History of Chase Bank in Timeline
Chase, officially JPMorgan Chase Bank, N.A., is a major American bank headquartered in New York City. Formed through a series of significant mergers, its history can be traced back to the Chase National Bank and the Manhattan Company. Key mergers include those with J.P. Morgan & Co. (2000), Chemical Bank (1996), Bank One (2004), and the acquisition of Washington Mutual assets (2008). Most recently, Chase acquired the assets of First Republic Bank in May 2023.
1905: Establishment of Manufacturers Trust Company
The Manufacturers Trust Company was established in 1905.
1926: Acquisition of Mechanics and Metals National Bank
In 1926, Chase National Bank acquired Mechanics and Metals National Bank.
1930: Acquisition of Equitable Trust Company of New York
Chase National Bank's acquisition of the Equitable Trust Company of New York in 1930 made it the largest bank in the United States and the world.
1930: Rescue of Rockefeller Center Project
Chase played a crucial role in rescuing the Rockefeller Center project in 1930.
1933: NBD Bancorp Establishment
NBD Bancorp, formerly known as National Bank of Detroit, was established in 1933.
1936: Start of Rückwanderer Mark Scheme
The Nazi regime's Rückwanderer Mark Scheme, in which discounted Reichsmarks were sold, began in 1936.
October 1940: FBI Investigation into Rückwanderer Mark Scheme
The FBI initiated an investigation into the Rückwanderer Mark Scheme in October 1940. Despite Chase National Bank executives' violations of several laws, they were never prosecuted due to threats of exposing sensitive FBI, Army, and Navy information.
June 14, 1941: Chase Unblocks French Accounts Despite Executive Order
Hours after President Roosevelt issued an Executive Order freezing German assets in the U.S., Chase unblocked French accounts, transferring funds through South America to Nazi Germany.
1941: End of Rückwanderer Mark Scheme
The Nazis amassed over $20 million from the Rückwanderer Mark Scheme, while businesses like Chase earned $1.2 million in commissions, with Chase receiving over $500,000 between 1936 and 1941.
1955: Formation of Chase Manhattan Bank
Chase Manhattan Bank was formed in 1955 through the merger of Chase National Bank and the Manhattan Company.
1955: Merger with Chase National Bank
In 1955, The Bank of The Manhattan Company merged with Chase National Bank, leading to the creation of Chase Manhattan Bank.
1955: Structural Maneuvering for Merger
To navigate the merger with the Manhattan Company in 1955, the deal was structured as an acquisition by the Bank of the Manhattan Company of Chase National.
1961: Introduction of the Stylized Octagon Logo
Chermayeff & Geismar designed the stylized octagon logo for Chase Manhattan Bank in 1961.
1969: Reorganization as a Bank Holding Company
Under David Rockefeller's leadership, the bank reorganized as a bank holding company named Chase Manhattan Corporation in 1969.
1979: Study on Bank Control over Corporations
A 1979 study highlighted Chase Manhattan's influence, stating it controlled 16 companies.
1985: Expansion into Arizona
Chase Manhattan expanded into Arizona by acquiring Continental Bank in 1985.
1987: Chemical Bank's Acquisition of Texas Commerce Bank
Chemical Bank acquired Texas Commerce Bank in 1987.
1991: Expansion into Connecticut
Chase Manhattan expanded into Connecticut by acquiring two insolvent banks in 1991.
1991: Chemical Bank's Acquisition of Manufacturers Hanover Corporation
Chemical Bank acquired Manufacturers Hanover Corporation in 1991.
August 1995: Merger Announcement with Chemical Bank
Chemical Bank of New York and Chase Manhattan Bank announced their merger plans in August 1995.
1995: Illustration of Mergers and Acquisitions
An illustration depicting the company's significant mergers, acquisitions, and historical predecessors was presented in 1995.
August 1996: Completion of Merger with Chemical Bank
The merger between Chemical Bank and Chase Manhattan Bank was finalized in August 1996.
1996: Merger with Chemical Bank New York
Chase Manhattan Bank merged with Chemical Bank New York in 1996.
1998: Bank One Corporation Formation
In 1998, Bank One Corporation was formed through the merger of Banc One (Columbus, Ohio) and First Chicago NBD.
1998: Chase Confronts WWII Actions
In 1998, Chase's general counsel claimed the bank had no control over actions taken during the Nazi occupation of France, but acknowledged seizing about 100 accounts during the Vichy regime. Legal action and discussions with the World Jewish Congress led Chase to accept responsibility and offer compensation to Jewish account holders.
May 1999: Chase Manhattan Settles Holocaust-Related Claims
In May 1999, Chase Manhattan reached a settlement regarding asset reparations with 20 plaintiffs, including the Claims Conference and the WJC, related to its activities during World War II.
1999: French Government Investigates Bank Actions During WWII
The French government formed a commission in 1999 to investigate bank actions during the Vichy regime, revealing that U.S. banks like Chase, despite not being subject to Nazi pressure, still reported Jewish accounts similar to their French counterparts.
February 2000: Chase Manhattan Acknowledges Deal with Nazi Germany
In February 2000, Chase Manhattan publicly acknowledged its predecessor's deal with Nazi Germany, which involved currency exchange and likely profited from the forced sale of assets belonging to Jewish refugees.
December 2000: Acquisition of J.P. Morgan & Co.
Chase Manhattan completed the acquisition of J.P. Morgan & Co. in December 2000.
2000: Merger of Chase Manhattan Bank and J.P. Morgan & Co.
In 2000, Chase Manhattan Bank merged with J.P. Morgan & Co., forming JPMorgan Chase.
2004: Merger with Bank One Corp. and Jamie Dimon's Arrival
The merger with Bank One Corp. in 2004 brought in Jamie Dimon, who would become a key figure in Chase's leadership.
2004: JPMorgan Chase Acquires Bank One
JPMorgan Chase completed the acquisition of Bank One in Q3 2004, shifting corporate headquarters to New York City and consolidating retail banking operations in Chicago.
2004: Acquisition of Bank One Corporation
JPMorgan Chase acquired Bank One Corporation in 2004.
2004: Declassification Reveals Chase's Role in Rückwanderer Mark Scheme
In 2004, declassified FBI files from the National Archives revealed Chase National Bank's involvement in the Nazi regime's Rückwanderer Mark Scheme during the early years of World War II. Chase facilitated the purchase of discounted Reichsmarks with dollars, indirectly profiting from assets stolen from Jewish émigrés.
2004: Acquisition of Bank One and Credit Card Dominance
Chase became the largest credit card issuer in the United States after acquiring Bank One in 2004.
2005: WaMu Acquires Providian Financial
In 2005, WaMu acquired credit card issuer Providian Financial.
January 2006: Jamie Dimon Becomes CEO
Jamie Dimon assumed the role of CEO in January 2006.
December 2006: Jamie Dimon Becomes Chairman
Jamie Dimon took on the position of chairman in December 2006 after William B. Harrison Jr.'s resignation.
2006: Chase Expands Student Loan and Retail Banking Operations
In 2006, Chase acquired Collegiate Funding Services for $663 million, forming the basis for Chase Student Loans. Additionally, Chase bought the Bank of New York Co.'s retail and small business banking network, adding 338 branches and 700,000 customers in several states.
2006: Acquisition of Bank of New York's Retail Banking Division
In 2006, Chase acquired the retail banking division of the Bank of New York.
2007: Refutation of Logo Origin Story
Ivan Chermayeff refuted the story about the Chase logo representing water pipes in 2007.
June 30, 2008: Branch Ranking After Acquisitions
Data from June 30, 2008, revealed that after various acquisitions, Chase had the third-highest number of U.S. retail bank branches.
September 25, 2008: JPMorgan Chase Acquires Washington Mutual
On September 25, 2008, JPMorgan Chase acquired most of Washington Mutual's banking operations from the FDIC receivership following the largest bank failure in American history. JPMorgan paid $1.888 billion, re-opened the bank the next day, and rebranded branches to Chase in late 2009.
2008: Alleged Silver Market Manipulation
Chase was accused of manipulating the silver market since early 2008.
2008: Acquisition of Washington Mutual's Deposits and Assets
In 2008, JPMorgan Chase acquired the deposits and most assets of Washington Mutual.
2009: Rebranding of Washington Mutual Branches
JPMorgan Chase completed the rebranding of former Washington Mutual branches to Chase in late 2009.
2009: Acquisitions of Bear Stearns and Washington Mutual
JPMorgan Chase expanded its portfolio by acquiring Bear Stearns and Washington Mutual in 2008 and 2009, respectively.
2009: PNC Acquires National City
PNC Financial Services acquired National City in 2009 and divested some branches to First Niagara Bank (later absorbed by KeyBank), potentially avoiding direct competition with larger banks.
October 2010: Lawsuits Alleging Silver Market Manipulation
Chase faced lawsuits in October 2010, alleging the manipulation of the silver market since early 2008.
2011: JPMorgan Chase Incurs Significant Legal and Settlement Costs
From 2011 to 2013, JPMorgan Chase paid $16 billion in fines, settlements, and litigation expenses, with $8.5 billion attributed to illegal actions by bank executives.
2011: JPMorgan Chase Faces Parental Leave Discrimination Lawsuit
JPMorgan Chase faced a lawsuit alleging that from 2011 to 2017, male employees did not receive the same paid parental leave benefits as women.
2012: Chase Bank's Lending Practices in Chicago Scrutinized
An analysis of home purchases in Chicago from 2012 to 2018 revealed that JP Morgan Chase loaned significantly more money in predominantly white neighborhoods compared to predominantly Black neighborhoods.
2013: Chase Bank Criticized for Closing Accounts of Sex Workers
During 2013 and 2014, Chase and other banks faced criticism for closing accounts of legal sex workers, citing "morality clauses." This practice extended to mortgages and loans, leading to a lawsuit alleging misleading statements by Chase executives.
2013: JPMorgan Chase Incurs Significant Legal and Settlement Costs
From 2011 to 2013, JPMorgan Chase paid $16 billion in fines, settlements, and litigation expenses, with $8.5 billion attributed to illegal actions by bank executives.
2014: Chase Bank Criticized for Closing Accounts of Sex Workers
During 2013 and 2014, Chase and other banks faced criticism for closing accounts of legal sex workers, citing "morality clauses." This practice extended to mortgages and loans, leading to a lawsuit alleging misleading statements by Chase executives.
2016: Chase Bank Targeted in Dakota Access Pipeline Protests
Chase Bank became a target of the Dakota Access Pipeline protests in 2016 and 2017 due to its financial ties with Energy Transfer Partners, the pipeline's builder.
December 2017: JPMorgan Chase Settles Parental Leave Discrimination Case
In December 2017, JPMorgan Chase agreed to a $5 million settlement in a parental leave discrimination case. The bank clarified its policy to ensure equal access for men and women seeking to be the primary caregiver.
2017: Chase Bank Targeted in Dakota Access Pipeline Protests
Chase Bank became a target of the Dakota Access Pipeline protests in 2016 and 2017 due to its financial ties with Energy Transfer Partners, the pipeline's builder.
2018: Chase Bank's Lending Practices in Chicago Scrutinized
An analysis of home purchases in Chicago from 2012 to 2018 revealed that JP Morgan Chase loaned significantly more money in predominantly white neighborhoods compared to predominantly Black neighborhoods.
October 2019: Chase Bank Criticized for Fossil Fuel Investments
In October 2019, a study revealed Chase as the top investor in fossil fuels, leading to criticism and protests. The study indicated that Chase's investments in fossil fuels exceeded those of any other bank.
2019: Chase Enters Pittsburgh Market
Chase initiated retail branch openings in Pittsburgh and Western Pennsylvania in 2019, requiring approval from the OCC due to its size. This move coincided with Bank of America's similar expansion the previous year, challenging PNC Financial Services' dominance in a market previously absent of "Big Four" banks.
2019: Chase Bank Faces Criticism for Closing Accounts of Online Personalities
In 2019, Chase Bank faced criticism for allegedly targeting the accounts of outspoken online personalities, leading to accusations of political bias. The bank did not officially disclose the reasons behind these closures.
June 2020: Chase Bank Faces Protests Over Lending Disparities in Chicago
In June 2020, Chase branches in Chicago faced protests following a report that revealed significant racial disparities in their mortgage lending practices between 2012 and 2018.
August 2021: Chase Achieves Nationwide Retail Presence
In August 2021, Chase became the first bank with retail branches in all 48 contiguous U.S. states, marking Montana as the final state with a branch opening in Billings.
September 2021: Chase Enters UK Retail Banking Market
JPMorgan Chase launched an app-based current and deposit account under the Chase brand in September 2021, marking its first retail banking venture outside the United States.
2022: U.S. Government Sues JPMorgan Chase in Connection with Jeffrey Epstein
The U.S. government filed a lawsuit against JP Morgan Chase in 2022, alleging the bank's role in facilitating and concealing Jeffrey Epstein's human trafficking network.
May 2023: Acquisition of First Republic Bank
In May 2023, JPMorgan Chase acquired the assets of First Republic Bank.