridian Corporation
  • Darla Moore, partner of Rainwater, Inc. and wife of Richard Rainwater
  • Nancy Naples, director of Amtrak
  • Peggy Post, American author and consultant on etiquette
  • Pat Toomey, United States senator from Pennsylvania
  • Kathleen Waldron, an American author, financial executive and educator

References[edit]

  1. ^ abcdefghijk"Chemical Banking Corp. SEC Form K Annual Report for the Year Ended December 31, ". U.S. Securities and Exchange Commission.
  2. ^"Chemical Financial Corporation and TCF Financial Corporation Close Merger of Equals to Become the New TCF". Berkshire Hathway's BusinessWire. August 1,
  3. ^"Chemical Financial Corporation and TCF Financial Corporation Close Merger of Equals to Become the New TCF". Berkshire Hathway's BusinessWire. August 1,
  4. ^"Plan $2,, Building at Broadway and Chambers"(PDF). The New York Times. September 21,
  5. ^"Chemical Buys Broadway Corner". The New York Times. January 29,
  6. ^"Chemical National's Move". The New York Times. December 22, Retrieved
  7. ^Barron, James (August 27, ). "Donald C. Platten, Ex-Chairman Of Chemical Bank, Is Dead at 72". The New York Times.
  8. ^"Chemical Bank Selling Building". The New York Times. April 10,
  9. ^Bagli, Charles V. (December 2, ). "Chase Says It Has Deal for Park Avenue Spot". The New York Times.
  10. ^Jonas, Ilaiana (March 26, ). "Bank crisis puts New York office market on precipice]". The New York Times.
  11. ^ abcdefHistory of the Chemical Bank –. Privately Published by The Chemical National Bank.
  12. ^mynewextsetup.us Retrieved on from mynewextsetup.us Archived July 28, , at the Wayback Machine
  13. ^ abcdef"Chemical National Bank of New York to Pay Interest on Deposits". The Bankers Magazine. 94 (6). June
  14. ^Harris, Johns Hopkins Univ Press (October 9, ). Around Washington Square: an illustrated history of Greenwich Village. ISBN&#;.
  15. ^ abLeFevre, Edwin (November – April ). Mr. Williams and the Chemical National Bank. The World's Work. 3. Doubleday, Page & Co. pp.&#;–
  16. ^Gilpin, William Jay; Wallace, Henry E. (). Clearing House of New York City. New York Clearing House Association.
  17. ^"Business & Finance: Old Bullion's Team". Time. January 28,
  18. ^"Bank Years Old Today.; Chemical National, Known as "Old Bullion," Celebrates". The New York Times. July 30,
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  20. ^Reaching the Man who Reads as he Runs. Printers' ink, A Journal for Advertisers. CXIX. April 6, p.&#;
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  24. ^Martindale Theft Still in a Maze. The New York Times, September 16,
  25. ^Martindale Short $, as Head of Chemical Bank. The New York Times, September 12,
  26. ^ abChemical Bank to Absorb Citizens. The New York Times, March 19,
  27. ^Nye, Frank Wilson (). Knowledge is power: the life story of Percy Hampton Johnston, banker. Random House.
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  31. ^ abc"Helm at the Helm". Time. June 15, Archived from the original on February 1, Retrieved
  32. ^The Corn Exchange Bank; A 'Noble Monument to Thrift' With an Unusually Modern Air. The New York Times, November 1,
  33. ^Kennedy, Randy (January 9, ). "Hulbert Aldrich, 87; Banking Executive Led New York Trust". The New York Times.
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  35. ^ abA Market Where Chemical is King. The New York Times, January 11,
  36. ^Florida Bank's Special Meeting. The New York Times, May 20,
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  40. ^First Union to Acquire Florida National Bank. The New York Times, March 8,
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  42. ^Texas Commerce Bancshares Alive and Thriving. The New York Times, March 31,
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Sources[edit]

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History of Our Firm

Explore Our History

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The Early Years of State Banking


The Manhattan Company is founded

The Manhattan Company, JPMorgan Chase's earliest predecessor institution, is chartered by the New York State legislature to supply "pure and wholesome" drinking water to the city's growing population.  Among its founders are Alexander Hamilton and Aaron Burr.

A provision in the charter allows The Manhattan Company to use its surplus capital for banking operations.  Within five months, The Bank of The Manhattan Company opens for business, becoming the second commercial bank in New York City after Hamilton’s Bank of New York.  With his banking monopoly broken, Hamilton severs his association with the water company.


The Hamilton – Burr duel

Manhattan Company founder Aaron Burr challenges his personal and political adversary, Alexander Hamilton, to a duel.  The two men meet at dawn on July 11th in Weehawken, New Jersey, across the Hudson River from New York City.  Hamilton is mortally wounded and dies the next morning.

The pistols selected by Hamilton for the duel were owned by his brother-in-law, John B. Church.  In The Bank of The Manhattan Company purchases them from one of Church's descendants.

 


First philanthropic endeavor

The Manhattan Company grants New York City’s volunteer fire companies free access to its network of water pipes to fight fires, contributing to the community’s public safety.

 

The New York Manufacturing Company is incorporated

The New York Manufacturing Company, the earliest predecessor in Manufacturers Hanover’s family tree, is created to produce tools and parts for the textile industry.  The company’s charter permits it to conduct a banking operation, similar to The Manhattan Company's example, and it establishes Phenix Bank in


The Bank of The Manhattan Company funds the Erie Canal

The Bank of The Manhattan Company is a key lender for the construction of the Erie Canal, which opens in linking the Hudson River to the Great Lakes.  Later in the century the bank provides funds to support interest payments on Erie Canal bonds and to enlarge and modernize the canal.


The New York Chemical Manufacturing Company opens

New York City merchants organize the New York Chemical Manufacturing Company to produce chemicals, medicines, paints and dyes.  The company's charter prohibits banking activities but a year later the company secures an amendment enabling it to establish a banking subsidiary called The Chemical Bank.


Bank of Commerce opens 

The Bank of Commerce opens in New York City. This institution, which merges with the Guaranty Trust Company of New York in , is the earliest predecessor on the J.P. Morgan family tree.


The New York Clearing House brings efficiency to banking

The New York Clearing House is organized, with several JPMC predecessors as charter members, to systematize the daily settling of checks drawn on other local banks.  Previously, messengers went from bank to bank to trade checks for cash, a time-consuming and risky process.  Centralized clearing greatly reduces the number of transactions and risk among member banks.  More than $20 million is cleared on its first day of operation.


Abraham Lincoln becomes a customer

Springfield Marine and Fire Insurance Company opens in to insure shipping vessels and goods, but it also provides a variety of banking services.  Illinois lawyer Abraham Lincoln opens a bank account there two years later with an initial deposit of $  Lincoln keeps his account in Springfield through his presidential years until his assassination.  The firm later evolves into Marine Corporation, a Bank One predecessor.


Junius Morgan begins business in London 

Junius S. Morgan, patriarch of the Morgan banking family, moves to London and joins the private banking firm George Peabody & Co.  It becomes the leading marketer of American securities in England and Europe, raising capital for the first transatlantic telegraph cable in among other important deals.  The firm is restyled J. S. Morgan & Co. in and continues as a critical connection in the J.P. Morgan international banking network through the end of the century.


The Panic of

A financial panic causes 18 New York City banks to close on a single day and ushers in a severe economic depression.  Most banks suspend “specie payments” but Chemical Bank continues to redeem banknotes in gold coin, helping to stabilize the financial markets and earning it the nickname “Old Bullion.”  

National Banks and the Age of Industry

The Legal Tender Act and National Banking Acts

New banking laws passed during the Civil War authorize the U.S. government to create a uniform national currency, ease borrowing to pay its war expenses, and set up a new system of nationally chartered banks.

The Legal Tender Act of provides for a standard national currency, nicknamed "greenbacks" for the elaborate design printed on the back of the notes.  Because the notes are unsecured by gold deposits, the value of greenbacks fluctuates widely. 

The National Bank Act of creates a new system of national banks operating under a uniform regulatory framework alongside the older state-chartered banks.  The act empowers national banks to issue money in amounts secured by U.S. government bonds purchased and held in reserve by the banks.  The law is strengthened by a second National Bank Act passed the following year.


First National Bank of Chicago, eighth in the nation

The First National Bank of Chicago opens for business, becoming the eighth nationally chartered bank under the new National Banking Act.  JPMorgan Chase Bank continues to operate under this charter #8 to this day.

 


Guaranty Trust Company’s origins

The New York Guaranty and Indemnity Company is founded in New York.  This institution, which evolves into Guaranty Trust Company of New York, later merges with J.P. Morgan & Co. in

 


Origins of Bank One

F.C. Sessions and Company is founded in Columbus, Ohio. This is Bank One's earliest predecessor in Columbus, its hometown base.


Drexel, Harjes & Co. opens in Paris

In , Anthony Drexel establishes Drexel, Harjes & Co. in Paris, JPMorgan Chase’s earliest predecessor in France. Three years later, J. Pierpont Morgan partners with Drexel to open Drexel, Morgan & Co. in New York, later renamed J.P. Morgan & Co.


Drexel, Morgan & Co. is founded

J. Pierpont Morgan partners with Philadelphia banker Anthony Drexel to form Drexel, Morgan & Co., a private merchant banking house in New York City.  Pierpont builds his reputation as a leader in railroad investments, the largest and most dynamic American industry in the years after the Civil War.  The firm is rechristened J.P. Morgan & Co. in with Pierpont as the head of all four affiliated partnerships in New York, Philadelphia, London and Paris.


Fire devastates Chicago

When the Great Fire sweeps through Chicago in , the First National Bank of Chicago's new "fireproof" building at the corner of State and Washington Streets is almost completely destroyed.  The safes and vaults withstand the flames, however, leaving money, securities and valuable papers intact. 


Chase Bank begins business

Chase National Bank is founded by John Thompson, a noted New York City banker and financial publisher.  Thompson names the new bank in honor of his friend, Salmon P. Chase, Secretary of the Treasury under Abraham Lincoln and architect of the National Banking System.


J.P. Morgan and railroad finance

Drexel, Morgan & Co. sells William H. Vanderbilt's shares of New York Central Railroad stock.  At , shares it is, at the time, the largest block of stock ever publicly offered.  The deal establishes J. Pierpont Morgan’s reputation as an expert railroad financier and mobilizer of capital.  The next year, Morgan finances the completion of the Northern Pacific Railroad underwriting the sale of $40 million in bonds, at the time "the largest transaction in railroad bonds ever made in the United States."

Through the end of the century, Morgan wields enormous power in the American railroad industry, reorganizing failing lines, orchestrating mergers, restructuring debt, eliminating competition and cutting costs to return the companies to profitability – a process dubbed “Morganization” by the press.


Investing in electricity

The Drexel, Morgan & Co. building at 23 Wall Street is the first office building in New York City to draw power from the Edison Electric Illuminating Company's newly built electric generating station. Thomas Edison personally turns on the building's lights. 


First Chicago caters to women customers

First National Bank of Chicago establishes a women's banking department, one of the first in the United States to provide specifically designed accommodations for women customers.  Over the next several decades, other banks provide distinct sections with separate entrances, writing desks and lounges to provide greater comfort to female clients.


The Brooklyn Bridge opens

The Brooklyn Trust Company, a Manufacturers Hanover predecessor, is responsible for most of the nearly $15 million needed to finance the bridge’s construction.  It is the longest suspension bridge in the world at that time.


The Statue of Liberty is dedicated in New York Harbor

William L. Strong, founder of one of Chemical Bank's forerunners, is active in the fundraising campaign for the construction of the pedestal for the mammoth statue, a gift from France.  Another Chemical Bank predecessor, Liberty National Bank (founded in ), later uses the statue as its logo.


The Great Seattle Fire and founding of Washington Mutual

Washington National Building Loan and Investment Association is founded after a fire destroys much of Seattle's core.  The following year it makes the first monthly installment home loan on the Pacific Coast, lending $ to a customer to build a house.  The firm makes 2, similar loans, helping to rebuild blocks of housing in the city.


General Electric Company is organized

Drexel, Morgan & Co. finances the consolidation of Thomas Edison’s electric companies with the Thomson-Houston Electric Company to form General Electric Company, one of the most important industrial combinations of the late 19th century.


A technological innovation

First National Bank of Chicago is the first Chicago bank to acquire the newly invented Burroughs Registering Accountant – an adding machine. Manufactured by the American Arithmometer Company, later renamed Burroughs Adding Machine Co., the crank-operated machines printed entries and totals on a paper tape. 

 gold crisis


Morgan shores up the U.S. Treasury gold reserves

In the years following the Panic of , gold drains from the United States Treasury, causing a crisis in the nation’s currency, banking and international trade.  J. Pierpont Morgan organizes a private sale of government bonds to European buyers to replenish the nation’s gold supply and restore public confidence, setting the stage for an economic recovery.  


United States Steel is organized

J.P. Morgan & Co. organizes the buyout of industrialist Andrew Carnegie and combines some 15 companies to create United States Steel, the world's first billion-dollar corporation.


Morgan finances the Panama Canal

J. P. Morgan & Co. helps finance the Panama Canal, arranging for the transfer of $40 million for the U.S. government to buy land rights from the failed French endeavor that had begun construction of the canal in   The purchase is the largest real estate transaction in history up to that time. 


The Panic of

J. Pierpont Morgan again takes charge during an economic crisis.  As the stock market collapses, credit dries up, and banks and brokerages fail, Morgan marshals the major New York banks to supply liquidity to desperate markets, including purchasing $30 million of New York City bonds to avoid the city’s default.  For two weeks, Morgan holds the group together until public confidence in the banks is restored.  The crisis points to the need for a central bank and leads to the creation of the Federal Reserve System in


Financing the Houston Ship Channel 

The mile channel, linking land-locked Houston, Texas with Galveston Bay, is financed by bonds purchased by Texas Commerce predecessor, Union National Bank, and other local banks.  Houston developer and banker Jesse H. Jones plays a significant role in marketing the bond issue.  Completed in , the channel is today one of the busiest waterways in the United States.


J. Pierpont Morgan dies

J. Pierpont Morgan dies while traveling in Rome on March 31, His son, J.P. (Jack) Morgan, Jr. becomes J.P. Morgan & Co.'s senior partner.  The New York Stock Exchange closes until noon on the day of his funeral, an honor generally reserved for heads of state.


A new Morgan home rises on Wall Street

Construction begins in on a new J.P. Morgan & Co. headquarters at the firm’s historic site at 23 Wall Street.  Completed the year after J. Pierpont Morgan’s death, the four-story neoclassical-style building embodies the firm’s characteristically discreet business style.  The Morgan name is deliberately left off the building’s façade; the entrance doors bear only the street address “”

World Wars, Depression and International Expansion


Support for the Allies

During World War I, J.P. Morgan & Co. arranges the largest foreign loan in Wall Street history – a $ million bond issue to support the English and French governments – and acts as purchasing agent for the Allies, facilitating the purchase of over $3 billion worth of war material and other goods needed by the Allies. 

Other JPMC predecessor banks support the war effort by providing critical banking services in war-torn Europe.  After America’s entry into the conflict, banks sell war bonds and many of their employees serve in the armed forces or volunteer with the Red Cross. 


Post-war international expansion

After the war banks diversify and expand into new global markets.  Chase National Bank and Guaranty Trust Company set up affiliates to do securities underwriting and open new branches in Europe, Asia and Latin America.  Chase National merges with Equitable Trust Company in , combining their extensive overseas branch networks and making Chase the world’s largest bank.  

 


Washington Mutual School Savings Program

Washington Mutual Savings Bank launches the School Savings Program, one of the first to teach children the value of saving money.  On the first School Bank Day nearly 17, schoolchildren make deposits. The program runs until the s, introducing several hundred thousand children to banking.


Japan earthquake loan

Following the Great Kantō earthquake that devastated Tokyo and the city of Yokohama, J.P. Morgan & Co. leads a $ million loan, part of an ambitious reconstruction plan.  It is the first dollar loan to Japan and, at the time, the largest long term foreign loan ever placed in the American market. Three years later, Jack Morgan is decorated with a medal by the emperor of Japan for the firm’s financial help following the earthquake.


Pioneering women in banking

Chase National Bank hires Mary Vail Andress as an assistant cashier.  She becomes the first female officer at a major New York City bank’s main office. Although women first entered the banking profession through clerical positions in the late nineteenth century, a number of pioneering women like Andress paved the way for others to achieve a range of positions within the financial sector.


Guaranty Trust Company invents the ADR 

American Depositary Receipts (ADRs) represent shares of stock in a foreign company and trade on U.S. stock markets in dollars, simplifying investing in non-U.S. securities and opening access to American capital.  In Guaranty Trust offers the first ADR for sale for U.K. retailer Selfridges Stores.


The stock market crash and its impact on banking

On October 29, , after a decade of speculation and rising prices, the stock market collapses ushering in the Great Depression.  The effect on the banking system is devastating as credit tightens and lenders call in margin loans that were used to speculate in the market.  Depositors, worried that their bank might fail, rush to withdraw their savings.  Over the next three years, such bank runs become more and more common. Unable to raise new funds from the Federal Reserve System, hundreds of banks fail throughout the nation.


Houston banks rescued

Jesse H. Jones, president of Houston’s National Bank of Commerce, organizes a group of top bankers and corporate leaders to bail out two failing Houston banks, Public National and Houston National, forestalling the collapse of the city's more stable banking institutions.  Due to Jones’ leadership, no Houston banks fail during the Depression.  


National Bank of Detroit opens

The National Bank of Detroit, forerunner of NBD Bancorp, opens in Detroit amidst a nationwide financial collapse.  As depositors lose confidence in banks’ solvency, the federal government declares a bank holiday – closing all banks to give the financial system time to stabilize.  After Detroit’s two major banks fail, Michigan is virtually without banking services for six weeks.  The Reconstruction Finance Corporation and General Motors capitalize a new National Bank of Detroit, which opens new accounts on its first day in business.


J.P. Morgan goes public

J.P. Morgan & Co., a private partnership since its inception, incorporates and sells shares to the public, becoming J.P. Morgan & Co. Incorporated. J.P. (Jack) Morgan, Jr., the firm's senior partner, becomes the new corporation's first chairman.


Our first drive-in

National Bank of Detroit is the first JPMC heritage bank to open a drive-in banking window.  The idea was pioneered by a Vernon, California bank in , but does not become a widespread service for retail consumers until the late s.


Service during World War II

Following the bombing of Pearl Harbor and America's entry in the war, our predecessor banks support the war effort abroad and at home.  Thousands of bank employees serve overseas in the military, while at-home employees participate in blood drives and prepare packages of food, clothing and supplies for troops stationed abroad.  Our predecessors play an important role in buying and promoting Treasury securities, sponsoring drives and selling war bonds at branches.


Post-war expansion

Chase National Bank establishes a branch in Japan and the first post-war U.S. bank branch in Germany.

A new wave of post-war expansion engulfs the global economy in the years following the end of World War II. By establishing new branches, representative offices and correspondent bank relationships abroad, our predecessors begin providing a wide range of international customer services, such as travelers’ checks.  Corporate clients can now more easily obtain trade financing, bills of exchange and commercial letters of credit.

Bank Consolidation and Innovation

ss
Bank consolidation in New York City

Post-war banking in America is marked by two trends: consolidation of banks through mergers and the growth of branch banking, reversing the pattern of small, single-office banking that had existed for more than a century.  Branch banking had been viewed as monopolistic, but by the s, the public wanted more convenient, local banking and a broader choice of services that could be provided by larger banks.  All four of JPMorgan Chase’s New York City heritage firms – Chemical Bank, Chase Manhattan Bank, Morgan Guaranty Trust and Manufacturers Hanover Trust – are formed in this period of consolidation.


Chase Manhattan Bank is created

Chase National Bank merges with The Bank of The Manhattan Company to form Chase Manhattan Bank. The new institution combines Chase National’s strength in international, corporate, and correspondent banking with The Bank of The Manhattan Company's network of branches and retail banking expertise.


Chase launches the first credit card in New York

Chase Manhattan introduces the Chase Manhattan Charge Plan, the first New York City bank to offer a retail credit account.  The card is soon renamed Uni-Card and in joins the national BankAmericard System, the precursor to Visa.


Morgan Guaranty is organized

J.P. Morgan & Co. Incorporated merges with Guaranty Trust Company of New York forming Morgan Guaranty Trust Company of New York.  

After rebuffing merger overtures from Guaranty Trust Company, then four times the size of Morgan with almost all of America's top companies as clients, having watched its competitors grow rapidly through mergers, which diminished its own assets by comparison, Morgan agrees to merge but with the name Morgan Guaranty Trust Company.  The combination creates one of the world’s largest trust operations.   


Chase Manhattan introduces the Octagon logo

The design firm Chermayeff & Geismar is selected to design a new logo to reflect Chase Manhattan Bank’s increasing global presence.  The new octagon symbol is intended to be a simple yet powerful form, embodying a feeling of motion centered around a square. The Octagon is one of the earliest abstract corporate logos and continues to be a significant element in the JPMorgan Chase brand architecture.  


You Have a Friend at Chase

Around the same time it unveils its octagon logo, Chase also unveils a new advertising campaign. The “You Have a Friend at Chase” campaign runs from January through and becomes one of the first to feature the bank’s new logo. Coining one of Chase’s most memorable slogans, the advertisements reinforce the notion of friendly service no matter which Chase branch you visit, domestic or international.


Electronic data processing comes to banking

Chase Manhattan, First National Bank of Chicago and National Bank of Detroit each install computer equipment for the electronic processing of checks.  Only two years after Chase Manhattan Bank installs one of the first computers in New York, an IBM Data Processing System, the bank builds an automated check-processing center. Using new technology to read magnetic ink characters printed on checks, the system processes more than a million checks a day in its first year. 


Manufacturers Hanover gets its start

Manufacturers Trust Company and The Hanover Bank merge, forming Manufacturers Hanover Trust Company, then the third largest banking institution in New York City.


Credit cards go national

City National Bank & Trust Company in Columbus, Ohio, (Bank One’s main predecessor) establishes a national credit card program, becoming the first bank outside of California to introduce the BankAmericard, the precursor to Visa.  In , Manufacturers Hanover and Chemical Bank are among the founding issuers of the Master Charge Plan, today’s Master Card.


Euroclear is founded

Morgan Guaranty in Brussels launches Euroclear, a system that provides for the orderly settlement of transactions in Eurobonds, a new form of international security. Ownership is spun-off to its users in and in Euroclear Bank is launched to perform the operating and banking roles previously carried out by Morgan Guaranty.


The ATM era begins

Chemical Bank installs the nation’s first cash dispensing machine – the precursor to the ATM – in a Rockville Center branch on Long Island, inaugurating hour banking in the New York metropolitan area.  In Bank One forerunner City National Bank installs ATMs in its branches, making Columbus, Ohio, a major test market for the machines.  Technological improvements to the ATM and added functionality, such as making deposits and transfers, are rolled out beginning in


Bank holding companies set the stage for growth

Morgan Guaranty, Chase Manhattan, Manufacturers Hanover, Chemical, and First National Bank of Chicago all reorganize to form holding companies, corporate entities that own the capital stock of their lead banks.  Holding companies permit greater flexibility to raise capital and expand geographically and functionally.  The Marine Corporation in Wisconsin, a Bank One predecessor, is the first bank holding company in the U.S., founded in


Opening doors to Russia and China

Chase Manhattan establishes a representative office in Moscow, the first U.S. bank to have a business presence there since the s.  Connections with mainland China are reinvigorated the same year when Chase Manhattan becomes the first American correspondent of the Bank of China since the revolution. 


Rockefeller establishes the Chase Manhattan Bank Archives

In , David Rockefeller, chairman of Chase Manhattan Bank, establishes the Chase Manhattan Bank Archives in an effort to preserve the legacy of his firm. With each successive merger, the archive continues to grow, adding to its collection the documents and artifacts of the newly-merged banks. Today, the JPMorgan Chase Historical Collection is one of the largest private business collections in the country and documents the heritage of the firm’s over 1, predecessor institutions.


A gift to the Smithsonian

Chase Manhattan Bank donates the Money Museum, the bank's famed collection of money from around the world, to the Smithsonian Institution.  The collection contains 75, specimens of coins, paper currency and transactional objects from all time periods since the introduction of monetary systems.  The gift to the Smithsonian’s national numismatic collection is intended to make these objects more accessible to the public.  

Interstate Banking Meets the Computer Age


At home banking develops

Bank One tests an early version of home banking called Channel   Bank customers can view their bank balances on a television screen, pay bills and shift money between accounts.  The service works over regular telephone lines.  In Chemical Bank introduces Pronto, the first full-fledged online banking service, and in Chase Manhattan Bank introduces Spectrum, a home banking service offering three tiers of service: core banking, financial planning, and investing. 


Expanding beyond markets: the age of interstate banking

The Supreme Court rules that regional interstate banking zones are constitutional, marking an important step toward the development of full interstate banking today. Up to this time, bank holding companies were prohibited from acquiring banks across state lines.  As a result, our New York heritage firms begin expanding beyond the New York City market, while all three Midwest heritage firms – Banc One in Ohio, First Chicago in Illinois, and NBD in Michigan – merge with large bank holding companies in other states before merging with one another in the s.


Networked ATMs is NYCE

The New York Cash Exchange (NYCE), the first automatic teller network in the New York metropolitan area, gives customers access to more than ATMs in locations in the tri-state area.  Chemical and Manufacturers Hanover are among the original founders. Within a year, affiliation with other ATM networks increases NYCE user access to more than 18, ATMs across the U.S.


Reversing Glass-Steagall

In a relaxation of the Glass-Steagall banking laws separating commercial and investment bank activities, the U.S. Federal Reserve grants J.P. Morgan & Co. the right to underwrite and deal in corporate debt securities.  One year later Morgan is granted equity underwriting powers, becoming the first U.S. bank holding company to provide clients with a full range of securities services since the s.   


Chemical and Manufacturers Hanover merge 

Chemical Banking Corporation merges with Manufacturers Hanover Corporation, reported in the press as a "merger of equals."  The new firm is named Chemical Banking Corporation and is the second-largest banking institution in the U.S. behind Citicorp. 


First Chicago merges with NBD 

First Chicago Corporation merges with NBD Bancorp. The new firm, First Chicago NBD, is the largest banking company in the Midwest and the seventh largest bank holding company in the U.S.


Online Banking and the Internet

Chemical launches Online Banking which allows customers to consolidate all of their accounts and access them from their home computers.  Two years later, NBD Bank, Bank One and Chase each introduce online banking services.  First Chicago NBD introduces a free Internet bank in


Chase Manhattan merges with Chemical 

Chase Manhattan Corporation merges into Chemical Banking Corporation in one of the largest consolidations in U.S. banking history.  At the time it is the largest bank holding company in the United States. 


Banc One merges with First Chicago NBD

Banc One Corporation merges with First Chicago NBD. The new firm, retaining the name Bank One Corporation, chooses Chicago as its headquarters and becomes the fourth largest bank in the U.S. and the world's largest Visa credit card issuer.


J.P. Morgan serves as advisor in Exxon-Mobil merger

As exclusive advisor to Exxon in its merger with Mobil, J.P. Morgan helps create the world’s third largest quoted company and its largest energy company.

The Rise of JPMorgan Chase & Co.


J.P. Morgan merges with Chase Manhattan

J.P. Morgan & Co. Incorporated merges with The Chase Manhattan Corporation. The new firm is named J.P. Morgan Chase & Co.


J.P. Morgan Chase merges with Bank One

J.P. Morgan Chase & Co. merges with Bank One Corporation. The new firm, with its corporate headquarters based in New York and its retail division based in Chicago, retains the name JPMorgan Chase & Co. 


Going Green

Chase opens its first environmentally friendly branch in Denver.


JPMorgan Chase & Co. acquires Bear Stearns and Washington Mutual

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J.P. Morgan Cazenove 

J.P. Morgan acquires full ownership of the firm's U.K. joint venture, J.P. Morgan Cazenove, with origins dating to


Mobile Banking

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Mobile banking


Financing a new GM

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Support for Veterans

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Women on the Move

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New Skills at Work  

JPMorgan Chase launches a five-year, $million initiative to help people build in-demand work skills, adapt and succeed in an ever changing world of work.  Building on its original investment, the firm expands the program in with a new five-year $million commitment.


Financing Detroit

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Chase Pay, express checkout

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New Skills for Youth

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A new HQ

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AdvancingCities launches

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Advancing Black Pathways

Advancing Black Pathways combines JPMorgan Chase's business and philanthropic resources to focus on wealth, education, and careers to accelerate economic opportunities for black people.

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[gentle guitar melody]

Rachel: You might be surprised to find out that JPMorgan Chase began by supplying water to Lower Manhattan. By the end of the 18th century, there were close to 60, people living in New York City. Most New Yorkers had no easy access to clean water. Unsanitary conditions prompted concern about the spread of disease. But it wasn't until an outbreak of yellow fever reached its peak in , that a group of people decided to take action. And the two men who led the charge were none other than Alexander Hamilton and Aaron Burr. In , Hamilton and Burr presented a charter for the governor's signature that would provide clean water to New York City residents through a private company, the Manhattan Company. But there was a catch. Burr had added a clause into the charter that would allow the directors of the Manhattan Company to start a bank with excess capital not needed by the water company. The charter, with its unusual clause, was successfully passed. In order to transport water through the growing city, six miles of wooden pipes were laid in just the first year, providing clean water to homes, shops, and businesses. This service continued until when New York City established its own municipal water system, and the Manhattan Company's Waterworks closed its operations. Though the Manhattan Company moved out of the water business, it remained a household name. Remember the clause that Aaron Burr included in the original charter in ? Within just six months of securing the charter for the water company, the directors voted to open a bank with their excess capital. And the Bank of the Manhattan Company was born. The Manhattan Company's groundbreaking charter became a template for the establishment of other banks within New York. In , the Bank of the Manhattan Company merged with Chase National Bank, the third largest in the United States, to form Chase Manhattan Bank. And in , Chase Manhattan merged with JPMorgan & Co, to form today's JPMorgan Chase.

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[gentle guitar melody]

Elizabeth: With a rich history tracing back over years, JPMorgan Chase has preserved a unique collection of artifacts and records that help tell the story of our firm. In our collection are two legendary pistols that changed the course of history. How did these artifacts impact a young nation and forever change the lives of two famous statesmen and how did they come to be part of our collection? These pistols, made in are linked to Alexander Hamilton and Aaron Burr. Hamilton and Burr were highly accomplished men who contributed much to the early growth of the United States. Hamilton was a Founding Father and Secretary of the Treasury. Burr was a Revolutionary War hero and Vice President of the United States. They were both lawyers, traveled in the same circles and were both instrumental in founding JPMorgan Chase's earliest predecessor, the Manhattan Company in But working together was the exception. Hamilton and Burr's personal and political differences fueled an animosity that played out in public as early as the s. Aaron Burr ran for president in He tied with Thomas Jefferson but lost the re-vote, thanks in part to Hamilton, who had been campaigning heavily against him. Hamilton: "As for Burr, there was nothing in his favor. He is bankrupt beyond redemption except by the plunder of his country. His public principles have no other spring or aim than his own aggrandizement." Elizabeth: As was the law back then, Burr was instead appointed vice president, a concession he wasn't happy about. Four years later, he ran for New York governor, but lost. He learned afterward that Hamilton had again been slandering him. A scorned Burr did what men of distinction often did back then; he challenged Hamilton to a duel. Burr: "You have invited the course I am about to pursue and now by your silence impose it upon me. Elizabeth: Hard to imagine now, but in early America, the practice of a duel, or prearranged fight, was a respected means of settling a score. There were even rules and guidelines about what could and could not transpire. The goal was to defend what the law would not defend, a man's honor. On July 11, , Hamilton and Burr met in Weehawken, New Jersey. Hamilton carried with him a set of pistols owned by his brother-in-law John Church. As the challenged man, it was his right to select the guns. Hamilton fired his shot in the air. Burr aimed directly at Hamilton and mortally wounded him. The two men returned by boat to New York City where Hamilton died the following morning. Burr, the Vice President was indicted for murder in both states. The charges were dropped, but his political career was destroyed. The pistols survived and in , the Bank of the Manhattan Company, JPMorgan Chase's earliest predecessor, purchased them from the Church family. Years later, in the s, long hidden details were revealed. Both pistols were equipped with a hidden mechanism called a hair trigger, which, if engaged, would allow its user to fire faster than normal. Hamilton, who procured the pistols, would have likely known about this feature and it could have given him an advantage. So, how did he lose? We'll never know for sure, but we're proud to preserve these two pieces of American history and explore their role in a pivotal moment in time.

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Chemical Bank

Former bank based in New York City

This article is about the former bank headquartered in New York City. For Chemical Bank in Michigan, see TCF Financial Corporation.

Chemical Bank was a bank with headquarters in New York City from until At the end ofChemical was the third-largest bank in the U.S., with about $ billion in assets and more than 39, employees around the world.[1]

Beginning in and accelerating in the s and s, Chemical was a leading consolidator of the U.S. banking industry, acquiring Chase Manhattan Bank, Manufacturers Hanover, Texas Commerce Bank and Corn Exchange Bank among others. Afterthe bank operated as the primary subsidiary of a bank holding company that was eventually renamed Chemical Banking Corporation.

InChemical acquired Chase Manhattan Corporation in a merger valued at $10 billion to create the largest financial institution in the United States. Although Chemical was the acquiring company and the nominal survivor, the merged bank adopted the Chase name, which was considered to be better known, particularly internationally.

Overview of the company[edit]

Chemical National Bank offices at Broadway, c.&#;

Chemical Bank was the principal operating subsidiary of the Chemical Banking Corporation, a bank holding company. As of the end ofbefore its merger with the Chase Manhattan Bank, Chemical was the third-largest bank in the United States by total assets, with $ billion. The Chemical Banking Corporation was the fifth-largest bank holding company in terms of total assets.[1] It is not to be confused with the totally unrelated entity Chemical Bank and Trust (headquartered in the state of Michigan) [2] which is currently a division of TCF Financial Corporation but will be the surviving brand in their merger. [3]

Of Chemical's $ billion, the bank held about $ billion of loans, including mortgage loans, other consumer loans, and commercial loans in the U.S. and internationally. Among Chemical's largest international exposure was to Japan, Germany, and the United Kingdom. The other assets on the bank's balance sheet included cash as well as various debt and equity securities.[1]

Chemical reported record net income of $ billion for Chemical's level of capital at the end of remained strong, with capital adequacy ratios well in excess of regulatory requirements. The Corporation's Tier 1 and Total Capital ratios were % and %, respectively.[1]

Chemical was one of the leading banks in the U.S., active both in corporate banking as well as retail banking. Within retail banking, Chemical provided personal and commercial checking accounts, savings and time deposit accounts, personal loans, chemical bank online banking sign in financing and mortgage banking as well as trust and estate administration.[1]

Chemical's corporate banking business provided a wide variety business loans, leasing, real estate financing, money transfer and cash management among other services.[1] Chemical was among the leading bank lenders to small and medium-sized businesses. Chemical also had a significant presence in investment banking as well as underwriting corporate debt and equity securities.[1]

Lines of business[edit]

Before its merger with Chase, Chemical had two operating segments: the Global Bank and Consumer & Relationship Banking.

  • Global Bank The Global Bank served the bank's large corporate clients and was made up of a traditional investment banking division, known as Global Banking & Investment Banking as well as a sales and trading division, known as Global Markets. Global Banking & Investment Banking performed advisory services such as mergers and acquisitions and restructuring as well as capital raising functions, such as leveraged loan syndication, high yield financing and other debt and equity underwriting. The bank's private equity and venture capital functions were also housed in this division. Global Markets was primarily focused on sales and trading activities, foreign exchange dealing; derivatives trading and structuring, risk management and other market related functions. InChemicals Global Bank revenue was roughly balanced between investment banking and markets activities [1]
  • Consumer & Relationship Banking. Consumer and Relationship Banking was made up of a number of businesses, including consumer banking, commercial banking; credit cards; mortgage banking (and other consumer finance, i.e. – home equity loans, student loans) as well as a number of smaller businesses. Chemical maintained a leading market share position in providing financial services to middle market companies nationally and small businesses in the New York metropolitan area. This division also included a small private banking business, although Chemical was not a leading player in this market.[1]

Offices[edit]

The bank opened its first offices at Broadway in Downtown New York in at the corner of Ann Street. Inthe bank agreed to sell its building to its neighbor Barnum's American Museum (the building collapsed during Barnum's subsequent remodeling) and in the bank moved into its newly constructed headquarters at Broadway.[4] Chemical bought additional land next to its building in and but its offices remained modest through the start of the 20th century.

Inthe bank constructed a new headquarters on the original and adjacent properties at Broadway. InChemical acquired a story building belonging to the Shoe & Leather Bank on Broadway, next door to and surrounded by its existing properties.[5] Despite expanding its headquarters over the years, by the mids Chemical needed more space to accommodate its growth and reflect its increasing profile.

Inthe bank made plans to move again, this time constructing a new six-story building at Broadway, on the corner of Broadway and Cortlandt Street, closer to the Financial District. Chemical moved in after the building was completed inand the bank's headquarters remained there for more than five decades.[6]

Under Chairman Donald Platten, Chemical's headquarters was to move to Park Avenue in [7][8] The bank moved across Park Avenue in to occupy the former headquarters of Manufacturers Hanover Corporation at Park Avenue, which remained the headquarters of Chemical's successor, JPMorgan Chase, until the building was vacated in in preparation for demolition and construction of a new JPMorgan Chase headquarters on the same site. JPMorgan Chase would return to Park Avenue infollowing the departure of its previous tenant, Donaldson Lufkin & Jenrette.[9] Inafter JPMorgan acquired Bear Stearns, the bank moved its investment banking groups from Chemical's old headquarters to Madison Avenue, and eventually the entire headquarters on a temporary basis until the new Park Avenue is finished.[10]

History[edit]

Founding and early history[edit]

Presidents of Chemical Bank

  • John Mason

    John Mason, early shareholder and second president of Chemical Bank (–).

  • Isaac Jones

    Isaac Jones, third president of Chemical Bank ().

  • John Q. Jones

    John Q. Jones, fourth president of Chemical Bank (–).

Certificate of Stock of the Chemical Manufacturing Company, c.
Chemical Bank $5 note, c.

In (&#;years ago)&#;(), the company was founded as the "New York Chemical Manufacturing Company" by Balthazar P. Melick together with the original directors of the company, John C. Morrison, Mark Spenser, Gerardus Post, James Jenkins, William A. Seely, and William Stebbins.[11] Additionally, Joseph Sampson, although not a director, was among the largest of the original shareholders of the bank.[11] The founders used the manufacturing company (which produced chemicals such as blue vitriol, alum, nitric acid, camphor, and saltpeter, as well as medicines, paints, and dyes) as a means to securing a bank charter from the New York State legislature.[12] During the s, prospective bankers found that they were more likely to be able to successfully secure a charter if the bank were part of a larger business. The following year, in Aprilthe company successfully amended its charter to allow Chemical to begin its banking practice. As a result, Chemical Bank was originally a division of the New York Chemical Manufacturing Company. Balthazar Melick was named the first president of the bank, which catered to merchants in New York City.[13]

InJohn Mason became a shareholder of the bank and would serve as Chemical's second president. Mason, who would later be referred to as "the father of the Chemical Bank" and was one of the richest merchants of his day in New York, succeeded Baltus Melick in [11] Mason was responsible for establishing the highly conservative business culture of the young bank that would persist for nearly 90 years. For its first twenty-five years, the bank paid no dividends, nor did it pay interest on customer deposits.[13] Mason was also responsible for leading Chemical through the Panic of When a speculative bubble collapsed on May 10,banks suspended payment of gold and silver. Although in the crisis Chemical followed others in suspending payments, they stood alone in a subsequent crisis twenty years later, when they continued to make payments in specie. Even inChemical was still one of the earliest to resume payments in specie.[11]

Mason died on September 26,but his legacy of conservatism was taken on by his successors.[13] Isaac Jones and later his cousin John Quentin Jones would lead Chemical, both serving as president, across the next forty years through Both Isaac and John Jones had close connections to John Mason, particularly Isaac who married one of John Mason's three daughters. The Mason and Jones families would maintain effective control of Chemical for much of its first five decades.[14] John Q. Jones was succeeded in by George G. Williams, who had joined the bank in and served as cashier of the bank from onward.[15] In that position, Williams was also inculcated in Chemical's conservative style of banking. Williams would serve as president from through [11]

Inwhen New York Chemical Manufacturing Company's original charter expired, the chemical company was liquidated and was reincorporated as a bank only, becoming the Chemical Bank of New York in [13] Among the bank's first directors under its new charter were Cornelius Roosevelt, John D. Wolfe, Isaac Platt, and Bradish Johnson, as well as bank president John Q. Jones.[11] The company sold all remaining inventories from the chemical division as well as the corresponding real-estate holdings by [citation needed]

Two years later, inChemical became a charter member of the New York Clearing House, the first and largest bank clearing house in the U.S.[13] Two Chemical presidents would also serve as head of the clearing house, with John Q. Jones serving from captain america the first avenger characters and George G. Williams serving in and from –[16]

During the Panic ofChemical Bank earned the nickname "Old Bullion" by taking a stand that it would continue to redeem its bank notes in specie throughout the crisis. The panic, which had hit banks and caused a number of failures, led banks across the country to suspend specie payments and turn to issuing paper promissory notes.[17][18] Chemical's decision was highly unpopular among its fellow banks and led to the bank's temporary suspension from the New York Clearing House, of which Chemical was a charter member.[19] While hundreds of banks closed, including 18 banks in New York in a single day, Chemical developed a reputation for first citizens bank atm withdrawal maximum. This reputation proved extremely important in Chemical's growth during subsequent recessions during the s. Chemical frequently used the refrain "Good as gold then, good as gold today" in advertisements from the s well into the 20th century.[20]

Chemical received its national charter as the Chemical National Bank of New York inat the urging of the secretary of the treasury. This allowed Chemical to issue government-backed national bank notes, the forerunner to paper money. By the early s, Chemical had accumulated deposits in excess of $6 million (equivalent to $&#;million in ).[citation needed]

A contemporary perspective of Chemical from described the bank as follows:

The Chemical National Bank is a famous corporation. Its stock commands a greater price in proportion to its par value than any other bank stock. It has the greatest surplus and undivided profits, with a single exception, of any bank in the country. It has the largest amount of individual deposits. It pays the largest percentage of dividends on its par value of any corporation of any kind&#; The shares of the bank based on $ par value have sold as high as $4, each.[21]

–[edit]

The Chemical National Bank logo

Percy H. Johnston, president of Chemical –, responsible for building Chemical into one of the largest U.S. banks

Herbert K. Twitchell, president of Chemical – and responsible for initiating major changes at the bank

By the first decade of the 20th century, Chemical had one of the strongest reputations in banking but as a business was in decline, losing accounts each year. Unlike many of its peers, Chemical had been reluctant to expand into securities and other businesses and had not paid interest on bank accounts. Both practices, considered to be highly conservative, had allowed Chemical to develop a large capital reserve but were not attracting customers. William H. Porter, a prominent banker of the era, was named president of the bank in after the death of the previous president George G. Williams.[15] Porter would leave Chemical seven years later to become a partner at J.P. Morgan & Co. in and was succeeded by Joseph B. Martindale, who was named president in [22]

Interior of Chemical National Bank offices at Broadway, c.

InChemical named a new president of the bank, Herbert Twitchell,[23] after the death of Chemical bank online banking sign in B. Martindale. It was uncovered, just months after Martindale's death, that the former Chemical president had stolen as much as $, from the account of Ellen D. Hunt, a niece of Wilson G. Hunt.[24][25]

Twitchell initiated a major turnaround of Chemical, setting up a trust business and reversing Chemical's policy of not paying interest on cash accounts. These steps along with other initiatives, resulted in an increase in deposits from $35 million to $81 million by [13][26] InTwitchell was succeeded by Percy H. Johnston and remained with the bank as chairman of the board.[27] Johnston would hold the presidency of the bank through at which time the bank had grown to become the seventh largest in the U.S.[28]

InChemical completed its first major acquisition, merging with Citizens National Bank. The acquisition of Citizens National, a small New York commercial bank, increased Chemical's assets to more than $ million with more than $ million of deposits.[26] InChemical established its first branch and by the end of the s had opened a dozen branches in Manhattan and Brooklyn as well as a branch in London, its first international presence.

InChemical reincorporated as a state bank in New York as Chemical Bank & Trust Company and merged with the United States Mortgage & Trust Company, headquartered on the Madison Avenue and 74th Street.[29][30] During the Depression-era of the s, Chemical's deposits grew by more than 40% and inthe bank reached $1 billion of assets. During this period, Chemical also established Chemical National Company, a securities underwriting business.

–[edit]

The New York Trust Company merged in increasing the bank's wholesale banking business

Inafter the retirement of Percy Johnston, Harold Holmes Helm was named the new president of Chemical and would serve first as president and later as chairman of the bank for the next 18 years until his retirement in Under Helm, Chemical completed a series of large mergers in the late s and early s that again made the bank among the largest in the U.S.[31] InChemical merged with Continental Bank and Trust Company. Then inChemical would merge with the Corn Exchange Bank and only five years later merge again with the New York Trust Company.

Chemical completed its largest acquisition to that point, inmerging with the Corn Exchange Bank to become the Chemical Corn Exchange Bank. Founded inthe Corn Exchange Bank was based in New York City, but had built a network of branches in other states through the acquisition of community banks.[32] The merger with the Corn Exchange Bank added 98 additional branches to Chemical's system largely in the New York City and $ million in deposits.[31]

Inthe bank, now known as Chemical Corn Exchange Bank, merged with New York Trust Company, effectively doubling the size of the chemical bank online banking sign in. New York Trust Company, which had a large trust and wholesale-banking business, specialized in servicing large industrial accounts.[31] At the time of the merger, Chemical Corn was the fourth largest bank in New York and New York Trust was the ninth largest bank and the merger created the third largest bank in New York, and the fourth largest in the U.S. with $ billion of assets.[33] Following the merger, the bank dropped the usage of the "corn exchange" from the corporate name to become the Chemical Bank New York Trust Company.

InChemical reorganized itself as a bank holding company, Chemical New York Corporation, which allowed for more rapid expansion.[34] Throughout the early s Chemical had begun to expand into New York's suburbs, opening branches on Long Island and in Westchester County. However, by the late s and early s, Chemical was focused on building its international business. In these years, Chemical opened new offices in Frankfurt, Germany (), Zurich, Switzerland (), Brussels, Belgium (), Paris, France () and Tokyo, Japan ().

InChemical acquired Security National Bank, which had a branch network on Long Island.[35]

s[edit]

Chemical continued pursuing acquisitions, throughout the s notably its acquisitions of Texas Commerce Bank () and Horizon Bancorp () as well as its attempted takeover of Florida National Bank ().

Chemical and Florida National Bank agreed, into enter into a merger, after laws preventing interstate banking were lifted, giving Chemical an option to acquire the business.[36] In February,Southeast Banking Corporation (SBC), which had been rebuffed in its attempted to acquire Florida National sued to obtain an injunction against the Chemical merger.[37] In earlySoutheast Banking Corporation dropped its takeover attempt and agreed to exchange their Florida National shares for 24 FNB branch offices and other consideration.[38] Following the deal with SBC, Florida National was cleared to merge with Chemical, however interstate banking acquisitions were still prohibited by Federal law and required state legislative approval.[39] With the deadline running out for its option to buy Florida National and no sign of state legislative approval, Chemical Bank sold their % interest to First Union Corporation for $ million.[40]

Texas Commerce Bank, acquired by Chemical in in the largest interstate banking merger at that time

Chemical completed its largest transaction of the s in Decemberwhen the bank agreed to acquire Texas Commerce Bank. The $ billion transaction represented the largest interstate banking merger in U.S. history to that time.[41][42] Texas Commerce, which was officially acquired in Maywas one of the largest bank holding companies in the Southwestern U.S., with a strong presence in corporate banking for small and medium-sized businesses. Chemical did not seek Federal Deposit Insurance Corporation backing for its acquisition of Texas Commerce although other large Texas banks, First RepublicBank Corporation (Acquired by NationsBank) and MCorp Bank (acquired by Bank One), received over $5 billion of support. Ultimately Chemical contributed $ million to shore Texas Commerce as it continued to suffer losses.[43][44]

Also inChemical agreed to a merger with New Jersey-based Horizon Bancorp, although the merger was not completed untildue again to interstate banking rules.[45]

The bank's holding company, Chemical New York Corporation, was renamed the Chemical Banking Corporation in following its series of out of state mergers and acquisitions, including Texas Commerce Bank and Horizon Bancorp.[46]

It was during this period, in the s and early s, that Chemical emerged as one of the leaders in the financing of leveraged buyout transactions. By the late s, Chemical developed its reputation for financing buyouts, building a syndicated leveraged finance business and related advisory businesses under the auspices of pioneering investment banker, Jimmy Lee.[47][48] It was not until that Chemical would permission to underwrite corporate bonds, however within a few years, Chemical (and later Chase) became a major underwriter of below-investment-grade debt under Lee. Additionally, inChemical launched Chemical Venture Partners to invest in private equity transactions alongside various financial sponsors.[49][50]

s[edit]

In JulyChemical announced that it would acquire Manufacturers Hanover Corporation in a $ billion merger transaction.[51] At the time of the merger, Chemical and Manufacturers Hanover were the sixth and ninth largest banks, respectively, by assets. The transaction, when it closed at the end ofmade the combined bank, which retained the Chemical name, the second largest bank in the U.S., behind Citicorp both in terms of assets and customers (approximately million household accounts in ).[52] Chemical adopted Manufacturers Hanover's logo design and moved into its headquarters at Park Avenue in New York. In corporate banking, Manufacturers Hanover was better established with larger, blue-chip companies, whereas Chemical had been stronger with small- and medium-sized businesses.[35]

Nationally, the combined Chemical Bank became one of the largest lenders to U.S. companies and was arguably the leader in loan syndication globally. Additionally, Chemical took a leading role providing foreign exchange, interest rate and currency swaps, corporate finance services, cash management, corporate and institutional trust, trade services and funds transfer. Chemical operated one of the nation's largest bank credit card franchises and was a major originator and servicer of home mortgages.[53]

InChemical acquired Chase Manhattan Corporation in a merger valued at $10 billion to create the largest financial institution in the United States. Although Chemical was the acquiring company and the nominal survivor, the merged bank adopted the Chase name, which was considered to be better known, particularly internationally. Chase, which at its height had been the largest bank in the U.S., had fallen to sixth, while Chemical was the third largest bank at the time of the merger.[54][55][56][57][58] The merger resulted in the reduction of more than 12, jobs between the two banks and merger related expenses of approximately $ billion.[59][60]

The bank continued to operate under the Chase brand until its acquisition of J.P. Morgan & Co. in December to form JPMorgan Chase & Co. Throughout all of these acquisitions, Chemical's original management team, led by Walter V. Shipley, remained in charge of the bank. When the combined bank purchased J.P. Morgan & Co., William B. Harrison, Jr., who had been a longtime Chemical executive, was named CEO of the combined firm. Additionally, many of Chemical's businesses remained intact through the various mergers. Chemical's private equity group for example, was renamed multiple times, ultimately becoming JP Morgan Partners before completing a spin-out from the bank, as CCMP Capital, after the bank's merger with Bank One. Additionally, JPMorgan Chase retains Chemical's pre stock price history, as well as Chemical's old headquarters at Park Avenue.[citation needed]

Acquisition history[edit]

Major mergers, acquisitions, and historical predecessors of Chemical Bank
The Chemical Bank of New York
established
Citizens National Bank
established
acquired
Corn Exchange Bank
established
acquired
Texas Commerce Bank
established
acquired
Hanover Bank
established
Manufacturers Trust Company
established
Manufacturers Hanover
merged
Chemical Banking Corporation
reorganized
Chemical Bank
merged

Electronic banking[edit]

Chemical was among the pioneers of electronic online banking. On September 2,Chemical installed the first automated teller machine (ATM) at its branch in Rockville Centre, New York. The first ATMs were designed to dispense a fixed amount of cash when a user inserted a specially coded card.[61] A Chemical Bank advertisement boasted "On Sept. 2 our bank will open at and never close again."[62] Chemical's ATM, initially known as a Docuteller, was designed by Donald Wetzel and his company Docutel. Chemical executives were initially hesitant about the electronic banking transition given the high cost of the early machines. Additionally, executives were concerned that customers would resist having machines handling their money.[63]

InChemical initiated the first personal computer based banking system when it launched a pilot electronic banking program called Pronto.[64] Chemical had spent $20 million to develop the software for Pronto.[64] The system, which worked with the Atari console, began in New York and served Chemical Bank customers. Pronto was an extension of other electronic banking services offered by Chemical that included a corporate cash-management system and its growing ATM network and was one of the largest early forays by a bank into home computer based banking.[65] However, a year after launching Pronto only 21, of Chemical's million customers were using the system, in large part due to the high monthly subscription costs that Chemical charged customers to use it.[66] Byit was clear that Pronto, which was heavily promoted by Chemical, was growing much slower than anticipated.[67]

InChemical and BankAmerica, another pioneer entergy login pay bill electronic banking, entered into a joint venture with AT&T Corporation and Time Inc., known as Covidea, to market banking and discount stock-brokerage services to computer-equipped households.[66] By combining resources and sharing costs, the four firms hoped to reduce the risk of large and protracted losses.[68] Eventually Chemical discontinued its efforts in at a loss of nearly $30 million.[69][70]

Notable employees and executives[edit]

Executives and directors[edit]

  • Earl C. Sandmeyer, a founder of the New York Society of Security Analysts, New York Financial Writers Association, International Public Relations Association (IPRA), Public Relations Society, Public Relations Society of America, Public Utilities Advertising Association, Newcomen Society, Christ Church Day School, Corporate Intelligence, Inc. public relations and publishing, and Lifelighters' Associates record company, financial editor of the Rochester Times-Union from tofinancial editor and columnist of the Gannett newspapers in Rochester from toand financial writer for the New York Herald Tribune from to
  • William B. Harrison, Jr., later CEO of JPMorgan Chase
  • James B. Lee, Jr., investment banker and senior executive at JPMorgan Chase, notable for his role in the development of the leveraged finance markets in the U.S.
  • Robert I. Lipp, partner of Brysam Global Partners, a private equity firm, and former member of the board of JPMorgan Chase
  • John McGillicuddy, former chairman and CEO of Manufacturers Hanover
  • John Mason, early shareholder and second president of Chemical Bank
  • Balthazar P. Melick, founder and first president of Chemical Bank
  • John L. Notter, international financier and developer, former director
  • Cornelius Roosevelt, original director of Chemical Bank of New York when it was rechartered in
  • Emlen Roosevelt, cousin of Theodore Roosevelt and president of Roosevelt & Son
  • James A. Roosevelt, uncle of Theodore Roosevelt and founder of Roosevelt & Son
  • Walter V. Shipley, former chairman and CEO of Chemical and later Chase Manhattan Bank and chairman of JPMorgan Chase

Other former employees[edit]

  • Henry B. R. Brown, the originator of the world's first money market fund
  • Granger K. Costikyan, founder of Costikyan Freres
  • Alan H. Fishman, the last CEO of Washington Mutual before the bank was seized in
  • Ford M. Fraker, former ambassador to Saudi Arabia
  • Christopher C. Ashby, former ambassador to Uruguay
  • Abraham George, businessman, academic, and philanthropist and founder of The George Foundation
  • Glenn Hutchins, founder of Silver Lake Partners
  • Kathryn V. Marinello, former president and CEO of Ceridian Corporation
  • Darla Moore, partner of Rainwater, Inc. and wife of Richard Rainwater
  • Nancy Naples, director of Amtrak
  • Peggy Post, American author and consultant on etiquette
  • Pat Toomey, United States senator from Pennsylvania
  • Kathleen Waldron, an American author, financial executive and educator

References[edit]

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  3. ^"Chemical Financial Corporation and TCF Financial Corporation Close Merger of Equals to Become the New TCF". Berkshire Hathway's BusinessWire. August 1,
  4. ^"Plan $2, Building at Broadway and Chambers"(PDF). The New York Times. September 21,
  5. ^"Chemical Buys Broadway Corner". The New York Times. January 29,
  6. ^"Chemical National's Move". The New York Times. December 22, Retrieved
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  8. ^"Chemical Bank Selling Building". The New York Times. April 10,
  9. ^Bagli, Charles V. (December 2, ). "Chase Says It Has Deal for Park Avenue Spot". The New York Times.
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  15. ^ abLeFevre, Edwin (November – April ). Mr. Williams and the Chemical bank online banking sign in National Bank. The World's Work. 3. Doubleday, Page & Co. pp.&#;–
  16. ^Gilpin, William Jay; Wallace, Henry E. (). Clearing House of New York City. New York Clearing House Association.
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  18. ^"Bank Years Old Today.; Chemical National, Known as "Old Bullion," Celebrates". The New York Times. July 30,
  19. ^Markham, Jerry (November 1, ). A financial history of the United States; Volume I: From Christopher Columbus through the Robber Barrons. M.E. Sharpe. ISBN&#.
  20. ^Reaching the Man who Reads as he Runs. Printers' ink, A Journal for Advertisers. CXIX. April 6, p.&#;
  21. ^King, Moses (). Kings handbook of New York (2nd&#;ed.). p.&#;
  22. ^Livingston, William (January 5, ). "The Chemical National Bank". The Independent. 70:
  23. ^To Head Chemical Bank.; Herbert K. Twitchell Elected Successor to Joseph B. Martindale. The New York Times, July 17,
  24. ^Martindale Theft Still in a Maze. The New York Times, September 16,
  25. ^Martindale Short $, as Head of Chemical Bank. The New York Times, September 12,
  26. ^ abChemical Bank to Absorb Citizens. The New York Times, March 19,
  27. ^Nye, Frank Wilson (). Knowledge is power: the life story of Percy Hampton Johnston, banker. Random House.
  28. ^History of J.P. Morgan Chase chemical bank online banking sign in Co. Funding Universe
  29. ^Depression-Era Alternatives to the Mattress Stash. The New York Times, January 23,
  30. ^Wigmore, Barrie A. (December 23, ). The crash and its aftermath: a history of securities markets in the United States. Greenwood Publishing Group. p.&#; ISBN&#.
  31. ^ abc"Helm at the Helm". Time. June 15, Archived from the original on February 1, Retrieved
  32. ^The Corn Exchange Bank; A 'Noble Monument to Thrift' With an Unusually Modern Air. The New York Times, November 1,
  33. ^Kennedy, Randy (January 9, ). "Hulbert Aldrich, 87; Banking Executive Led New York Trust". The New York Times.
  34. ^New Status for Chemical Bank. The New York Times, November 30,
  35. ^ abA Market Where Chemical is King. The New York Times, January 11,
  36. ^Florida Bank's Special Meeting. The New York Times, May 20,
  37. ^Florida Bank Merger Fought. The New York Times: February 9,
  38. ^Southeast Banking. The New York Times: March 3,
  39. ^"Fed Will Accept Florida Bank Plan". The New York Times. March 2,
  40. ^First Union to Acquire Florida National Bank. The New York Times, March 8,
  41. ^Chemical is Buying a Big Texas Bank. The New York Times, December 16,
  42. ^Texas Commerce Bancshares Alive and Thriving. The New York Times, March 31,
  43. ^This Banker May Be Too Big for Texas. The New York Times, July 11,
  44. ^In Texas, 2 Paths to Bank Profits. The New York Times, March 14,
  45. ^Jersey Banks Await Mergers. The New York Times, June 6,
  46. ^"Chemical's Name". The New York Times. Reuters. March 17,
  47. ^"Jimmy Lee's Global Chase". The New York Times, April 14, Archived June 28,at the Wayback Machine
  48. ^Kingpin of the Big-Time Loan. The New York Times, August 11,
  49. ^Interview with Jeff Walker, Managing Partner of JP Morgan Partners. The Harbus (Harvard Business School), February 10,
  50. ^Chase Capital Partners Is Planning a New Venture Fund. The New York Times, November 30,
  51. ^'Manny Hanny': A Name for History Books. The New York Times, July 16,
  52. ^The Bank Merger; Big Bank Merger To Join Chemical, Manufacturers. The New York Times, July 16,
  53. ^The History of Chemical Bank. JPMorgan Chase Archives
  54. ^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, August 29,
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  65. ^"Home Finance in an Electronic Age". Time, September 20,
  66. ^ ab"Brave New Piggy Bank". Time, July 15,
  67. ^The Executive Computer; When Technology Outpaces Needs. The New York Times, June 9,
  68. ^"B of A, Chemical, AT&T and Time Plan Home Banking". Los Angeles Times. June 4,
  69. ^Banks' Plea: Drop That Checkbook. The New York Times: March 7,
  70. ^"Technology: Back to The Velvet-Roped Lines". Time, January 9,

Sources[edit]

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History of Our Firm

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The Early Years of State Banking


The Manhattan Company is founded

The Manhattan Company, JPMorgan Chase's earliest predecessor institution, is chartered by the New York State legislature to supply "pure and wholesome" drinking water to the city's growing population.  Among its founders are Alexander Hamilton and Aaron Burr.

A provision in the charter allows The Manhattan Company to use its surplus capital for banking operations.  Within five months, The Bank of The Manhattan Company opens for business, becoming the second commercial bank in New York City after Hamilton’s Bank of New York.  With his banking monopoly broken, Hamilton severs his association with the water company.


The Hamilton – Burr duel

Manhattan Company founder Aaron Burr challenges his personal and political adversary, Alexander Hamilton, to a duel.  The two men meet at dawn on July 11th in Weehawken, New Jersey, across the Hudson River from New York City.  Hamilton is mortally wounded and dies the next morning.

The pistols selected by Hamilton for the duel were owned by his brother-in-law, John B. Church.  In The Bank of The Manhattan Company purchases them from one of Church's descendants.

 


First philanthropic endeavor

The Manhattan Company grants New York City’s volunteer fire companies free access to its network of water pipes to fight fires, contributing to the community’s public safety.

 

The New York Manufacturing Company is incorporated

The New York Manufacturing Company, the earliest predecessor in Manufacturers Hanover’s family tree, is created to produce tools and parts for the textile industry.  The company’s charter permits it to conduct a banking operation, similar to The Manhattan Company's example, and it establishes Phenix Bank in


The Bank of The Manhattan Company funds the Erie Canal

The Bank of The Manhattan Company is a key lender for the construction of the Erie Canal, which opens in linking the Hudson River to the Great Lakes.  Later in the century the bank provides funds to support interest payments on Erie Canal bonds and to enlarge and modernize the canal.


The New York Chemical Manufacturing Company opens

New York City merchants organize the New York Chemical Manufacturing Company to produce chemicals, medicines, paints and dyes.  The company's charter prohibits banking activities but a year later the company secures an amendment enabling it to establish a banking subsidiary called The Chemical Bank.


Bank of Commerce opens 

The Bank of Commerce opens in New York City. This institution, which merges with the Guaranty Trust Company of New York inis the earliest predecessor on the J.P. Morgan family tree.


The New York Clearing House brings efficiency to banking

The New York Clearing House is organized, with several JPMC predecessors as charter members, to systematize the daily settling of checks drawn on other local banks.  Previously, messengers went from bank to bank to trade checks for cash, a time-consuming and risky process.  Centralized clearing greatly reduces the number of transactions and risk among member banks.  More than $20 million is cleared on its first day of operation.


Abraham Lincoln becomes a customer

Springfield Marine and Fire Insurance Company opens in to insure shipping vessels and goods, but it also provides a variety of banking services.  Illinois lawyer Abraham Lincoln opens a bank account there two years later with an initial deposit of $  Lincoln keeps his account in Springfield through his presidential years until his assassination.  The firm later evolves into Marine Corporation, a Bank One predecessor.


Junius Morgan begins business in London 

Junius S. Morgan, patriarch of the Morgan banking family, moves to London and joins the private banking firm George Peabody & Co.  It becomes the leading marketer of American securities in England and Europe, raising capital for the first transatlantic telegraph cable in among other important deals.  The firm is restyled J. S. Morgan & Co. in and continues as a critical connection in the J.P. Morgan international banking network through the end of the century.


The Panic of

A financial panic causes 18 New York City banks to close on a single day and ushers in a severe economic depression.  Most banks suspend “specie payments” but Chemical Bank continues to redeem banknotes in gold coin, helping to stabilize the financial markets and earning it the nickname “Old Bullion.”  

National Banks and the Age of Industry

The Legal Tender Act and National Banking Acts

New banking laws passed during the Civil War authorize the U.S. government to create a uniform national currency, ease borrowing to pay its war expenses, and set up a new system of nationally chartered banks.

The Legal Tender Act of provides for a standard national currency, nicknamed "greenbacks" for the elaborate design printed on the back of the notes.  Because the notes are unsecured by gold deposits, the value of greenbacks fluctuates widely. 

The National Bank Act of creates a new system of national banks operating under a uniform regulatory framework alongside the older state-chartered banks.  The act empowers national banks to issue money in amounts secured by U.S. government bonds purchased and held in reserve by the banks.  The law is strengthened by a second National Bank Act passed the following year.


First National Bank of Chicago, eighth in the nation

The First National Bank of Chicago opens for business, becoming the eighth nationally chartered bank under the new National Banking Act.  JPMorgan Chase Bank continues to operate under this charter #8 to this day.

 


Guaranty Trust Company’s origins

The New York Guaranty and Indemnity Company is founded in New York.  Chemical bank online banking sign in institution, which evolves into Guaranty Trust Company of New York, later merges with J.P. Morgan & Co. in

 


Origins of Bank One

F.C. Sessions and Company is founded in Columbus, Ohio. This is Bank One's earliest predecessor in Columbus, its hometown base.


Drexel, Harjes & Co. opens in Paris

InAnthony Drexel establishes Drexel, Harjes & Co. in Paris, JPMorgan Chase’s earliest predecessor in France. Three years later, J. Pierpont Morgan partners with Drexel to open Drexel, Morgan & Co. in New York, later renamed J.P. Morgan & Co.


Drexel, Morgan & Co. is founded

J. Pierpont Morgan partners with Philadelphia banker Anthony Drexel to form Drexel, Morgan & Co., a private merchant banking house in New York City.  Pierpont builds his reputation as a leader in railroad investments, the largest and most dynamic American industry in the years after the Civil War.  The firm is rechristened J.P. Morgan & Co. in with Pierpont as the head of all four affiliated partnerships in New York, Philadelphia, London and Paris.


Fire devastates Chicago

When the Great Fire sweeps through Chicago inthe First National Bank of Chicago's new "fireproof" building at the corner of State and Washington Streets is almost completely destroyed.  The safes and vaults withstand the flames, however, leaving money, securities and valuable papers intact. 


Chase Bank begins business

Chase National Bank is founded by John Thompson, a noted New York City banker and financial publisher.  Thompson names the new bank in honor of his friend, Salmon P. Chase, Secretary of the Treasury under Abraham Lincoln and architect of the National Banking System.


J.P. Morgan and railroad finance

Drexel, Morgan & Co. sells William H. Vanderbilt's shares of New York Central Railroad stock.  Atshares it is, at the time, the largest block of stock ever publicly offered.  The deal establishes J. Pierpont Morgan’s reputation as an expert railroad financier and mobilizer of capital.  The next year, Morgan finances the completion of the Northern Pacific Railroad underwriting the sale of $40 million in bonds, at the time "the largest transaction in railroad bonds ever made in the United States."

Through the end of the century, Morgan wields enormous power in the American railroad industry, reorganizing failing lines, orchestrating mergers, restructuring debt, eliminating competition and cutting costs to return the companies to profitability – a process dubbed “Morganization” by the press.


Investing in electricity

The Drexel, Morgan & Co. building at 23 Wall Street is the first office building in New York City to draw power from the Edison Electric Illuminating Company's newly built electric generating station. Thomas Edison personally turns on the building's lights. 


First Chicago caters to women customers

First National Bank of Chicago establishes a women's banking department, one of the first in the United States to provide specifically designed accommodations for women customers.  Over the next several decades, other banks provide distinct sections with separate entrances, writing desks and lounges to provide greater comfort to female clients.


The Brooklyn Bridge opens

The Brooklyn Trust Company, a Manufacturers Hanover predecessor, is responsible for most of the nearly $15 million needed to finance the bridge’s construction.  It is the longest suspension bridge in the world at that time.


The Statue of Liberty is dedicated in New York Harbor

William L. Strong, founder of one of Chemical Bank's forerunners, is active in the fundraising campaign for the construction of the pedestal for the mammoth statue, a gift from France.  Another Chemical Bank predecessor, Liberty National Bank (founded in ), later uses the statue as its logo.


The Great Seattle Fire and founding of Washington Mutual

Washington National Building Loan and Investment Association is founded after a fire destroys much of Seattle's core.  The following year it makes the first monthly installment home loan on the Pacific Coast, lending $ to a customer to build a house.  The firm makes 2, similar loans, helping to rebuild blocks of housing in the city.


General Electric Company is organized

Drexel, Morgan & Co. finances the consolidation of Thomas Edison’s electric companies with the Thomson-Houston Electric Company to form General Electric Company, one of the most important industrial combinations of the late 19th century.


A technological innovation

First National Bank of Chicago is the first Chicago bank to acquire the newly invented Burroughs Registering Accountant – an adding machine. Manufactured by the American Arithmometer Company, later renamed Burroughs Adding Machine Co., the crank-operated machines printed entries and totals on a paper tape. 

 gold crisis


Morgan shores up the U.S. Treasury gold reserves

In the years following the Panic ofgold drains from the United States Treasury, causing a crisis in the nation’s currency, banking and international trade.  J. Pierpont Morgan organizes a private sale of government bonds to European buyers to replenish the nation’s gold supply and restore public confidence, setting the stage for an economic recovery.  


United States Steel is organized

J.P. Morgan & Co. organizes the buyout of industrialist Andrew Carnegie and combines some 15 companies to create United States Steel, the world's first billion-dollar corporation.


Morgan finances the Panama Canal

J. P. Morgan & Co. helps finance the Panama Canal, arranging for the transfer of $40 million for the U.S. government to buy land rights from the failed French endeavor that had begun construction of the canal in   The purchase is the largest real estate transaction in history up to that time. 


The Panic of

J. Pierpont Morgan again takes charge during an economic crisis.  As the stock market collapses, credit dries up, and banks and brokerages fail, Morgan marshals the major New York banks to supply liquidity to desperate markets, including purchasing $30 million of New York City bonds to avoid the city’s default.  For two weeks, Morgan holds the group together until public confidence in the banks is restored.  The crisis points to the need for a central bank and leads to the creation of the Federal Reserve System in


Financing the Houston Ship Channel 

The mile channel, linking land-locked Houston, Texas with Galveston Bay, is financed by bonds purchased by Texas Commerce predecessor, Union National Bank, and other local banks.  Houston developer and banker Jesse H. Jones plays a significant role in marketing the bond issue.  Completed inthe channel is today one of the busiest waterways in the United States.


J. Pierpont Morgan dies

J. Pierpont Morgan dies while traveling in Rome on March 31, His son, J.P. (Jack) Morgan, Jr. becomes J.P. Morgan & Co.'s senior partner.  The New York Stock Exchange closes until noon on the day of his funeral, an honor generally reserved for heads of state.


A new Morgan home rises on Wall Street

Construction begins in on a new J.P. Morgan & Co. headquarters at the firm’s historic site at 23 Wall Street.  Completed the year after J. Pierpont Morgan’s death, the four-story neoclassical-style building embodies the firm’s characteristically discreet business style.  The Morgan name is deliberately left off the building’s façade; the entrance doors bear only the street address “”

World Wars, Depression and International Expansion


Support for the Allies

During World War I, J.P. Morgan & Co. arranges the largest foreign loan in Wall Street history – a $ million bond issue to support the English and French governments – and acts as purchasing agent for the Allies, facilitating the purchase of over $3 billion worth of war material and other goods needed by the Allies. 

Other JPMC predecessor banks support the war effort by providing critical banking services in war-torn Europe.  After America’s entry into the conflict, banks sell war bonds and many of their employees serve in the armed forces or volunteer with the Red Cross. 


Post-war international expansion

After the war banks diversify and expand into new global markets.  Chase National Bank and Guaranty Trust Company set up affiliates to do securities underwriting and open new branches in Europe, Asia and Latin America.  Chase National merges with Equitable Trust Company incombining their extensive overseas branch networks and making Chase the world’s largest bank.  

 


Washington Mutual School Savings Program

Washington Mutual Savings Bank launches the School Savings Program, one chemical bank online banking sign in the first to teach children the value of saving money.  On the first School Bank Day nearly 17, schoolchildren make deposits. The program runs until the s, introducing several hundred thousand children to banking.


Japan earthquake loan

Following the Great Kantō earthquake that devastated Tokyo and the city of Yokohama, J.P. Morgan & Co. leads a $ million loan, part of an ambitious reconstruction plan.  It is the first dollar loan to Japan and, at the time, the largest long term foreign loan ever placed in the American market. Three years later, Jack Morgan is decorated with a medal by the emperor of Japan for the firm’s financial help following the earthquake.


Pioneering women in banking

Chase National Bank hires Mary Vail Andress as an assistant cashier.  She becomes the first female officer at a major New York City bank’s main office. Although women first entered the banking profession through clerical positions in the late nineteenth century, a number of pioneering women like Andress paved the way for others to achieve a range of positions within the financial sector.


Guaranty Trust Company invents the ADR 

American Depositary Receipts (ADRs) represent shares of stock in a foreign company and trade on U.S. stock markets in dollars, simplifying investing in non-U.S. securities and opening access to American capital.  In Guaranty Trust offers the first ADR for sale for U.K. retailer Selfridges Stores.


The stock market crash and its impact on banking

On October 29,after a decade of speculation and rising prices, the stock market collapses ushering in the Great Depression.  The effect on the banking system is devastating as credit tightens and lenders call in margin loans that were used to speculate in the market.  Depositors, worried that their bank might fail, rush to withdraw their savings.  Over the next three years, such bank runs become more and more common. Unable to raise new funds from the Federal Reserve System, at and t mobile of banks fail throughout the nation.


Houston banks rescued

Jesse H. Jones, president of Houston’s National Bank of Commerce, organizes a group of top bankers and corporate leaders to bail out two failing Houston banks, Public National and Houston National, forestalling the collapse of the city's more stable banking institutions.  Due to Jones’ leadership, no Houston banks fail during the Depression.  


National Bank of Detroit opens

The National Bank of Detroit, forerunner of NBD Bancorp, opens in Detroit amidst a nationwide financial collapse.  As depositors lose confidence in banks’ solvency, the federal government declares a bank holiday – closing all banks to give the financial system time to stabilize.  After Detroit’s two major banks fail, Michigan is virtually without banking services for six weeks.  The Reconstruction Finance Corporation and General Motors capitalize a new National Bank of Detroit, which opens new accounts on its first day in business.


J.P. Morgan goes public

J.P. Morgan & Co., a private partnership since its inception, incorporates and sells shares to the public, becoming J.P. Morgan & Co. Incorporated. J.P. (Jack) Morgan, Jr., the firm's senior partner, becomes the new corporation's first chairman.


Our first drive-in

National Bank of Detroit is the first JPMC heritage bank to open a drive-in banking window.  The idea was pioneered by a Vernon, California bank inbut does not become a widespread service for retail consumers until the late s.


Service during World War II

Following the bombing of Pearl Harbor and America's entry in the war, our predecessor banks support the war effort abroad and at home.  Thousands of bank employees serve overseas in the military, while at-home employees participate in blood drives and prepare packages of food, clothing and supplies for troops stationed abroad.  Our predecessors play an important role in buying and promoting Treasury securities, sponsoring drives and selling war bonds at branches.


Post-war expansion

Chase National Bank establishes a branch in Japan and the first post-war U.S. bank branch in Germany.

A new wave of post-war expansion engulfs the global economy in the years following the end of World War II. By establishing new branches, representative offices and correspondent bank relationships abroad, our predecessors begin providing a wide range of chemical bank online banking sign in customer services, such as travelers’ checks.  Corporate clients can now more easily obtain trade financing, bills of exchange and commercial letters of credit.

Bank Consolidation and Innovation

ss
Bank consolidation in New York City

Post-war banking in America is marked by two trends: consolidation of banks through mergers and the growth of branch banking, reversing the pattern of small, single-office banking that had existed for more than a century.  Branch banking had been viewed as monopolistic, but by the s, the public wanted more convenient, local banking and a broader choice of services that could be provided by larger banks.  All four of JPMorgan Chase’s New York City heritage firms – Chemical Bank, Chase Manhattan Bank, Morgan Guaranty Trust and Manufacturers Hanover Trust – are formed in this period of consolidation.


Chase Manhattan Bank is created

Chase National Bank merges with The Bank of The Manhattan Company to form Chase Manhattan Bank. The new institution combines Chase National’s strength in international, corporate, and correspondent banking with The Bank of The Manhattan Company's network of branches and retail banking expertise.


Chase launches the first credit card in New York

Chase Manhattan introduces the Chase Manhattan Charge Plan, the first New York City bank to offer a retail credit account.  The card is soon renamed Uni-Card and in joins the national BankAmericard System, the precursor to Visa.


Morgan Guaranty is organized

J.P. Morgan & Co. Incorporated merges with Guaranty Trust Company of New York forming Morgan Guaranty Trust Company of New York.  

After rebuffing merger overtures from Guaranty Trust Company, then four times the size of Morgan with almost all of America's top companies as clients, having watched its competitors grow rapidly through mergers, which diminished its own assets by comparison, Morgan agrees to merge but with the name Morgan Guaranty Trust Company.  The combination creates one of the world’s largest trust operations.   


Chase Manhattan introduces the Octagon logo

The design firm Chermayeff & Geismar is selected to design a new logo to reflect Chase Manhattan Bank’s increasing global presence.  The new octagon symbol is intended to be a simple yet powerful form, embodying a feeling of motion centered around a square. The Octagon is one of the earliest abstract corporate logos and continues to be a significant element in the JPMorgan Chase brand architecture.  


You Have a Friend at Chase

Around the same time it unveils its octagon logo, Chase also unveils a new advertising campaign. The “You Have a Friend at Chase” campaign runs from January through and becomes one of the first to feature the bank’s new logo. Coining one of Chase’s most memorable slogans, the advertisements reinforce the notion of friendly service no matter which Chase branch you visit, domestic or international.


Electronic data processing comes to banking

Chase Manhattan, First National Bank of Chicago and National Bank of Detroit each install computer equipment for the electronic processing of checks.  Only two years after Chase Manhattan Bank installs one of the first computers in New York, an IBM Data Processing System, the bank builds an automated check-processing center. Using new technology to read magnetic ink characters printed on checks, the system processes more than a million checks a day in its first year. 


Manufacturers Hanover gets its start

Manufacturers Trust Company and The Hanover Bank merge, forming Manufacturers Hanover Trust Company, then the third largest banking institution in New York City.


Credit cards go national

City National Bank & Trust Company in Columbus, Ohio, (Bank One’s main predecessor) establishes a national credit card program, becoming the first bank outside of California to introduce the BankAmericard, the precursor to Visa.  InManufacturers Hanover and Chemical Bank are among the founding issuers of the Master Charge Plan, today’s Master Card.


Euroclear is founded

Morgan Guaranty in Brussels launches Euroclear, a system that provides for the orderly settlement of transactions in Eurobonds, a new form of international security. Ownership is spun-off to its users in and in Euroclear Bank is launched to perform the operating and banking roles previously carried out by Morgan Guaranty.


The ATM era begins

Chemical Bank installs the nation’s first cash dispensing machine – the precursor to the ATM – in a Rockville Center branch on Long Island, inaugurating hour banking in the New York metropolitan area.  In Bank One forerunner City National Bank installs ATMs in its branches, making Columbus, Ohio, a major test market for the machines.  Technological improvements to the ATM and added functionality, such as making deposits and transfers, are rolled out beginning in


Bank holding companies set the stage for growth

Morgan Guaranty, Chase Manhattan, Manufacturers Hanover, Chemical, and First National Bank of Chicago all reorganize to form holding companies, corporate entities that own the capital stock of their lead banks.  Holding companies permit greater flexibility to raise capital and expand geographically and functionally.  The Marine Corporation in Wisconsin, a Bank One predecessor, is the first bank holding company in the U.S., founded in


Opening doors to Russia and China

Chase Manhattan establishes a representative office in Moscow, the first U.S. bank to have a business presence there since the s.  Connections with mainland China are reinvigorated the same year when Chase Manhattan becomes the first American correspondent of the Bank of China since the revolution. 


Rockefeller establishes the Chase Manhattan Bank Archives

InDavid Rockefeller, chairman of Chase Manhattan Bank, establishes the Chase Manhattan Bank Archives in an effort to preserve the legacy of his firm. With each successive merger, the archive continues to grow, adding to its collection the documents and artifacts of the newly-merged banks. Today, the JPMorgan Chase Historical Collection is one of the largest private business collections in the country and documents the heritage of the firm’s over 1, predecessor institutions.


A gift to the Smithsonian

Chase Manhattan Bank donates the Money Museum, the bank's famed collection of money from around the world, to the Smithsonian Institution.  The collection contains 75, specimens of coins, paper currency and transactional objects from all time periods since the introduction of monetary systems.  The gift to the Smithsonian’s national numismatic collection is intended to make these objects more accessible to the public.  

Interstate Banking Meets the Computer Age


At home banking develops

Bank One tests an early version of home banking called Channel   Bank customers can view their bank balances on a television screen, pay bills and shift money between accounts.  The service works over regular telephone lines.  In Chemical Bank introduces Pronto, the first full-fledged online banking service, and in Chase Manhattan Bank introduces Spectrum, a home banking service offering three tiers of service: core banking, financial planning, and investing. 


Expanding beyond markets: the age of interstate banking

The Supreme Court rules that regional interstate banking zones are constitutional, marking an important step toward the development of full interstate banking today. Up to this time, bank holding companies were prohibited from acquiring banks across state lines.  As a result, our New York heritage firms begin expanding beyond the New York City market, while all three Midwest heritage firms – Banc One in Ohio, First Chicago in Illinois, and NBD in Michigan – merge with large bank holding companies in other states before merging with one another in the s.


Networked ATMs is NYCE

The New York Cash Exchange (NYCE), the first automatic teller network in the New York metropolitan area, gives customers access to more than ATMs in locations in the tri-state area.  Chemical and Manufacturers Hanover are among the original founders. Within a year, affiliation with other ATM networks increases NYCE user access to more than 18, ATMs across the U.S.


Reversing Glass-Steagall

In a relaxation of the Glass-Steagall banking laws separating commercial and investment bank activities, the U.S. Federal Reserve grants J.P. Morgan & Co. the right to underwrite and deal in corporate debt securities.  One year later Morgan is granted equity underwriting powers, becoming the first U.S. bank holding company to provide clients with a full range of securities services since the s.   


Chemical and Manufacturers Hanover merge 

Chemical Banking Corporation merges with Manufacturers Hanover Corporation, reported in the press as a "merger of equals."  The new firm is named Chemical Banking Corporation and is the second-largest banking institution in the U.S. behind Citicorp. 


First Chicago merges with NBD 

First Chicago Corporation merges with NBD Bancorp. The new firm, First Chicago NBD, is the largest banking company in the Midwest and the seventh largest bank holding company in the U.S.


Online Banking and the Internet

Chemical launches Online Banking which allows customers to consolidate all of their accounts and access them from their home computers.  Two years later, NBD Bank, Bank One and Chase each introduce online banking services.  First Chicago NBD introduces a free Internet bank in


Chase Manhattan merges with Chemical 

Chase Manhattan Corporation merges into Chemical Banking Corporation in one of the largest consolidations in U.S. banking history.  At the time it is the largest bank holding company in the United States. 


Banc One merges with First Chicago NBD

Banc One Corporation merges with First Chicago NBD. The new firm, retaining the name Bank One Corporation, chooses Chicago as its headquarters and becomes the fourth largest bank in the U.S. and the world's largest Visa credit card issuer.


J.P. Morgan serves as advisor in Exxon-Mobil merger

As exclusive advisor to Exxon in its merger with Mobil, J.P. Morgan helps create the world’s third largest quoted company and its largest energy company.

The Rise of JPMorgan Chase & Co.


J.P. Morgan merges with Chase Manhattan

J.P. Morgan & Co. Incorporated merges with The Chase Manhattan Corporation. The new firm is named J.P. Morgan Chase & Co.


J.P. Morgan Chase merges with Bank One

J.P. Morgan Chase & Co. merges with Bank One Corporation. The new firm, with its corporate headquarters based in New York and its retail division based in Chicago, retains the name JPMorgan Chase & Co. 


Going Green

Chase opens its first environmentally friendly branch in Denver.


JPMorgan Chase & Co. acquires Bear Stearns and Washington Mutual

Collapse of the housing and mortgage markets leads to a severe worldwide financial crisis, the worst since the Great Depression of the s.  JPMorgan Chase helps stabilize the markets by acquiring the failing investment firm Bear Stearns Companies Inc. and Seattle-based savings and loan company, Washington Mutual.


J.P. Morgan Cazenove 

J.P. Morgan acquires full ownership of the firm's U.K. joint venture, J.P. Morgan Cazenove, with origins dating to


Mobile Banking

Chase rolls out innovative mobile banking features to help customers manage their accounts, pay bills and transfer money on mobile phones and tablets.

Mobile banking


Financing a new GM

J.P. Morgan leads General Motors in its historic initial public offering (IPO), serving as joint bookrunner and co-representative of the underwriters in the $ billion sale, the world’s largest IPO at the time.


Support for Veterans

JPMorgan Chase & Co. joins theJobs Mission, which brings together companies committed to hiring U.S. military veterans and military spouses.


Women on the Move

The firm launches its Women on the Move initiative designed to help women at all levels in the company overcome challenges they face in the workplace and grow their careers.


New Skills at Work  

JPMorgan Chase launches a five-year, $million initiative to help people build in-demand work skills, adapt and succeed in an ever changing world of work.  Building on its original investment, the firm expands the program in with a new five-year $million commitment.


Financing Detroit

JPMorgan Chase & Co. pledges $ million over five years to support, accelerate and scale some of the most innovative efforts underway to transform Detroit’s economy.


Chase Pay, express checkout

Chase announces Chase Pay, a better payment experience for in-store, in-app and online purchases.


New Skills for Youth

JPMorgan Chase announces a $75 million global initiative to address the economic opportunity crisis facing young people. The initiative, called New Skills for Youth, aims to provide young adults with skills to help them in their job searches.


A new HQ

JPMorgan Chase announces plans to replace its headquarters building at Park Avenue with a new resource efficient skyscraper.  The new world-class office tower, will house all NYC midtown employees.


AdvancingCities launches

AdvancingCities is a $ million, five-year initiative to invest in solutions that bolster the long-term viability of the world's cities and communities that have not benefited from economic growth.


Advancing Black Pathways

Advancing Black Pathways combines JPMorgan Chase's business and philanthropic resources to focus on wealth, education, and careers to accelerate economic opportunities for black people.

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[gentle guitar melody]

Rachel: You might be surprised to find out that JPMorgan Chase began by supplying water to Lower Manhattan. By the end of the 18th century, there were close to 60, people living in New York City. Most New Yorkers had no easy access to clean water. Unsanitary conditions prompted concern about the spread of disease. But it wasn't until an outbreak of yellow fever reached its peak inthat a group of people decided to take action. And the two men who led the charge were none other than Alexander Hamilton and Aaron Burr. InHamilton and Burr presented a charter for the governor's signature that would provide clean water to New York City residents through a private company, the Manhattan Company. But there was a catch. Burr had added a clause into the charter that would allow the directors of the Manhattan Company to start a bank with excess capital not needed by the water company. The charter, with its unusual clause, was successfully passed. In order to transport water through the growing city, six miles of wooden pipes were laid in just the first year, providing clean water to homes, shops, and businesses. This service continued until when New York City established its own municipal water system, and the Manhattan Company's Waterworks closed its operations. Though the Manhattan Company moved out of the water business, it remained a household name. Remember the clause that Aaron Burr included in the original charter in ? Within just six months of securing the charter for the water company, the directors voted to open a bank with their excess capital. And the Bank of the Manhattan Company was born. The Manhattan Company's groundbreaking charter became a template for the establishment of other banks within New York. Inthe Bank of the Manhattan Company merged with Chase National Bank, the third largest in the United States, to form Chase Manhattan Bank. And inChase Manhattan merged with JPMorgan & Co, to form today's JPMorgan Chase.

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[gentle guitar melody]

Elizabeth: With a rich history tracing back over years, JPMorgan Chase has preserved a unique collection of artifacts and records that help tell the story of our firm. In our collection are two legendary pistols that changed the course of history. How did these artifacts impact a young nation and forever change the lives of two famous statesmen and how did they come to be part of our collection? These pistols, made in are linked to Alexander Hamilton and Aaron Burr. Hamilton and Burr were highly accomplished men who contributed much to the early growth of the United States. Hamilton was a Founding Father and Secretary of the Treasury. Burr was a Revolutionary War hero and Vice President of the United States. They were both lawyers, traveled in the same circles and were both instrumental in founding JPMorgan Chase's earliest predecessor, the Manhattan Company in But working together was the exception. Hamilton and Burr's personal and political differences fueled an animosity that played out in public as early as the s. Aaron Burr ran for president in He tied with Thomas Jefferson but lost the re-vote, thanks in part to Hamilton, who had been campaigning heavily against him. Hamilton: "As for Burr, there was nothing in his favor. He is bankrupt beyond redemption except by the plunder of his country. His public principles have no other spring or aim than his own aggrandizement." Elizabeth: As was the law back then, Burr was instead appointed vice president, a concession he wasn't happy about. Four years later, he ran for New York governor, but lost. He learned afterward that Hamilton had again been slandering him. A scorned Burr did what men of distinction often did back then; he challenged Hamilton to a duel. Burr: "You have invited the course I am about to pursue and now by your silence impose it upon me. Elizabeth: Hard to imagine now, but in early America, the practice of a duel, or prearranged fight, was a respected means of settling a score. There were even rules and guidelines about what could and could not transpire. The goal was to defend what the law would not defend, a man's honor. On July 11,Hamilton and Burr met in Weehawken, New Jersey. Hamilton carried with him a set of pistols owned by his brother-in-law John Church. As the challenged man, it was his right to select the guns. Hamilton fired his shot in the air. Burr are marcona almonds good for you directly at Hamilton and mortally wounded him. The two men returned by boat to New York City where Hamilton died the following morning. Burr, the Vice President was indicted for murder in both states. The charges were dropped, but his political career was destroyed. The pistols survived and inthe Bank of the Manhattan Company, JPMorgan Chase's earliest predecessor, purchased them from the Church family. Years later, in the s, long hidden details were revealed. Both pistols were equipped with a hidden mechanism called a hair trigger, which, if engaged, would allow its user to fire faster than normal. Hamilton, who procured the pistols, would have likely known about this feature and it could have given him an advantage. So, how did he lose? We'll never know for sure, but we're proud to preserve these two pieces of American citi credit card online and explore their role in a pivotal moment in time.

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Child Care Licensing Account Registration and Login

Child care providers can create an online account to get their background checks, update operation information and see their inspections.

CCL Online Provider Account Tutorial Videos

Provider User Guides

Frequently Asked Questions

How do I create an online provider account through the CCL website?

See the Child Care Licensing Create a Child Care Licensing Account page for instructions.

What if I forgot my User ID or Password?

Go to the Provider Login and Background checks page. Click on the link directly below the login fields "Forgot your User ID or Password", which is located beneath the login button.

Forgot User ID?

  • Enter your Operation Number and click the "Email User ID" button.
  • Your User ID is sent to the email address you provided during registration.

Forgot/Need to Reset Password?

  • Enter your Operation Number and User ID, and then click the "Email Password" button.
  • You will receive a new password that you must enter exactly as it is written. (The User ID does not change.)
  • A new password is sent to the email address you provided during registration.
  • You must use the new password, which is case sensitive, and then change the password once you have successfully logged back into your account.

How must background check requests be submitted?

If you operate a residential child-care operation, child-care center, before or after-school program, school-age program, licensed child care home, or registered child care home you must submit background checks electronically through the Child-Care Licensing Account portal login page.

All other operations are encouraged to submit background checks using the online system, but may also submit requests using paper FormRequest For Background Check. This form also may be obtained from and submitted to your local Licensing representative or your CBCU representative, who can be located on the CBCU Contacts page.

To submit a request for a background check request online:

  • Login to your provider account on the Child-Care Licensing Account portal login page on the CCL website.
  • Select 'Submit a Background Check' from the available actions and enter the information for the individual.
  • Verify the information entered is correct, click the box verifying accuracy, and click the submit button.

If you verify that an applicant does not have a Social Security number, Driver’s License/State ID, or any of the Alternate Identification types available, you will not be able to utilize the electronic system and the background check for the applicant must be requested by submitting a completed Form

When will I receive background check results?

Notification of background check results are sent after they have been received and processed by CBCU.

If you have not received any results within seven calendar days of submitting the background and the subject of background check has been fingerprinted, or believe you may have made a technical error when submitting the background check contact your CBCU representative.

What if I'm not getting any results?

If there are questions about not receiving the results by email first look in the Junk or Spam mail of your email service to see if they are there. Many mail servers will filter email when there are mass mailings. You will need to signify that these are not Junk or Spam in order to receive notification by email.

If you have not received any results within seven calendar days of submitting the background and the subject of background check has been fingerprinted, or believe you may have made a technical chemical bank online banking sign in when submitting the background check contact your CBCU representative.

Why won't the address validate when I am trying to submit a background check request through the public provider site?

At this time, the Child-Care Licensing Account portal is not compatible with Microsoft Edge, Safari and many versions of Mozilla Firefox. Different browsers have different capabilities, and although these differences may seem minor, it's common for websites to work fine on one browser but poorly on another. For example, the Child Care Licensing Account portal allows the user to log in and attempt to submit a background check; however, when the user attempts to validate an address, the address validation tool pop-up window does not populate.

If you are having trouble submitting background checks, try using a different internet browser. See Changing Your Default Web Browser (PDF) for instructions to change the default web browser. If you continue to have problems submitting background checks, please contact your CBCU representative, who can be located on the CBCU Contacts page.

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