Marine Midland Bank is a bank previously headquartered in Buffalo, New York, with several hundred branches across New York state. It was acquired by HSBC in 1980, and changed its name to HSBC Bank USA in 1999.
Video Marine Midland Bank
Histori
Pendirian
Marine Midland was established as a Marine Bank, a state-charter bank, on July 10, 1850, with a capital of $ 170,000. The company was founded by eight people from all over New York - General James S. Wadsworth from Geneseo, JP Beekman from Kinderhook, New York, John Arnot of Elmira, John Magee and Constant Cook of Bath, William R. Gwinn of Medina, and George Palmer and James M. Ganson of Buffalo. Both Palmer and Wadsworth have rail connections. Both have financial interests and serve as directors of Attica and Hornell Railroad, while Palmer has links with Buffalo and State Line Railroad. Palmer was elected president and Ganson was named the cashier.
The new institution is called the Marine Bank because many businesses initially depended on the economic vitality of the lake and the Buffalo riverbank. Indeed, it was intended to finance a new shipping trade on the Great Lakes. Since its opening day on August 27 at 79 Main Street, Marine is a leading bank for wheat and grinding industry that thrives on the seashore. However, the diverse geographical base of the eight bank founders indicates that they intend to expand in New York.
Mergers and acquisitions
At the beginning of the 20th century, Marine Bank began to grow through mergers. In 1897 it absorbed the American Exchange Bank, and in 1902 acquired Buffalo Commercial Bank. That same year it became a national bank and changed its name to Marine National Bank of Buffalo under president Stephen Merrell Clement.
The next acquisition occurred in 1913 when the Marine absorbed the Columbia National Bank. In the same year, the bank built a 17-storey office building in Buffalo known as the Marine Midland Trust Company Building.
Six years later, Bankers Trust was acquired. Marine chose to become a state bank again as Buffalo Maritime Trust Company. By the mid-1930s, Marine had acquired eight other banks.
Marine also leads in the establishment of Marine Midland Corporation, a holding company for 17 affiliate banks throughout New York. The first multibank holding company in the state was formed October 4, 1929. 20 days later it will become Wall Street Crash in 1929.
As a result of 11 mergers across Western New York, the Marine Trust Company became the Marine Midland Trust Company in Western New York in the 1950s. The name was changed again in the 1960s to the Marine Midland Trust Company in Western New York and again in 1970 to the Marine Midland Bank-Western. In 1972, the bank moved its headquarters to a new 38-story tower, the Marine Midland Center.
On January 1, 1976, Marine Midland merged all its affiliated banks under the sole Marine Midland Bank charter, with headquarters in Buffalo. The new bank is divided into regions, with the Buffalo-based Midland-Western Marine Region.
Marine Midland Bank became a national bank once again in the early 1980s. When entering the 1980s, assets were close to $ 20 billion.
HSBC
In 1980, The Hongkong and Shanghai Banking Corporation acquired a 51% controlling stake in Marine Midland Corporation. At that time, it was the 13th largest commercial bank in the United States, with about 300 banking offices in New York and about 25 offices abroad. HSBC acquired full ownership in 1987.
In 1983, Marine Midland Bank acquired Carroll McEntee & amp; McGinley (now HSBC Securities (USA)), New York-based dealer in New York. In 1994, Marine Midland acquired the Spectrum Home Mortgage, which operates in eight states. Then in 1995, Marine acquired the United Northern Federal Savings Bank, with branches in Watertown and Lowville, New York. Marine Midland also acquired six retail branches of New York City in Hongkong and Shanghai Banking Corporation, and two branches of Hang Seng Bank next year in New York City. In the same year, Marine Midland acquired 11 branches of the East River Savings Bank in the New York Metropolitan area. Marine also acquired the US dollar clean-up business from JP Morgan. At the same time, HSBC moved two branches in the northwestern United States to Hongkong Bank of Canada. The following year, Marine completed the acquisition of First Federal Savings and Loan from CT Financial Services in Toronto, for $ 620 million. The First Federal Savings, headquartered in Rochester, has $ 7.2 billion in assets, 1,600 employees, 79 retail branches in New York State and 15 mortgage origination offices in nine states.
In 1998, Marine Midland acquired First Commercial Bank of Philadelphia, established in 1989 as the first Asian-American bank to be hired in Pennsylvania. Banks serve local Asian communities, who often face language and cultural barriers in traditional American banks. Marine paid $ 23.75 million for First Commercial, which has $ 90 million in assets and $ 78 million in deposits in two branches.
The Bank continued to operate under the name of Marine Midland until 1998, when the official name changed to HSBC Bank USA N.A., and all branches took the name of HSBC. In 1999, at the time of consolidation and changed to HSBC Bank USA, the bank had $ 33 billion (equivalent to $ 49,547,162,000 in 2017) in assets.
In 2011, HSBC sold its retail banking network in Upstate New York and Connecticut to First Niagara Financial Group and KeyBank Community bank, N.A. and Five star bank. For all intents and purposes, HSBC has removed the original core of Marine Midland. In 2016 First Niagara acquired by KeyBank gives them more genuine core of Marine Midland As part of KeyBank buys First Niagara for a deal to bypass Northwest Savings Bank buys 18 offices giving it part of the original Marine Midland core.2013, HSBC vacates its office space in a place that now known as One HSBC Center; former headquarters renamed One Seneca Tower. Also from the record, Marine Midland has purchased the naming rights to the sports and entertainment venue Buffalo built in 1996, the Marine Midland Arena, home of Buffalo Sabers. Today, the place is known as KeyBank Center.
Maps Marine Midland Bank
Properties
Marine Midland is owned, in whole or in part, some of the leading properties in Western New York and New York City, including:
- 250 Park Avenue, in Manhattan
- Marine Midland Building, at 140 Broadway in Manhattan (20% indirect participation â € <â €
- One Seneca Tower, in downtown Buffalo
- Seneca Main Building, in downtown Buffalo
- Rand Building, in downtown Buffalo
- Five Star Bank Plaza in Rochester, NY
See also
- HSBC Bank USA
References
Source of the article : Wikipedia
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