Chase Bank facts for kids
The current logo, in use since 2005
|
|
|
Trade name
|
Chase Bank |
|---|---|
| Subsidiary | |
| Industry | Banking |
| Predecessor | The Manhattan Company |
| Founded | 1799 |
| Founder | John Thompson |
| Headquarters | , |
|
Number of locations
|
4,700 branches 17,000 ATMs nationwide 100 countries (2022) |
|
Area served
|
United States |
|
Key people
|
Jamie Dimon (Chairman and CEO) |
| Products | Financial services |
| Services | Retail Financial Services Card Services Commercial Banking |
| Revenue | US$124.54 billion (2022) |
| US$42.12 billion (2022) | |
| Total assets | US$4 trillion (2022) |
|
Number of employees
|
250,355 (2022) |
| Parent | JPMorgan Chase |
Chase Bank is a large American bank. It is headquartered in New York City. Chase is the part of JPMorgan Chase that handles everyday banking for people and businesses.
The bank was once known as Chase Manhattan Bank. It merged with J.P. Morgan & Co. in 2000. Today, Chase is one of the biggest banks in the United States. It has many branches and ATMs across the country. As of 2023, Chase serves millions of customers with checking accounts and debit cards. It is known as one of the "Big Four" banks in the U.S.
Contents
The History of Chase Bank
Chase Bank has a long history. It started with two main companies. These were The Manhattan Company and Chase National Bank. They later joined together.
The Manhattan Company Begins
The Manhattan Company was founded on September 1, 1799. It was started by Aaron Burr. The original idea was to bring clean water to New York City. But it also allowed the company to start a bank. This bank became a rival to another bank in the city.
In 2006, the modern Chase Bank bought the everyday banking part of the Bank of New York. This bank later merged with Mellon Financial.
Chase National Bank is Formed
Chase National Bank started in 1877. It was founded by John Thompson. The bank was named after Salmon P. Chase. He was a former U.S. Treasury Secretary. However, Salmon P. Chase had no direct connection to the bank.
In the 1920s, Chase National Bank grew by buying smaller banks. Its biggest purchase was the Equitable Trust Company of New York in 1930. This made Chase the largest bank in the U.S. and the world.
Chase National Bank mostly worked with other big financial groups and large companies. It also had strong ties to the oil industry.
Joining Together: Chase Manhattan Bank
In 1955, Chase National Bank and The Manhattan Company merged. They formed The Chase Manhattan Bank. The new bank needed a new logo. In 1961, a designer created the octagon shape that is still part of the Chase logo today. This shape was meant to be unique and modern.
The bank continued to grow. In 1969, it became a larger company called the Chase Manhattan Corporation. This allowed it to expand its reach. In the 1980s and 1990s, Chase Manhattan bought banks in states like Arizona and Connecticut.
Big Mergers: Chemical and J.P. Morgan
In 1995, Chemical Bank of New York and Chase Manhattan Bank announced they would merge. This merger was completed in 1996. Even though Chemical Bank was technically the buyer, the combined company kept the Chase name. This was because the Chase name was very well known.
In 2000, Chase Manhattan bought J.P. Morgan & Co.. This was one of the biggest bank mergers ever. The new company was named JPMorgan Chase.
In 2004, JPMorgan Chase bought Bank One. This made Chase the biggest credit card company in the United States. Later, in 2008 and 2009, JPMorgan Chase also acquired parts of Bear Stearns and Washington Mutual. These mergers helped Chase become even larger.
The chart below shows how some of these banks joined together before 1995:
| Chase Manhattan Bank (merged 1995) |
|
||||||||||||||||||||||||||||||
The Bank One Merger
In 2004, JPMorgan Chase merged with Bank One Corp. This brought Jamie Dimon into the company. He became the CEO of JPMorgan Chase in 2006. Dimon made many changes to help the company grow.
Bank One Corporation was formed in 1998. It was a merger between Banc One and First Chicago NBD. After the merger with JPMorgan Chase, the main office moved to New York City. However, the everyday banking operations of Chase were managed from Chicago.
The chart below shows how Bank One's main parts came together:
| Bank One (merged 1998) |
|
|||||||||||||||||||||
Buying Washington Mutual
On September 25, 2008, JPMorgan Chase bought most of the banking parts of Washington Mutual. This happened after Washington Mutual Bank faced big problems. It was the largest bank failure in American history. Chase quickly took over its operations. This allowed Washington Mutual's customers to keep using their accounts. Chase then changed all Washington Mutual branches to Chase branches by late 2009.
Recent Growth and New Locations
Chase has continued to grow. In 2006, it bought Collegiate Funding Services. This became the base for Chase Student Loans. In the same year, Chase also bought the everyday banking network of the Bank of New York Co. This added many new branches and customers in several states.
In 2019, Chase started opening new branches in Pittsburgh and other areas. This helped them reach more customers. By August 2021, Chase had opened a retail branch in every one of the 48 contiguous United States. The last state to get a Chase branch was Montana.
Expanding Beyond the U.S.
In September 2021, JPMorgan Chase launched a new banking service in the United Kingdom. This was the first time the company offered everyday banking services outside of the United States. They launched an app-based current account under the Chase brand.
See also
In Spanish: Chase Manhattan Bank para niños
