Chase National Bank was founded in 1877 by John Thompson. The bank was named after the one-time United States Treasury Secretary Salmon P. Chase. The bank is headquartetred in new York City, New York.
After the merger with the Bank of the Manhattan Company in 1955 Chase Manhattan Bank was formed to become a part of the bank holding company the Chase Manhattan Corporation. The Rockefeller family was the largest owners of shares in Chase national Bank in 30s of the past century. In 2000 the bank was acquired by JP Morgan. At the present time it is a world wide known bank with numerous divisions. |
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Banks
A bank is a type of financial institution that acts as a payment agent for customers, and borrows and lends money. In the United States banks are not allowed to own non-financial companies. Banks operate as payment agents since they conduct checking or current accounts for customers, paying cheques, and collecting cheques deposited the current accounts. Bank also enables customers to pay via other payment methods which include telegraphic transfer, EFTPOS, and ATM. Banks borrow money since they accept funds placed on current accounts, accept term deposits and issue debt securities.
Banks offer almost all types of payment services. The activities of a bank can be subdivided into retail banking, private banking, business banking, and investment banking. Banks offer more commercial services which include: issue of banknotes (promissory notes issued by a banker and payable to bearer on demand); issuing bank drafts and bank cheques; providing documentary and standby letters of credit, guarantees, performance bonds, securities underwriting commitments and other forms of off balance sheet exposures; safekeeping of documents and other items in safe deposit boxes; currency exchange; sale, distribution or brokerage, with or without advice, of insurance, unit trusts and similar financial products as a 'financial supermarket'.
Most banks are profit-making and private enterprises. However, some banks are government-run, or non-profits. Central banks, as a rule, are government owned.
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