Chase Manhattan Bank: From 1799 Water Company to JPMorgan Chase Merger

Chase Manhattan Bank was a flagship US financial institution (1955–2000) born from a historic merger.

Lineage

• Manhattan Company (1799): Chartered by **Aaron Burr** to supply NYC water. Clause 11 allowed surplus capital for banking → **Bank of the Manhattan Co.** (2nd bank in NYC after BofNY).
• Chase National Bank (1877): Founded by **John Thompson** (named for Salmon P. Chase, Lincoln's Treasury Sec). Grew via mergers (Equitable Trust 1930 → largest bank).

Merger & Growth

• 1955: **Chase National + Manhattan Co. = Chase Manhattan Bank.** #2 US bank.
• 1969: First US bank to form **bank holding company** (Chase Manhattan Corp).
• 1980s-90s: LDC debt crisis losses → restructuring. **Chemical Banking Corp merger (1996)** → largest US bank (briefly).
• 2000: **Merger with J.P. Morgan & Co.** → **JPMorgan Chase & Co.** (NYSE: JPM).

Legacy

• Pioneered **credit cards (UniCard→Visa), ATM networks, securitization, syndicated lending**.
• **David Rockefeller** (Chairman 1969–81) — global statesman banker.
• **Chase** brand retained for consumer/commercial banking; **J.P. Morgan** for investment banking/private bank/asset management.

Today: **World's largest bank by market cap (~$500B), #1 US deposits, #1 investment banking fees.**