Chase Manhattan Bank
List of Deals
The Chase Manhattan Corporation's roots can be traced to the Manhattan Company, which was founded in 1799 to provide water to New York City. The company was allowed to provide banking services due to a provision in its incorporation documents.
Chase National was formed in 1877 by John Thompson. In 1930 Chase National merged with John D. Rockefeller's Equitable Trust, becoming the world's largest bank. Chase National's growth continued through the 1940s and 1950s. In 1955 the company merged with the Bank of Manhattan. After this merger, the company was renamed Chase Manhattan. The bank remained the largest in the United States into the 1960s.
The bank's operations in the 1960s included taking deposits, making secured and unsecured loans, financing commercial transactions, purchasing, selling, and underwriting certain government securities, performing corporate, pension, and personal trust services, rendering investment advice to persons and institutions, and providing other financial services. By 1965 Chase Manhattan had special divisions devoted to the needs of the aerospace and petroleum industries, public utilities, and real estate. For other industries with particularly complex and rapidly changing technical and financial needs, such as mining, metals, electronics, and chemicals, full-time consultants and specialists were available at the bank. At that time, the bank had 142 direct and affiliated locations in 28 foreign countries.
The Chase Manhattan Corporation was incorporated in 1969. That same year, the Chase Manhattan Bank became a wholly owned subsidiary of the corporation. In 1970 the bank sponsored the formation of the Chase Manhattan Mortgage and Realty Trust, a real estate investment trust. The bank was an investment advisor for the trust on a fee basis, but neither the bank nor the corporation was a shareholder of the trust at that time.