Chase (bank) - History - Merger With Chemical, J.P. Morgan

Merger With Chemical, J.P. Morgan

In July 1996, Chemical Bank of New York purchased Chase Manhattan Bank. Chemical's previous acquisitions included Manufacturers Hanover Corporation, in 1991, and Texas Commerce Bank, in 1987. Although Chemical was the nominal survivor, the merged company retained the Chase name since it was better known (particularly outside the United States).

In December 2000, the combined Chase Manhattan completed the acquisition of J.P. Morgan & Co., one of the largest banking mergers to date. The combined company was renamed JPMorgan Chase. In 2004, the bank acquired Bank One, making Chase the largest credit card issuer in the US. JPMorgan Chase added Bear Stearns & Co. and Washington Mutual to its acquisitions in 2009. After closing nearly 400 overlapping branches of the combined company, less than 10% of the total, Chase will have approximately 5,410 branches in 23 states as of the closing date of the acquisition. According to data from SNL Financial (data as of June 30, 2008), this places Chase third behind Wells Fargo and Bank of America in terms of total U.S. retail bank branches. In October 2010, Chase was named in two lawsuits alleging manipulation of the silver market. The suits allege that by managing giant positions in silver futures and options, the banks influenced the prices of silver on the New York Stock Exchange's Comex Exchange since early 2008.

The following is an illustration of the company's major mergers and acquisitions and historical predecessors to 1995 (this is not a comprehensive list):