Chemical Banking

Chemical Bank

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Industry	Bank holding company
Fate	Acquired Chase Manhattan Bank in 1996 and assumed the Chase name
Successor	JPMorgan Chase
Founded	1824
Headquarters	New York City, New York
Key people	Walter V. Shipley (Chairman, CEO) William B. Harrison, Jr. (Vice Chairman) John Francis McGillicuddy (Director)
Products	Financial services
Total assets	$182.9 billion (1995)
Number of employees	39,078 (1995)
Subsidiaries	Major acquisitions: Manufacturers Hanover, Chase Manhattan Bank, Texas Commerce Bank, Corn Exchange Bank

Chemical Bank was a bank with headquarters in New York City from 1824 until 1996. At the end of 1995, Chemical was the third-largest bank in the U.S., with about $182.9 billion in assets and more than 39,000 employees around the world.

Beginning in 1920 and accelerating in the 1980s and 1990s, Chemical was a leading consolidator of the U.S. banking industry, acquiring Chase Manhattan Bank, Manufacturers Hanover, Texas Commerce Bank and Corn Exchange Bank among others. After 1988, the bank operated as the primary subsidiary of the bank holding company Chemical Banking Corporation.

Following Chemical's acquisition of Chase in 1996, the bank adopted the venerable Chase brand. The bank is now part of JPMorgan Chase.

Chemical Bank was the principal operating subsidiary of the Chemical Banking Corporation, a bank holding company. As of the end of 1995, before its merger with the Chase Manhattan Bank, Chemical was the third-largest bank in the United States by total assets, with $182.9 billion. The Chemical Banking Corporation was the fifth-largest bank holding company in terms of total assets.

Of Chemical's $182.9 billion, the bank held about $82.1 billion of loans, including mortgage loans, other consumer loans, and commercial loans in the U.S. and internationally. Among Chemical's largest international exposure was to Japan, Germany, and the United Kingdom. The other assets on the bank's balance sheet included cash as well as various debt and equity securities.

Chemical reported record net income of $1.8 billion for 1995. Chemical's level of capital at the end of 1995 remained strong, with capital adequacy ratios well in excess of regulatory requirements. The Corporation's Tier 1 and Total Capital ratios were 8.5% and 12.1%, respectively.