Corn Exchange Bank Explained

Corn Exchange Bank
Type:	Public company
Industry:	Banking, finance
Location:	New York state
Products:	Financial services
Fate:	defunct

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

History

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

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

Acquisition history

• 1899: Astor Place Bank (founded 1891), Hudson River Bank of the City of New York (founded 1888),^[4] and Queens County Bank (founded 1873 as Flushing and Queens County Bank).^[5]
• 1900: Home Bank (founded 1883).^[6]
• 1902: Mechanics & Traders' Bank of Brooklyn (founded 1867),^[7] Eleventh Ward Bank (founded 1867),^[8] and Union Square Bank of the City of New York (founded 1889).^[9]
• 1905: First National Bank of Staten Island at New Brighton (founded 1886).^[10]
• 1913: Mount Morris Bank (founded 1881).^[11]
• 1914: Washington Trust Company of the City of New York (founded 1889).^[12]
• 1928: Stapleton National Bank (founded in 1902).^[13]

See also

• JPMorgan Chase - the successor company

Notes and References

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