trust company

trust company

Company, often a commercial bank, acting as trustee for individuals and businesses and providing related financial or estate-planning services. Trust services for individuals commonly include the administration of estates, living trusts (trusts that become effective during the lifetimes of their makers, or settlors), and testamentary trusts (trusts originating in a will). Services for businesses include the administration of corporate bond indentures and corporate pension funds. Trust companies may also serve as corporate stock registrars and as paying agents for the distribution of dividends.

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Manufacturer's Hanover Trust Company was a bank formed by a 1961 merger. After 1969 it became a subsidiary of Manufacturers Hanover Corporation.

In 1993 it merged with Chemical Banking Corporation.

History

It was chartered in 1905 as Citizens Bank of Brooklyn. Through various mergers with banks throughout New York City it became a growing commercial bank. In 1961 it merged with Hanover Trust and was renamed Manufacturers Hanover Trust Company. The bank became the main source of financing for check cashing stores. In 1987 they bought some of the branches of Dollar Dry Dock Savings Bank. In 1992 it bought the New York City branches of the failed Goldome. By 1992 it was running out of money due to Savings account interest rates and bad loans. By the end of 1992 Chemical Bank had purchased the operations of MHT. In 1996 Chemical bought Chase Manhattan Bank and changed its name to Chase. '''

Prior to acquistion, the bank was sometimes referred to as "Manny Hanny".

Timeline of Mergers

  • 09/11/1905 NYS Chartered Citizens Trust Company of Brooklyn
  • 06/28/1912 Acquire By Merger Broadway Bank of Brooklyn
  • 08/12/1914 Acquire By Merger Manufacturers National Bank of Brooklyn
  • 08/19/1914 Name Change To Manufacturers-Citizens Trust Company
  • 09/10/1915 Name Change To Manufacturers Trust Company
  • 06/15/1918 Acquire By Merger West Side Bank
  • 06/02/1921 Acquire By Merger Ridgewood National Bank
  • 04/29/1922 Acquire By Merger North Side Bank of Brooklyn
  • 12/18/1922 Acquire By Merger Industrial Bank of New York
  • 08/14/1923 Acquire By Merger Columbia Bank
  • 03/31/1925 Acquire By Merger Yorkville Bank
  • 05/29/1925 Acquire By Merger Gotham National Bank
  • 05/29/1925 Acquire By Merger Fifth National Bank of the City of New York
  • 07/29/1927 Acquire By Merger Commonwealth Bank
  • 07/29/1927 Acquire By Merger Standard Bank
  • 06/05/1928 Acquire By Merger United Capitol National Bank and Trust Company
  • 01/26/1929 Acquire By Merger State Bank & Trust Company
  • 06/26/1930 Acquire By Merger Pacific Trust Company
  • 08/31/1931 Acquire By Merger Midtown Bank of New York
  • 09/16/1931 Acquire By Merger Bryant Park Bank
  • 09/22/1931 Acquire By Merger Midwood Trust Company
  • 1932 Acquire By Merger Brooklyn National Bank of New York, The
  • 02/09/1932 Acquire By Merger Chatham Phenix National Bank & Trust Company
  • 06/05/1937 Acquire By Merger Equitable Trust Company of New York (1930-1937)
  • 02/03/1939 Acquire By Merger Banca Commerciale Italiana Trust Co.
  • 02/05/1942 Acquire By Merger Standard National Bank, Woodside, N.Y.
  • 05/08/1946 Acquire By Merger Flatbush National Bank of Brooklyn
  • 05/01/1947 Acquire By Merger Fidelity National Bank in New York, The
  • 11/01/1949 Acquire By Merger National Bronx Bank of New York
  • 10/13/1950 Acquire By Merger Brooklyn Trust Company
  • 09/04/1953 Acquire By Merger Peoples Industrial Bank
  • 01/31/1955 Acquire By Merger Manufacturers Safe Deposit Company
  • 09/08/1961 Acquire By Merger Central Hanover Bank & Trust Company
  • 09/08/1961 Name Change To Manufacturers Hanover Trust Company
  • 06/30/1976 Acquire By Merger Manufacturers Hanover Trust Company/Mid-Hudson
  • 06/30/1976 Acquire By Merger Manufacturers Hanover Trust Company-Suffolk N.A.
  • 12/31/1985 Acquire By Merger Manufacturers Hanover, National Association
  • 05/31/1991 Purchased Assets Goldome
  • 06/19/1992 Merge To State Chemical Bank
  • 07/14/1996 Name Change To Chase Manhattan Bank, The
  • 11/13/2004 Convert Federal JPMorgan Chase Bank, National Association

References

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