The Corn Exchange Bank was founded in 1853 in New York, but had branches in other states, including Pennsylvania, Wisconsin, and Nebraska. It was a retail bank that acquired many community banks.
In 1855, the bank moved into an existing building at the northwest corner of William and Beaver streets. In 1894, the bank completed a new headquarters, an 11-story building designed by Robert Henderson Robertson, 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, the "Corn" was dropped. The Corn Exchange Bank in Philadelphia, Pennsylvania, was famously robbed by Willie Sutton in February 1933.
As late as 1928, photographs show the Corn Exchange had a branch in a building on Grove Street, approximately 50 feet East of 7th 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 New York's Landmark Law, passed in 1965 in response to the mounting losses of historically significant buildings in New York City, most notably the old Pennsylvania Station. The Grove Street building currently houses a Chase Bank branch. Chase Manhattan (Now known as JP Morgan Chase) merged with Chemical Bank in 1995.
Acquisition history
- 1899: Astor Place Bank (founded 1891), Hudson River Bank of the City of New York (founded 1888) and Queens County Bank (founded 1873 as Flushing and Queens County Bank). In 1896 the Astor Place Bank had acquired the Empire State Bank (1888-12/1896).
- 1900: Home Bank (founded 1883).
- 1902: Mechanics & Traders' Bank of Brooklyn (founded 1867), Eleventh Ward Bank (founded 1867) and Union Square Bank of the City of New York (founded 1889). The Eleventh Ward Bank in 1867 purchased Banking New-York Dry Dock Company.
- 1905: First National Bank of Staten Island at New Brighton (founded 1886).
- 1913: Mount Morris Bank (founded 1881).
- 1914: Washington Trust Company of the City of New York (founded 1889).
- 1928: Stapleton National Bank (founded in 1902).
See also
- JPMorgan Chase - the successor company
References
- The Corn Exchange Bank; A 'Noble Monument to Thrift' With an Unusually Modern Air. New York Times, 1 November 1987
