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Manufacturers Hanover Corporation

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"Manufacturers National Bank" redirects here. Not to be confused with Manufacturer's National Bank in Maine.
Manufacturers Hanover Corporation
Manufacturers Hanover Trust Company
Company typePublic
NYSE: MHC
IndustryBank holding company
Founded
  • 1905; 119 years ago (1905) (as Citizens)
  • 1987; 37 years ago (1987) (as Manufacturers Hanover)
DefunctDecember 31, 1991; 32 years ago (1991-12-31)
FateAcquired by Chemical Bank and assumed the name Chemical after the 1991 merger.
SuccessorChemical Bank
HeadquartersNew York City
Key people
ProductsFinancial services
Total assets$61.3 billion (1991)
Number of employees
19,721 (1990)

Manufacturers Hanover Corporation was an American bank holding company that was formed as parent of Manufacturers Hanover Trust Company (MHT or, informally, Manny Hanny), a large New York City bank formed through a merger in 1961 with ancestor companies having had a long history in New York banking. After 1969, Manufacturers Hanover Trust became a subsidiary of Manufacturers Hanover Corporation. Throughout most of its existence, Manufacturers Hanover Trust was the fourth-largest bank in the United States.

The bank was known for stability and was well established via its retail customer base and New York branch locations as well as in having a number of large blue-chip corporate customers. It ran several memorable advertising campaigns in the 1970s and also had some prominent sports sponsorship arrangements. Over time it gained substantial operations in other parts of the United States as well as overseas.

But by the late 1980s, Manufacturers Hanover had fallen in rank among American banks and was troubled by a number of bad loans, especially ones in Latin America. In 1991 it merged into Chemical Banking Corporation and within a couple of years had disappeared under its name. However it continued to have an influence via some of its executives, internal systems, and its presence at 270 Park Avenue which successor corporations down to JPMorgan Chase continued to locate their headquarters in.

Earlier history of Manufacturers Trust Company

[edit]
A bronze doorway in the New Yorker Hotel in midtown Manhattan that formerly led to a branch of the Manufacturers Trust Company

Manufacturers Hanover traces its origins to the 1905 founding of Citizens Trust Company of Brooklyn. Through a series of acquisitions, the bank would grow into one of New York's largest banks within its first twenty years. Citizens Trust's first major acquisitions came with its mergers with the Broadway Bank of Brooklyn in 1912 and then two years later in 1914 with the Manufacturers National Bank of Brooklyn. In 1915, the bank adopted the older "Manufacturers" name, changing its name to the Manufacturers Trust Company. The "Manufacturers" name had been in use since 1858, when the Mechanics' Bank of Williamsburgh (founded 1853) was renamed the Manufacturers National Bank. Coincidentally, Manufacturers Trust Company had also been the name of a Brooklyn-based bank, founded in 1896 and acquired in 1902 by the Title Guarantee and Trust Company, another Brooklyn bank.[1]

Manufacturers Trust acquired a Manhattan presence with its acquisition of the West Side Bank of New York in 1918. Later Manufacturers Trust acquired the Ridgewood National Bank of Queens (1921), the North Side Bank of Brooklyn (1922), the Industrial Bank of New York (1922), the Columbia Bank of New York (1923), and the Yorkville Bank of New York (1925), to become the 29th largest bank in the United States by 1925.[2]

Harvey D. Gibson (leaning over), President of the Manufacturers Trust Company, at a 1936 U.S. Senate hearing

In 1932, Manufacturers Trust created the National Hotel Management Company (NMH) to centrally oversee the hotels the bank held mortgages on. They appointed hotel pioneer Ralph Hitz as President of the NMH. This was because, even at the height of the Great Depression, Hitz had been able to turn a profit at the New Yorker Hotel, which the Manufacturers Trust also held the mortgage for. By the time of Hitz's death in 1940, the NHM had become the largest hotel organization in the United States and managed the New Yorker, the Lexington and the Belmont Plaza hotels (New York); the Congress Hotel (Chicago); the Netherland Plaza (Cincinnati); Adolphus Hotel (Dallas); the Van Cleve (Dayton); the Book-Cadillac (Detroit); the Nicollet Hotel (Minneapolis); The New York Municipal Airport Restaurants (New York) and the Eastern Slope Inn (North Conway, New Hampshire).[3]

The National Hotel Management Company was dissolved within a month of Hitz's death in 1940.[4]

Manufacturers Hanover Trust

[edit]
The 1960–1986 Logo

Origin in merger

[edit]
The newly merged Manufacturers Hanover Trust Company had its headquarters at 350 Park Avenue, between 51st Street and 52nd Street.

On January 17, 1961, it was announced that Manufacturers Trust Company had agreed to merge with Hanover Bank, creating the Manufacturers Hanover Trust Company.[5] The planned entity would become the fourth-largest bank in the United States and the third-largest in New York City.[6] Charles J. Stewart was the new company's first president and chairman.[7]

The bank moved into new headquarters at 350 Park Avenue in Midtown Manhattan during 1961, leasing space from the Uris Buildings Corporation[8] (in 1963, the Manufacturers Hanover Trust Company would purchase the 30-story building for itself).[8]

The merger was approved by the New York State Banking Department in June 1961,[9] and then by the Federal Reserve Board in September 1961.[6] The merger closed on September 8, 1961, a couple of days after the Fed assent, in an effort to forestall any possible action from the United States Department of Justice Antitrust Division.[9] However, minutes after the merger papers were filed, the Justice Department filed suit against the banks to block it from proceeding.[10]

Five years of court cases ensued, complicated by the U.S. Supreme Court case United States v. Philadelphia National Bank (1963) which interpreted the Bank Merger Act of 1960 as to allow forbiddance of mergers such as the Manufacturers Hanover Trust one.[11] One U.S. court refused to block the merger while another U.S. court ruled that a "demerger" must take place.[11] During this time, Gabriel Hauge, vice chairman and then president of Manufacturers Hanover, led the company's efforts to keep the merger in place.[12] In 1966, a new law was passed by Congress;[13] it clarified the Bank Merger Act and cleared the way for the mergers in question,[11] and Manufacturers Hanover reached an agreement with the Department of Justice.[12]

Years of success

[edit]

Through its existence, the bank was often referred to as "Manny Hanny".[14][15][16]

In 1969, a rearrangement was done such that the holding company Manufacturers Hanover Corporation was created, and the bank made a subsidiary of that.[16] At the same time, shares in Manufacturers Hanover Corporation were listed on the New York Stock Exchange[16] (historically, most banks resisted listing and were sold instead over-the-counter.)[17] Manufacturers Hanover remained the nation's fourth-largest bank.[18]

Hauge was named chairman in 1971,[12] succeeding R. E. McNeill Jr. who retired.[13] But the effective leadership of the corporation went to its president, John F. McGillicuddy, who had risen quickly within the ranks of the bank.[13][19] In 1979, Huge retired, and McGillicuddy held all three titles of president, chairman, and chief executive officer.[19]

MHT presentation folder and interoffice envelope, early-mid-1980s

As a clearing house, Manufacturers Hanover was a core member of the Clearing House Interbank Payments System (CHIPS) that began operation in 1970.[20]

It was considered among the top American banks, alongside Citicorp and Chase Manhattan Bank, and had a reputation for stability.[21] Among commercial banks in New York City, it was the only one still willing to distribute food stamps and to cash welfare checks.[19] The bank became a main source of financing for check cashing stores.[22] Manufacturers Hanover had a sense of internal loyalty, wherein layoffs were avoided and lifetime employment was fairly common.[21] It also had a sense of loyalty towards its customers, with relationships formed over long associations and such activities as playing on golf courses.[19] One successful instance of such a relationship was its successful rescue plan for the troubled Chrysler Corporation.[19]

MHT office stapler and stickers

As of the early 1970s, MHT was a New York-based bank with a few offices overseas, but then over the next decade it grew its outside-of-New-York presence substantially.[14] It grew within New York City as well, finding twice the amount of usable space in 1981 when it moved into new headquarters at 270 Park Avenue, having bought that building from the Union Carbide Corporation.[23] By 1982, it had more than 700 offices across 32 states in the country, and another 102 branches across 40 nations around the world.[14] Three operations were headquartered in Dallas, Texas: Manufacturers Hanover Commercial Corp., which did commercial financing; Manufacturers Hanover Leasing Corp., which was the largest bank-associated leasing outfit in the world, with 45 global branches; and MH/Edie Investment Counsel Inc., which offered investment services.[14] Among banks, Manufacturers Hanover Corporation also contained the second-largest mortgage banking house and the fourth-largest mortgage banking operation in the world, and its consumer finance network was third largest among banks.[14]

MHT also had a presence in New York's financial district, such as at 130 John Street (on the far left, as seen in 2024)

MHT was one of the banks that created the CIRRUS interbank network in the early 1980s for providing cash and other personal banking transactions nationwide.[24] For its large internal data processing systems at the time, such as the Wholesale Banking System, a common environment was IBM mainframes running CICS for online applications with IMS as the database and IBM's DB/DC Data Dictionary.[25]

In 1983, Manufacturers Hanover agreed to acquire the CIT Financial Corporation for some $1.5 billion, an amount that no bank holding company had ever spent on a single acquisition before.[26] When the deal closed in 1984 it created the biggest factoring unit across the globe.[27]

An up-and-coming executive was Peter J. Tobin, who was responsible for the bank's controller, accounting, and management information systems.[19] This operation was centered in MHT's offices at 130 John Street in New York's financial district.[28] He became chief financial officer at MHT and He played an important role in the CIT acquisition[28]

Up through the early 1980s, Manufacturers Hanover remained the fourth largest bank in the nation.[12][14][26]

Advertising

[edit]

New York was the city in the country with the most competition between banks, especially after changes in regulations allowed savings-and-loan institutions to compete with commercial banks for consumer checking accounts, and hence advertising became a key component in banks' efforts to gain new customers.[29] In the 1970s, Manufacturers Hanover ran a series of television commercials made by Young & Rubicam that used the tagline, "It's banking the way you want it to be" and that featured the actor and comedian Tim Conway as celebrity spokesperson.[29] Another comedic talent on MHT commercials was the actor and game show personality Paul Lynde, with one spot featuring a concluding voiceover from the Twilight Zone writer and narrator Rod Serling.[30]

At the same time, a Manufacturers Hanover billboard advertising "Super Checking" was a prominent feature of the newly renovated Yankee Stadium. The billboard could be seen as Chris Chambliss hit the home run that won the 1976 American League Championship Series for the New York Yankees over the Kansas City Royals.[31]

Also during the 1970s, Manufacturers Hanover heavily promoted its "Any Car" Loan using an "Any Car", known as the "ForChevAmChrysVagen", made up of parts from over twenty different cars.[32] Subsequently AnyCar II and AnyCar III appeared, which were comprised of parts from about 50 and 40 different automobile models, respectively.[33]

Sponsorships

[edit]

The bank was involved in sponsoring a number of different sports events,[34] many of which were arranged by bank executive Charles Henry McCabe, Jr.[35] These included the Manufacturers Hanover Westchester Classic professional golf tournament held during the 1980s at the Westchester Country Club north of New York City,[26] a stop on the PGA Tour that during its time with MHT as title sponsor featured winners such as Seve Ballesteros and Curtis Strange. Other Manufacturers Hanover sponsorships were in association with the New York Mets baseball team and the US Open Tennis Championships.[35]

The bank was a founding sponsor of the New York City Marathon,[36] and over the years held exclusive events there for their most moneyed clients.[37] Moreover, it was the creator, in 1977, of the Manufacturers Hanover Corporate Challenge running event,[36] which quickly grew in size and number of instances and became highly effective in promoting name visibility.[34] By 1988, there were eighteen Corporate Challenge events per year and some five thousand companies entering teams in them, with Manufacturers Hanover soliciting business from the best prospects among them.[37] The challenge has existed to this day under successor names.[36]

Troubles

[edit]
Manufacturers Hanover Corporation headquarters from 1981 on were at 270 Park Avenue in Midtown Manhattan, between 47th and 48th Streets; kept as the headquarters of successor companies through JPMorgan Chase.

However, the stock price for Manufacturers Hanover began to fall precipitously during 1984, in large part because the bank was exposed on nearly $7 billion of loans to Central and South America, in particular to Mexico, Venezuela, Brazil, and especially Argentina.[19] In addition, MHT followed a "lending banking" model where instead of investment banking it made traditional short-term loans to corporate customers, but those customers were instead increasingly borrowing via the commercial paper market.[19][21] A rumor in global financial markets that MHT was having trouble meeting its daily funding requirements proved false but nonetheless shook confidence in the bank.[21]

Beginning in 1985, McGillicuddy staged three years' worth of internal cost reductions and operational reorganizations, in an effort to stave off the need to be acquired or to receive a federal bailout.[21] There were a number of layoffs.[21]

Around 1987, the bank bought some of the branches of Dollar Dry Dock Savings Bank.[38] In 1991, it bought the New York City branches of the failed Goldome.[39] By 1988, Manufacturers Hanover had fallen to being the nation's sixth-largest bank,[37] or sometimes seventh-largest.[21] As of the second quarter of 1990, Manufacturers Hanover had 19,721 full-time equivalent employees.[40]

By 1991, Manufacturers Hanover was the ninth-largest bank company in the United States and had $61.3 billion in assets.[41] It had over $39 billion in deposits across 228 branches and some 18,400 employees in total.[42] Of those branches, 141 were in New York City, 32 on Long Island, 24 in nearby upstate counties, and 31 in further upstate New York.[42] The last group of those were centered in Albany, Syracuse, Rochester, and Buffalo.[43] It was one of the largest and oldest banks in the United States,[44] and as such it was one of the most recognized bank names in the country.[16]

However, it was suffering financially due to a series of bad loans to developing nations.[45] The general economic environment for banks was also affected by the early 1990s recession.[41]

Acquisition by Chemical Bank

[edit]
Three documents discussing the merger: Quarterly report from Manufacturers Hanover Corporation and letter to shareholders and annual report from Chemical Banking Corporation

On July 15, 1991, it was announced that the Manufacturers Hanover Corporation would engage in a friendly merger with the Chemical Bank Corporation, with the resulting company to be known by the Chemical name.[45] Chemical was also suffering from bad loans,[41] many of them in real estate.[45] In corporate banking, Manufacturers Hanover was better established with larger, blue-chip companies, whereas Chemical was stronger with small- and medium-sized businesses.[45] The theory behind the merger was that combination of the two companies, which would have combined assets of over $135 billion, would be economically more robust and a stronger competitor.[44] Substantial layoffs and sales of assets were planned to take place among the combined companies.[42] The Manufacturers name would gradually disappear.[41]

McGillicuddy would serve as chief executive of the merged Chemical until his planned retirement at the start of 1994, while Walter V. Shipley, the head of Chemical, would be president and chief operating officer of the merged company until he succeeded McGillicuddy.[44][40] Some MHT executives, such as chief financial officer Tobin, continued on in the same position at Chemical.[46] However, Thomas S. Johnson of MHT, a top executive who had been viewed as the heir apparent to McGillicuddy, was a loser in the merger and departed.[45]

At the time, Manufacturers Hanover–Chemical was the largest bank merger ever to take place in the United States.[45] The resulting bank would become the second-largest in the country, behind only Citicorp.[41] News of the merger was the lead story in the New York Times the next day.[45] It became part of a nationwide wave of mergers and consolidation within the banking industry.[47]

The merger was formally closed on a legal basis on December 31, 1991.[47][48][49] The merger was accounted for as a pooling of interests.[48] As of that day, the two bank holding companies had merged and Manufacturers Hanover no longer existed as an independent corporate establishment.[50]

Aftermath

[edit]

Chemical adopted Manufacturers Hanover's logo design and moved into its headquarters at 270 Park Avenue.[50] For a while after the merger, Manufacturers Hanover Trust still existed as a separate bank from Chemical Bank, albeit owned by Chemical Banking Corporation, and MHT branches still existed under that name as well.[50][51] However, the 31 far-upstate branches did not stay with Chemical but instead were sold to Fleet Bank.[43]

Then MHT was incorporated as a part of Chemical Bank itself and in particular the various electronic funds transfer systems were converted over, such as the SWIFT code changing from MAHA33 to CHEMUS33; similar changes were made in the CHIPS system as well as in Fedwire.[51] The New York Times assessed on June 22th of 1992 that the code switchovers meant that "Quietly, ... the 180-year-old Manufacturers Hanover Trust Company ceased to exist as an independent bank."[51]

After that would follow the closing of some branches and the changing of the signs on the others.[51] The final public vestige of the bank disappeared on April 5, 1993, when a branch on Madison Avenue in Midtown Manhattan had its Manufacturers Hanover logo replaced as part of a ceremonial event.[49]

However, in many respects parts of MHT remained dominant within Chemical, such as in information systems and at the executive level.[52] Indeed, one trade publication assessed that "The merged bank now seems like little more than a Chemical facade on an MHT core."[52] In any case, the merger was generally viewed as a success.[53]

Then in 1995 it was announced that the new Chemical was buying Chase Manhattan Bank; although Chemical was the acquiring company and the nominal survivor, the merged bank adopted the Chase name, which was considered to be better known especially overseas.[53] That deal closed in 1996.[54]

Subsequently in the year 2000, it was announced that Chase Manhattan was merging with J.P. Morgan & Co. to form J.P. Morgan Chase & Co.[55] The deal closed later that year, with 270 Park Avenue remaining the headquarters location.[56] The Associated Press's coverage of the merger included an illustration of how the three decades of Manufacturers Hanover Trust's existence was part of the makeup the new financial giant.[55]

Timeline of mergers and name changes

[edit]

The timeline below, unless otherwise noted, indicates the purchase of the named entity by Manufacturers Hanover Corporation or its immediate controlling predecessors. Exceptions include the first and last entries (original charter and dissolution of the company by buyout, respectively), and several name changes.[57]

Earlier history of Central Hanover Bank & Trust Company

[edit]

The final name of the company was Manufacturers Hanover Corporation, and the primary banking subsidiary was Manufacturers Hanover Trust. This name was a result of the merger of predecessor Manufacturers Trust with Central Hanover Bank & Trust.

Central Hanover was also a large, well-known bank before the merger. It was formed in 1929 from the merger of two other banking giants of the time, Central Union Trust Company and Hanover National Bank.[58]

Hanover National built one of the early skyscrapers of New York, the Hanover National Building at 11 Nassau Street. It had twenty-two floors and was 385 feet high.[59]

The corporate history of predecessor Hanover Bank is as follows:[57]

  • 1851 – Established Hanover Bank, NYS charter
  • 1865 – Name change to Hanover National Bank of the City of New York (Federal)
  • 1929 – Name change to Hanover Bank of the City of New York (NYS)
  • 1929 – Bought by Central Union Trust Company of New York (see below)

The corporate history of predecessor Central Union Trust Company is as follows:[57][60]

  • 1873 – Established Central Trust Company of New York
  • 1901 – Continental National Bank of New York (est. 1853)[61]
  • 1912 – Gallatin National Bank of the City of New York (est. 1829)[62]
  • 1918 – Union Trust Company of New York; changed name to Central Union Trust Company of New York[63][64]
  • 1927 – Greenwich National Bank of the City of New York (est. 1830)[65][66]
  • 1929 – Hanover Bank of the City of New York; changed name to Central Hanover Bank and Trust Company[67][68]
  • 1951 – Changed name to Hanover Bank (no merger)
  • 1961 – Bought by Manufacturers Trust Company[69]

See also

[edit]

References

[edit]

Notes

  1. ^ "Trust Concerns Unite". The New York Times. 1 November 1902. ProQuest 96236735.
  2. ^ "Another merger of New York Banks". The New York Times. 20 February 1925. ProQuest 103575591.
  3. ^ Pearson Education; Hospitality Leaders http://wps.prenhall.com/chet_kotler_marketing_5/114/29189/7472573.cw/content/index.html
  4. ^ The Baltimore Sun (Baltimore, Maryland) · Wed, Jan 31, 1940 · Page 5
  5. ^ "New York Banks Reveal Merger Plan". Wisconsin State Journal. Madison, Wisconsin. United Press International. January 18, 1961. p. 4 (Section 3) – via NewspaperArchive.
  6. ^ a b "Merger of Two Big N. Y. Banks Given Clearance". The Terre Haute Star. United Press International. September 8, 1961. p. 11 – via NewspaperArchive.
  7. ^ "Charles Stewart Dies; An Ex-Bank Executive (obituary)". The New York Times. July 17, 1987. Retrieved 20 June 2008.
  8. ^ a b "Bank To Acquire 350 Park Avenue". The New York Times. October 21, 1963.
  9. ^ a b Krauss, Albert L. (September 8, 1961). "Two Banks Are Merging Quickly". The New York Times. pp. 44, 46.
  10. ^ Krauss, Albert L. (September 9, 1961). "Trust Suite Filed As 2 Banks Here Report A Merger". The New York Times. pp. 1, 30.
  11. ^ a b c Gould, Leslie (February 25, 1966). "Bank Merger Confusion Ends". The San Antonio Light. p. 19 – via NewspaperArchive.
  12. ^ a b c d "Gabriel Hauge, Banker, dies; was an Adviser to Presidents". The New York Times. July 25, 1981.
  13. ^ a b c Heinemann, H. Erich (July 5, 1970). "Personality: 'New Kid' to Lead Manufacturers Hanover". The New York Times. p. 75.
  14. ^ a b c d e f Geczi, Michael (November 26, 1982). "Eastern bank eyes Sun Belt". The Odessa American. Dallas Morning News. p. 6B – via NewspaperArchive.
  15. ^ Waite, Thomas L. (August 28, 1988). "POSTINGS: Manny Hanny's Move; 5th to Madison". The New York Times.
  16. ^ a b c d Hylton, Richard D. (July 16, 1991). "'Manny Hanny': A Name for History Books". The New York Times. p. D6.
  17. ^ "City Banks Sun Listing Of Stock", The New York Times, September 29, 1964, Page 66
  18. ^ "Beers Elected As a Director". Monroe Evening Times. December 20, 1969. p. 8 – via NewspaperArchive.
  19. ^ a b c d e f g h Bennett, Robert A. (October 14, 1984). "The Blues At Manufacturer's Hanover". The New York Times. pp. 1, 24 (Section 3).
  20. ^ Lee, John F. (Winter 1976). "Clearing House Interbank Payments System". ACM SIGCAS Computers and Society. 7 (4): 6–9.
  21. ^ a b c d e f g Day, Kathleen (June 4, 1988). "Manny Hanny Dusts Off After A Nasty Fall". The Washington Post.
  22. ^ Government Check Cashing, "Lifeline" Checking, and the Community Reinvestment Act: Hearings Before the Subcommittee on Consumer and Regulatory Affairs of the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred First Congress, First Session, on S. 906 ... S. 907 ... S. 909 ... June 6 and 7, 1990, Volume 4. Appendix, page 103.
  23. ^ Hayes, Thomas C. (August 25, 1981). "Head Office Of Hanover Bank Sold". The New York Times. p. D13.
  24. ^ Gifford, David; Spector, Alfred (August 1985). "The CIRRUS banking network". Communications of the ACM. 28 (8): , 798–807.
  25. ^ Herman, Marian (Fall 1983). "A Database Design Methodology For An Integrated Database Environment". ACM SIGMIS Database. Vol. 15, no. 1. pp. 20–27.
  26. ^ a b c Bennett, Robert A. (October 2, 1983). "Financier: John F. McGillicuddy: At Manufacturers Hanover, the Biggest". The New York Times. pp. 6, 7 (Business).
  27. ^ ": A century of CIT, from St Louis to New York". Reuters. November 2, 2009.
  28. ^ a b "Peter Tobin Stays Steps Ahead of Changing Financial World". Topics. Manufacturers Hanover Corporation. January 1986. p. 3.
  29. ^ a b Barmash, Isadore (September 12, 1977). "Advertising: Vying for the Bank Accounts". The New York Times. p. 56.
  30. ^ "13160_13299_manufacturers_hanover". Oddball Films. Retrieved October 4, 2024.
  31. ^ See the ABC network broadcast here on YouTube or the WPIX-TV local broadcast here on YouTube. Both accessed October 4, 2024.
  32. ^ "1971 Anycar (ForChevAmChrysVagen) by Hanover Trust Co". Story Cars. Retrieved October 4, 2024.
  33. ^ "In the 1970s, the AnyCars Were Built by Mixing Parts From About 100 Different Models Combined". May 22, 2022. Retrieved October 4, 2024.
  34. ^ a b "Sports Marketing Scores With More Companies". Chicago Tribune. September 9, 1986.
  35. ^ a b "Charlie McCabe". Bill Shannon Biographical Dictionary of New York Sports. New-York Historical Society. Retrieved September 27, 2024.
  36. ^ a b c "Our History". J.P. Morgan Corporate Challenge. Retrieved September 26, 2024.
  37. ^ a b c Bradsher, Keith (July 25, 1988). "Sponsors' Rationale: Advertising, Community". Los Angeles Times.
  38. ^ "H.2 Actions of the Board, its Staff, and the Federal Reserve Banks ...", St. Louis Federal Reserve Board, 1986, pp. 1–2
  39. ^ a b Quint, Michael (November 29, 1990). "Hanover Deal For Deposits Of Goldome". New York Times.
  40. ^ a b Second Quarter Report: 1991. Manufacturers Hanover Corporation. 1991. pp. 2, 13.
  41. ^ a b c d e "Chemical, Manufacturers agree to merge". The Orange County Register. Associated Press. July 15, 1991. pp. C1, C2 – via NewspaperArchive.
  42. ^ a b c Bartlett, Sarah (July 16, 1991). "For New York, a Loss of Jobs and Revenues". The New York Times. pp. A1, D6.
  43. ^ a b "Chemical To Sell 31 Manufacturers Branches To Fleet". The New York Times. August 28, 1992. p. D3.
  44. ^ a b c Wells, Rob (July 16, 1991). "Largest bank merger announced". The News Herald. Panama City, Florida. Associated Press. p. 10A – via NewspaperArchive.
  45. ^ a b c d e f g Quint, Michael (July 16, 1991). "Big Bank Merger To Join Chemical, Manufacturer". The New York Times. pp. A1, D6.
  46. ^ "Business People: Manufacturers Hanover And Chemical Fill Jobs". The New York Times. August 15, 1991. p. D5.
  47. ^ a b "Mega-merger creates 11-state NationsBank". Kenosha News. The Washington Post. January 2, 1992. p. 23 – via NewspaperArchive.
  48. ^ a b 1991 Annual Report. Chemical Banking Corporation. 1992. pp. 1n, 20, 49.
  49. ^ a b Randall, Virginia Maida (April 5, 1993). "Chemical completes merger with Manny Hanny". United Press International.
  50. ^ a b c Deckelman, Paul (December 31, 1991). "Chemical Bank, Manufacturers Hanover officially merge". United Press International.
  51. ^ a b c d Quint, Michael (June 22, 1992). "Manufacturers Hanover Fades Out". New York Times.
  52. ^ a b Radigan, Joseph (June 1993). "By any other name". United States Banker. p. 50 – via Gale General OneFile.
  53. ^ a b "Two megabanks merge, become largest in U.S." The Wilson Daily Times. Associated Press. August 28, 1995. p. 1A – via NewspaperArchive.
  54. ^ "Bank Mergers Realign Industry Titans". The Post-Standard. Syracuse, New York. Associated Press. March 29, 1996. p. D-1 – via NewspaperArchive.
  55. ^ a b Prial, Dunstan (September 13, 2000). "Bank powerhouses merge". The Telegraph. Nashua, New Hampshire. Associated Press. p. 15 (Business) – via NewspaperArchive.
  56. ^ Stichweh, Dirk (2016). New York Skyscrapers. Prestel Publishing. p. 123. ISBN 978-3-7913-8226-5. OCLC 923852487.
  57. ^ a b c "New York Bank History – National Bank History". www.scripophily.com. Retrieved 2018-05-02.
  58. ^ "$722,000,000 MERGER OF BANKS EXPECTED; Central Union Trust Co. and Hanover National Reported in Negotiations. DAVISON DENIES ANY DEAL But Says He is No Prophet-- Wall St. Hears Terms Are 3 for 1 Exchange of Stock. SHARES SOARED RECENTLY Securities of Both Old Powers in Street Have Appreciated Greatly Since Stock Dividends. Remarkable Rise in Hanover Stock. Central Long a Wall Street Power". The New York Times. 1929-03-16. ISSN 0362-4331. Retrieved 2018-05-01.
  59. ^ "Hanover National Bank Building". The Skyscraper Center. Retrieved 2018-05-01.
  60. ^ "New York Bank History – National Bank History". www.scripophily.com. Retrieved 2018-05-02.
  61. ^ "NATIONAL BANKS MERGED.HANOVER ABSORBS ITS NEIGHBOR, THE CONTINENTAL". The Standard Union. 4 April 1901. p. 12. Retrieved 1 November 2021.
  62. ^ "HANOVER ABSORBS GALLATIN NATIONAL; Both Banks Grew with Financial District and Hanover Became One of Country's Largest". The New York Times. 26 April 1912. Retrieved 29 October 2021.
  63. ^ "APPROVE MERGER OF TRUST COMPANIES; Trustees of Central and Union Give Sanction to Plan for Consolidation. STOCKHOLDERS MUST ACT Combined Deposits, Around $250,000,000, Exceeded by Only TwoCompanies the Country". The New York Times. 2 March 1918. Retrieved 1 November 2021.
  64. ^ "BANK MERGER APPROVED.; Stockholders of Central and Union Trust Companies Take Action". The New York Times. 12 April 1918. Retrieved 1 November 2021.
  65. ^ "GREENWICH BANK CHANGES.; Becomes a National Bank Today in Step Toward Hanover Merger". The New York Times. 24 March 1927. Retrieved 1 November 2021.
  66. ^ "STOCKHOLDERS FOR MERGER; Favor Absorption of Greenwich Bank by Hanover National". The New York Times. 26 April 1927. Retrieved 1 November 2021.
  67. ^ "$722,000,000 MERGER OF BANKS EXPECTED; Central Union Trust Co. and Hanover National Reported in Negotiations. DAVISON DENIES ANY DEAL But Says He is No Prophet-- Wall St. Hears Terms Are 3 for 1 Exchange of Stock. SHARES SOARED RECENTLY Securities of Both Old Powers in Street Have Appreciated Greatly Since Stock Dividends. Remarkable Rise in Hanover Stock. Central Long a Wall Street Power". The New York Times. 16 March 1929. Retrieved 1 November 2021.
  68. ^ "HANOVER BANK JOINS WITH CENTRAL UNION; Stockholders of Both Vote to Unite in New Company With $100,000,000 Funds. CORN EXCHANGE RENAMED Meeting Approves Change Into Trust Company--Parkbanc Corporation Endorsed". The New York Times. 15 May 1929. Retrieved 1 November 2021.
  69. ^ Mooney, Richard E. (7 September 1961). "MERGER CLEARED FOR 2 BIG BANKS; Reserve Board Approves Hanover Consolidation With Manufacturers COURT ACTION POSSIBLE Resulting Institution Would Be the Fourth Largest in U.S. and World MERGER CLEARED FOR 2-BIG BANKS". The New York Times. Retrieved 1 November 2021.

Bibliography

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