Bank of New York - Timeline

Timeline

• 1792: The Bank of New York was the first corporate stock to be traded on the New York Stock Exchange.
• 1922: The Bank merged with the New York Life Insurance & Trust Company.
• 1948: The Bank acquired The Fifth Avenue Bank.

• 1966: The Bank acquired the Empire Trust Company.
• 1968: The Bank formed its holding company, The Bank of New York Company, Inc.
• 1982: Bruce Rappaport purchases a 7.5% stake in The Bank of New York
• 1988: The Bank of New York acquired the Irving Bank Corporation and moved its headquarters to One Wall Street, now known as the Bank of New York Building.
• 1990s: The Bank acquired the National Community Banks in New Jersey and the Putnam Trust Company in Connecticut.
• 2003: The Bank of New York acquired Pershing LLC, a provider of correspondent clearing and outsourcing services for broker dealers, asset managers. and financial intermediaries. That same year, the Bank integrated Lockwood Financial Services, Inc. into Pershing, creating one of the largest providers of managed account programs with client assets totaling nearly US$18 billion.
• Late 2005: The Bank of New York settled with federal regulators for US$38 million regarding a money laundering scandal that began in 1996. The illegal operation involved two Russian emigres—one who was a Vice President of the bank—moving over US$7 billion via hundreds of wires, and ended in the prosecution of at least nine individuals.
• April 7, 2006: J.P. Morgan Chase & Co. announced they would swap their corporate trust unit for Bank of New York Co.'s retail and small business banking network. The swap valued the Bank of New York business at US$3.1 billion, and JPMorgan's trust unit at US$2.8 billion and gave Chase access to 338 additional branches and 700,000 new customers in the New York, New Jersey, and Connecticut Tri-State area.
• December 4, 2006: The Bank of New York and Mellon Financial Corporation announced a merger, in which the name would be changed to The Bank of New York Mellon Corporation, or BNY Mellon, creating the world's largest securities servicing provider and a top asset management firm globally.
• May 2007: Russia filed a US$22.5 billion lawsuit against the bank for money laundering. The suit was subsequently settled for $14 million.