While JPMorgan Chase dates back to the formation of The Manhattan Company in 1799, the Chase namesake began almost eight decades later. On September 12, 1877, Chase National Bank was established by John Thompson, his son Samuel C. Thompson, Isaac W. White, Francis G. Adams and Lewis E. Ransom. John Thompson named the bank after Salmon. P. Chase, the former Treasury Secretary under President Abraham Lincoln, in honor of Chase’s contributions to the national banking system in the United States. The bank opened its doors to the public on September 20th at 117 Broadway in lower Manhattan with Samuel Thompson serving as its first president.
Chase established itself as a banker’s bank during its early years. This meant its primary business focus was to establish correspondent relationships with other banks throughout the country. For example, the Bank of Fargo in North Dakota — a state Chase recently entered — had an account with Chase as early as 1878. Chase continued operating like this until the beginning of the 20th century when its clientele diversified, and its services were no longer as it focused on correspondent banking. It was also around this time that Chase recognized the well-being of its growing number of employees. The Chase Bank Club was organized in 1909 and sponsored activities such as bowling, basketball, a choral group, and chess club, giving employees the opportunity to participate in activities outside of banking. Outings to Coney Island and holiday dances were also organized by the group.
Chase National Bank branch map, 1928
Chase was one of the only banks in New York City to increase its size on its own without any mergers until 1921 when it finalized its first merger with Metropolitan National Bank. This began a steady stream of mergers and growth over the next several years. In 1930, Chase merged with Equitable Trust Company and Interstate Trust Company, one of the largest bank mergers to date. Additionally, the acquisition of Equitable brought Chase into the international market with Equitable’s offices in Paris, London, Mexico City, Hong Kong, Tianjin, and Shanghai.
Fast-forward to 1955 when Chase National Bank merged with The Bank of The Manhattan Company to form Chase Manhattan Bank. The merger created what was then the second largest bank in the U.S., combining Chase National’s strength in international, corporate and correspondent banking with The Bank of The Manhattan Company’s large retail branch network.
