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 Chemical's logo, adopted from Manufacturers Hanover after the banks' merger | |
| Industry | Bank holding company |
|---|---|
| Founded | 1824 |
| Founder | Balthazar P. Melick |
| Defunct | 1996 |
| Fate | Acquired Chase Bank in 1996 and assumed the Chase name |
| Successor | JPMorgan Chase |
| Headquarters | New York City |
Key people | Walter V. Shipley (chairman, CEO) William B. Harrison Jr. (vice chairman) John Francis McGillicuddy (director) |
| Products | Financial services |
| Total assets |  $182.9 billion (1995) |
Number of employees | 39,078 (1995) |
| Footnotes / references [1] | |
Chemical Bank, headquartered in New York City, was the principal operating subsidiary of Chemical Banking Corporation, a bank holding company. In 1996, it acquired Chase Bank, adopted the Chase name, and became the largest bank in the United States. Prior to the 1996 merger, Chemical was the third-largest bank in the U.S., with $182.9 billion in assets and more than 39,000 employees. In addition to operations in the U.S., it had a major presence in Japan, Germany, and the United Kingdom. It was active in both corporate banking as well as retail banking as well as investment banking and underwriting corporate bonds and equity.[1]
The bank was founded in 1824 as a subsidiary of the New York Chemical Manufacturing Company by Balthazar P. Melick and others; the manufacturing operations were sold by 1851. Major acquisitions by the bank included Corn Exchange Bank in 1954, Texas Commerce Bank in 1987, and Manufacturers Hanover in 1991. The bank converted to the holding company format in 1968.