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Pnc closing stock price

pnc closing stock price

How to read the table: Data in the first column is of the form "Week-Year". For example, the first row shows the average stock closing price for the Week 41 -. PNC said it would pay Riggs investors $24.25 per share, a modest premium to its closing price of $22.67 on Thursday. The stock is currently. price in common stock; $1.0 billion of stock would amount to 3 percent of PNC's outstanding common shares, based on the bank's closing stock price of.
pnc closing stock price

July 11, 1995


NEW YORK (AP) -- PNC Bank Corp. announced plans today to acquire Midlantic Corp. for $3 billion in stock, the latest in a string of big bank mergers and the second deal in recent weeks involving the purchase of a New Jersey bank.

When this merger and PNC's pending pnc closing stock price of another bank's New Jersey branches is completed, the Pittsburgh-based bank would rank second in market share in New Jersey and Philadelphia. The merged entity would create the nation's 11th largest banking company, with $79 billion in assets.

The pace of bank mergers -- and the size of the deals -- has picked up in recent weeks. Banks are merging to acquire more customers and to take advantage of new laws that make it cheaper for them to operate multistate branch networks.

Just three weeks ago, First Fidelity Bancorp., New Jersey's largest bank, said it would be acquired by First Union Corp., based in Charlotte, N.C., for $5.4 billion -- the biggest bank merger ever.

While First Fidelity's merger partner is based in the Southeast, Midlantic's is a neighbor. PNC, the nation's 12th largest bank with $62.1 billion in assets, has more than 500 banking offices, mostly in Pennsylvania and New Jersey. The bank serves 2.5 million households and 75,000 businesses.

PNC also has a deal in the works to acquire Chemical Banking Corp.'s New Jersey branches.

pnc closing stock price greatly expands our market share in Philadelphia and New Jersey," said Thomas H. O'Brien, chairman and chief executive officer at PNC. "It is expected to be additive to earnings per pnc closing stock price within the first year of combined operations."

Midlantic, the nation's 47th largest banking company, has $13.7 billion in assets and 338 branches in New Jersey and southeastern Pennsylvania. The bank, which struggled to survive through the real estate crisis and recession a few years ago, has turned its fortunes around and has been viewed as a takeover target because of its location and its strong retail operations.

Under terms of a definitive merger agreement, Midlantic stockholders will receive 2.05 shares of PNC stock in exchange for their Midlantic shares. Based on PNC's Friday closing stock price of $26.87, the exchange value would be $55.09 per Midlantic share, putting the deal at $3 billion.

It's the sixth largest bank merger in history, based on announced purchase price. The deal is expected to be completed by the end of the year capital one activate debit card is subject to regulatory and shareholder approvals.

On the New York Stock Exchange, PNC's shares were trading at $25.50 this morning, down $1.37. Trading of Midlantic's shares was delayed.

PNC said it expects to incur $190 million pnc closing stock price pre-tax merger-related expenses this year. The bank said it will earn $137 million, of 59 cents a share.

Midlantic said it expects to earn $56 million, or $1.05 a share, in the second quarter.


PNC Closing Price definition

Related to PNC Closing Price

Initial Closing Price means the RI Closing Value of a Reference Item on the Strike Date

Average Closing Price means the average of the last dealt prices of a Share for the five consecutive trading days on which the Shares are transacted on the SGX-ST immediately preceding the date of the On-Market Share Buy Back by the Company or, as the case may be, the date of the making of the offer pursuant to the Off-Market Equal Jose tejas fairfield Share Buy Back, and deemed to be adjusted, in accordance with the Listing Manual, for any corporate action that occurs after the relevant five-day period; and

Parent Closing Price means the volume weighted average closing trading price of a share of Parent Common Stock on Nasdaq for the five consecutive trading days ending five trading days immediately prior to the date upon which the Merger becomes effective.

Closing Price

Highest Closing Price means the highest closing price for shares of Substitute Common Stock within the six-month period immediately preceding the date the Substitute Option Holder gives notice of the required repurchase of the Substitute Option or the Substitute Share Owner m 2 to ft 2 notice of the required repurchase of the Substitute Shares, as applicable.

Closing Price Per Share means, with respect to the Common Stock, for any day, (i) the last reported sale price regular way on the Nasdaq National Market or, (ii) if the Common Stock is not quoted on the Nasdaq National Market, the last reported sale price regular way per share or, in case no such reported sale takes place on such day, the average of the reported closing bid and asked prices regular way, in either case, on the principal national securities exchange on which the Common Stock is listed or admitted to trading, or (iii) if the Common Stock is not quoted on the Nasdaq National Market or listed or admitted to trading on any national securities exchange, the average of the closing bid prices in the over-the-counter market as furnished by any New York Stock Exchange member firm selected from time to time by the Company for that purpose.

Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Closing Level in respect of such day.

Closing Sale Price means, for any security as of any date, (i) the last closing trade price for such security on the Principal Market, as reported by Nasdaq, or, if the Principal Market begins to operate on an extended hours basis and does not designate the closing trade price, then the last trade price of such security prior to 4:00 p.m., New York time, as reported by Nasdaq, or (ii) if the foregoing does not apply, the last trade price of such security in the over-the-counter market for such security as reported by Nasdaq, or (iii) if no last trade price is reported for such security by Nasdaq, the average of the bid and ask prices of any market makers for such security as reported by the OTC Markets. If the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Sale Price of such security on such date shall be the fair market value as mutually determined by the Company and the Holder. All such determinations to be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction pnc closing stock price the applicable calculation period.

Sale Price means the value as pnc closing stock price by the Administrator of the consideration payable, or otherwise to be received by stockholders, per share of Stock pursuant to a Sale Event.

Average Price means the average closing price of a share of the Substitute Common Stock for the one year immediately preceding the consolidation, merger or sale in question, but in no event higher than the closing price of the shares of Substitute Common Stock on the day preceding such consolidation, merger or sale; provided that if Issuer is the issuer of the Substitute Option, the Average Price shall be computed with respect to a share of common stock issued by the person merging into Issuer or by any company which controls or is controlled by such person, as the Holder may elect.

Closing Stock Price means the Stock Price as of the last day of any Performance Measurement Period.

Cash sale price means the price of a good or service a retail buyer would pay if he or she paid for the good or service in cash, and that is stated in a retail installment contract or in a sales slip or other memorandum furnished by a retail seller to a retail buyer pursuant to a retail charge agreement for that good or service. The cash sale price may include any taxes and charges for delivery, installation, servicing, repairs, alterations, or improvements.

Closing Average Share Value means the average, over the trading days in the Closing Average Period, of the closing price of the company’s stock multiplied by the Accumulated Shares for each trading day during the Closing Average Period.

Closing Market Price means the price at which the company’s security was last sold, on the applicable date,

Average Parent Stock Price means the average of the volume weighted averages of the trading prices of Parent Common Stock on the New York Stock Exchange (as reported by Bloomberg L.P. or, if not reported therein, in another authoritative source mutually selected by the parties) on each of the ten consecutive trading days ending on (and including) the trading day that is three trading days prior to the date of the Effective Time.

Average Sale Price means the average of the Sale Prices of the Common Stock for the shorter of

Last Reported Sale Price of the Common Stock on any date means the closing sale price per share (or if no closing sale price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that date as reported in composite transactions for the principal U.S. national or regional securities exchange on which the Common Stock is traded. If the Common Stock is not listed for trading on a U.S. national or regional securities exchange on the relevant date, the “Last Reported Sale Price” shall be the last quoted bid price for the Common Stock in the over-the-counter market on the relevant date as reported by OTC Markets Group Inc. or a similar organization. If the Common Stock is not so quoted, the “Last Reported Sale Price” shall be the average of the mid-point of the last bid and ask prices for the Common Stock on the relevant date from each of at least three nationally recognized independent investment banking firms selected by the Company for this purpose.

Class A share Value means, as of the close of business on the day preceding the conversion date, the volume weighted average trading price (“VWAP”) of the Class A shares on all trading platforms or trading systems on which the Class A shares are being traded over the forty-five (45) trading days then ended, provided, that if the total aggregate trading volume over such 45-trading-day period is less than 5% of the public float, such period shall be extended to the ninety (90) trading days then ended, provided, further, if the total aggregate trading volume over such 90-trading-day period is less than 5% of the public float, the holder of the Class B shares shall request that the Administrator obtain an appraisal of the Class A share Value from one or more independent nationally-recognized third party appraisal companies and such appraisal shall constitute the Class A share Value.** The hypothetical Class A share values represent the assumed VWAP, or in the absence of a trading market, the appraised fair value of the Class A shares, which, in either case, is assumed to be the amount that a Class A share would receive upon liquidation of the Company (i.e. the appraised value of the Painting divided by the fully diluted number of Class A shares outstanding). For all purposes of determining the number of Class A shares issuable upon conversion of Class B shares, a bulletin board platform, such as the Masterworks Secondary Market, which does not display firm quotes, shall not constitute a “trading platform” or “trading system.”Examples of conversion calculationThe following table illustrates the number and percentage of Class A shares that would be issued to Masterworks upon conversion of all of its Class B shares based on hypothetical changes in the trading price or value of the Class A shares:Hypothetical Class A share Value $ 20.00 $ 30.00 $ 40.00 $ 50.00 $ 60.00 No. of Class A shares Masterworks would receive upon conversion of 100% of its Class B shares 0 6,938 10,406 12,488 13,875 Percentage of total outstanding Class A shares Masterworks would receive upon conversion of 100% of its Class B shares 0 % 7.69 % 11.11 % 13.04 % 14.29 %Powers of the Board of ManagersThe Board of Managers will have sole voting power over all matters relating to our Company, including: mergers, consolidations, acquisitions, winding up and dissolution and the Board of Managers will have control over the disposition of Painting; except, the Board of Managers shall not have the authority to amend, waive or fail to comply with any material provision of our operating agreement that disproportionately and adversely affects the Class A shareholders, except as provided therein, without the consent of holders of a majority of the Class A shares.Shares beneficially owned by Masterworks shall have no voting rights.RemovalA member of the Board of Managers may only be removed and replaced by a majority of the Board of Managers with or without “cause” and may also be removed and replaced for “cause” as defined in our operating agreement by a vote of the holders of two-thirds (2/3) of the voting shares.

Parent Stock Price means the average of the volume weighted averages of the trading prices of Parent Common Stock on the NYSE (as reported by Bloomberg L.P. or, if not reported therein, in another authoritative source mutually selected by Parent and the Company in good faith) on each of the five (5) consecutive trading days ending on the trading day that is two (2) trading days prior to the Closing Date.

Average Stock Price means the average of the closing transaction prices of a share of common stock of a company, as reported on the principal national stock exchange on which such common stock is traded, for the 20 business days immediately preceding the date for which the Average Stock Price is being determined.

RI Closing Value means, in respect of a Reference Item and a ST Valuation Date, the Settlement Price (as defined in the Equity Linked Conditions) on such ST Valuation Date

Time sale price means the total of the cash price of the goods and services or services, the finance charge, and the amounts, if any, included for insurance premiums and official fees.

Average Trading Price means, with respect to any period, the average of the Market Prices on the last trading day of each full or partial calendar quarter included within such period.

Common Stock Price means, as of a particular date, the average of the Fair Market Value of one share of Common Stock over the fifteen (15) consecutive trading days ending on, and including, such date (or, if such date is not a trading day, the most recent trading day immediately preceding such date); provided, however, that if such date is the date upon which a Transactional Change of Control occurs, the Common Stock Price as of such date shall be equal to the fair value, as determined by the Committee, of the total consideration paid or payable in the transaction resulting in the Transactional Change of Control for one share of Common Stock.

Option Closing Purchase Price shall have the meaning ascribed to such term in Section 2.2(b), which aggregate purchase price shall be net of the underwriting discounts and commissions.

Share Value means $25.00 plus declared and unpaid dividends as at the date of the Trigger Event.


The total payment received by BBVA amounts to approximately $11.5 billion¹ (€9.6 billion²) in cash. The accounting of both the results generated by the subsidiary since the announcement of the transaction and of its closing today, have had an aggregate positive impact on BBVA’s fully-loaded CET1 ratio of about 294 basis points (of which 24 bps have already been accounted for between the date of the announcement and the end of 1Q21), and a net profit of approximately €570 million (of which €479 million have already been recorded in the Group’s results between the date of the announcement and the end of 1Q21)³.

The sale, which was announced on November 16, 2020, includes BBVA USA banking operations as well as other BBVA Group companies in the U.S. with activities connected with said banking business. BBVA will retain its presence in the U.S. market through its broker-dealer BBVA Securities and the New York branch, through which BBVA will continue to provide corporate & investment banking services to its large corporate and institutional clients. Additionally, BBVA will maintain its representative office in San Francisco, as well as its stake in fintech investment fund Propel Venture Partners.

After the closing of the transaction, PNC, based in Pittsburgh, Pennsylvania, will become the U.S. fifth-largest commercial banking organization by assets.

1)  Which corresponds to the purchase price provided in the share purchase agreement minus the agreed closing price adjustments.
2) Considering an exchange rate of 1.20 EUR/USD.
3) As previously indicated in the referred Relevant Events from November 16, 2020, the results that BBVA USA Bancshares, Inc. has been generating, as well as the positive impact, mainly, of these results on the Common Equity Tier 1 fully loaded ratio have been reflected in the financial statements of BBVA Group. The calculation of the impact on Common Equity Tier 1 has been made taking into account the amount of the transaction in euros and BBVA Group's financial statements as of March 2021.

PNC Financial to buy Riggs National

PITTSBURGH, July 16 (UPI) -- PNC Financial Services Group of Pittsburgh said Friday it agreed to acquire Riggs National Corp. based in Washington, D.C.

Under terms of the deal PNC is offering $321 million in cash plus 7.5 million of its common shares. Riggs shareholders will be able to choose cash or stock in the deal, subject to proration.


Based on PNC's closing stock price of $51.70, PNC said the deal values Riggs at $24.25 a share. The offer is a 7 percent premium to Riggs's Thursday closing price of $22.67.

The deal is expected to close in the first quarter of 2005.

Riggs, with $6 billion in assets, has 50 branches in the Washington D.C., area.

"Riggs's strong banking franchise gives us an excellent platform on which to build in the extremely appealing metropolitan Washington marketplace," said PNC Chief Executive James E. Rohr.

Riggs has been under congressional investigation because of its embassy banking operations. It allegedly allowed officials of Equitorial Guinea deposit millions without reporting the unusual activity as required by law, and allegedly helped former Chilean dictator Augusto Pinochet hide $8 million while he was under arrest in Britain.


After the deal is completed, Riggs plans to merge into PNC and Riggs branches will assume the PNC name.


The Pittsburgh firm’s deal will further growth along affluent New Jersey-to-Washington corridor.

A customer enters PNC Bank in Greenbelt, Md., Monday. PNC Financial Services Group Inc., one of the nation’s largest regional banks, said Monday it is buying Baltimore-based Mercantile Bankshares Corp. for about $6 billion.

AP photo

PITTSBURGH — PNC Financial Services Group Inc., one of the nation’s largest regional banks, said Monday it is buying Baltimore-based Mercantile Bankshares Corp. for about $6 billion as part of an expansion plan targeting wealthy, fast-growing markets.
The Pittsburgh company said the cash-and-stock deal will pnc closing stock price its growth along the affluent New Jersey-to-Washington corridor, adding hundreds of new branches in Maryland, the District of Columbia, Virginia and Delaware.
“I think it’s fairly self-evident that the combination of Mercantile and PNC will be a Mid-Atlantic powerhouse,” said James E. Rohr, PNC’s chairman and chief executive.
The regional footprints of the two banks fit well together, he told analysts during a conference call. “With their 240 branches, PNC will have market coverage of the wealthy East Coast corridor from the Hudson River to the Potomac,” Rohr said.
The transaction will make PNC the second-largest bank by deposit market share in Maryland and Delaware and is expected to accelerate growth in Washington and Delaware, according to Rohr.
Last year, PNC got a foothold in the attractive Washington market with its $643 million acquisition of Riggs Bank, which was headquartered in the nation’s capital.
Based on PNC’s closing stock price of $73.60 on Friday, the deal values shares of Mercantile at $47.24 apiece, a 28.4 percent premium over their closing price of $36.78 on Friday.
Mercantile Bankshares shares rose $8.16, or 22.2 percent, to $44.94 in trading on the Nasdaq Stock Market. PNC shares fell $3.20, or 4.35 percent, to $70.40 in trading on the New York Stock Exchange.
Mercantile shareholders will receive a combination of 52.5 million shares of PNC stock and $2.13 billion in cash. Under the deal, each Mercantile share will be exchanged for 0.4184 shares of PNC stock and $16.45 in cash.
PNC expects the deal, due to close in the first quarter of 2007, to add to earnings per share in 2008.
David A. George, an analyst at A.G. Edwards, said that “obviously Mercantile is a very attractive franchise” that will improve the growth potential of PNC’s regional banking operation.
Two Mercantile directors will join the board of the combined company. Mercantile chairman, president and chief executive Edward J. Kelly III will be named a PNC vice chairman when the deal is completed.
PNC has $94.9 billion in assets and more than 2.5 million consumer and small business customers in Pennsylvania, New Jersey, Maryland, Virginia, Delaware, Ohio, Kentucky, Indiana and the District of Columbia.
Mercantile has $17 billion in assets and offers services through 240 offices in Maryland, Virginia, the District of Columbia, Delaware and southeastern Pennsylvania.


Chase Bank

National bank headquartered in Manhattan, New York City

For the buildings, see Chase Tower (Chicago) and Bank of the Manhattan Company Building.

Chase branches in the U.S. in 2020

JPMorgan Chase Bank, N.A., doing business asChase Bank or often as Chase, is an American national bank headquartered in Manhattan, New York City, that constitutes the consumer and commercial banking subsidiary of the U.S. multinational banking and financial services holding company, JPMorgan Chase. The bank was known as Chase Manhattan Bank until it merged with J.P. Morgan & Co. in 2000.[2] Chase Manhattan Bank was formed by the merger of the Chase National Bank and the Manhattan Company in 1955.[3] The bank merged with Bank One Corporation in 2004[4] and later acquired the deposits and most assets of Washington Mutual.

Chase offers more than 5,100 branches and 17,000 ATMs nationwide.[5] JPMorgan Chase & Co. has 250,355 employees (as of 2016) and operates in more than 100 countries. JPMorgan Chase & Co. had their assets of $2.49 trillion in 2016.

JPMorgan Chase, through its Chase subsidiary, is one of the Big Four banks of the United States.[6][7]


From September 1, 1799, to 1955, it was called The Bank of The Manhattan Company (New York); after a 1955 merger with the Chase National Bank (which existed separately from 1877 to 1954) it was called The Chase Manhattan Bank.[8][9]

Chase's southwest regional headquarters in Phoenix, Arizona.

The Manhattan Company[edit]

Main article: Bank of the Manhattan Company

Chase traces its history back to the founding of The Manhattan Company by Aaron Burr on September 1, 1799, in a house at 40 Wall Street:[2]

After an epidemic of yellow fever in 1798, during which coffins had been sold by itinerant vendors on street corners, Aaron Burr established the Manhattan Company, with the ostensible aim of bringing clean water to the city from the Bronx River but in fact, designed as a front for the creation of New York's second bank, rivaling Alexander Hamilton's Bank of New York.

— The Economist[10]

In 2006, the modern-day Chase bought the retail banking division of the Bank of New Www bankofamerica online banking login, which then only months later merged with Pittsburgh-based Mellon Financial to form the present-day BNY Mellon.[11][12]: 23–26 

Chase National Bank[edit]

Chase National Bank was formed in 1877 by John Thompson.[2] It was named after former United States Treasury Secretary and Chief Justice Salmon P. Chase,[3] although Chase did not have a connection with the bank.[2]

The Chase National Bank acquired a number of smaller banks in the 1920s through its Chase Securities Corporation. In 1926, for instance, it acquired Mechanics and Metals National Bank.

Specimen Stock Certificate

However, its most significant acquisition was that of the Equitable Trust Company of New York in 1930, the largest stockholder of which was John D. Rockefeller, Jr.[13] This made Chase the largest bank in the US and indeed, in the world.

Chase was primarily a wholesale bank, dealing with other prominent financial institutions and major corporate clients, such as General Electric,[14]: 450  which had, through its RCA subsidiary, leased prominent space and become a crucial first tenant of Rockefeller Center, rescuing that major project in 1930. The bank is also closely associated with and has financed the oil industry, having longstanding connections with its board of directors to the successor companies of Standard Oil, especially ExxonMobil, which are also Rockefeller holdings.

Merger as Chase Manhattan Bank[edit]

Manhattan Company (1799-1955) letterhead c. 1922
Chase National Bank (1877-1955) letterhead c. 1921

In 1955, Chase National Bank and The Manhattan Company merged to create the Chase Manhattan Bank.[2] As Chase was a much larger bank, it was first intended that Chase acquire the "Bank of Manhattan", as it was nicknamed, but it transpired that Burr's original charter for the Manhattan Company had not only included the clause allowing it to start a bank with surplus funds, but another requiring unanimous consent of shareholders for the bank to be taken over. The deal was therefore structured as an acquisition by the Bank of the Manhattan Company of Chase National, with John J. McCloy becoming chairman of the merged entity. This avoided the need for unanimous consent by shareholders.

For Chase Manhattan Bank's new logo, Chermayeff & Geismar designed a stylized octagon in 1961, which remains part of the bank's logo today.[15] It has been reported that the Chase logo was a stylized representation of the primitive water pipes laid by the Manhattan Company,[16] but this story was refuted in 2007 by Ivan Chermayeff himself. According to Chermayeff, the Chase logo was merely intended to be distinctive and geometric, and was not intended at all to resemble a cross-section of a wooden water pipe.[17] According to Chase, the sides of the octagon represent forward motion, while the blank space in the middle suggests progress originates from the center; and is a single unit made up of separate parts, like the bank.[18] The bank included an asset management business called the Chase Investors Management Corporation. Under McCloy's successor, George Champion, the bank relinquished its antiquated 1799 state charter for a modern one. In 1969, under the leadership of David Rockefeller, the bank became part of a bank holding company, the Chase Manhattan Corporation.[3]

The mergers and acquisitions during this period allowed Chase Manhattan to expand its influence over many non-financial corporations. A 1979 study titled "The Significance of Bank Control over Large Corporations"[19] found that: "The Rockefeller-controlled Chase Manhattan Bank tops the list, controlling 16 companies." In 1985, Chase Manhattan expanded into Arizona by acquiring Continental Bank.[20] In 1991, Chase Manhattan expanded into Connecticut by acquiring two insolvent banks.[21]

Mergers with Chemical, J.P. Morgan[edit]

In August 1995, Chemical Bank of New York and Chase Manhattan Bank announced plans to merge.[22] The merger was completed in August 1996.[23] 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 not only was it was better known (particularly outside the United States), but the original charter of Chase required that the name be retained in any future business ventures. Hence, even today, it is known as JPMorgan Chase.

In December 2000, the combined Chase Manhattan completed the acquisition of J.P. Morgan & Co. in 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 United States. JPMorgan Chase added Bear Stearns and Washington Mutual to its acquisitions in 2008 and 2009 respectively. After closing nearly 400 overlapping branches of the combined company, less than 10% of its total, Chase will have approximately 5,410 branches in 23 states as of the closing date of the acquisition.[24][25] 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.[26] 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):

Bank One Corporation[edit]

Main article: Bank One Corporation

In 2004, JPMorgan Chase merged with Chicago-based Bank One Corp., bringing on board its current chairman and CEOJamie Dimon as president and COO and designating him as CEO William B. Harrison, Jr.'s successor. Dimon's pay was pegged at 90% of Harrison's. Dimon quickly made his influence felt by embarking on a cost-cutting strategy and replaced former JPMorgan Chase executives in key positions with Bank One executives—many of whom were with Dimon at Citigroup. Dimon became CEO in January 2006 and Chairman in December 2006 after Harrison's resignation.[27]

Bank One Corporation was formed upon the 1998 merger between Banc One of Columbus, Ohio and First Chicago NBD. These two large banking companies were themselves created through the merger of many banks. JPMorgan Chase completed the acquisition of Bank One in Q3 2004. The merger between Bank One and JPMorgan Chase meant that corporate headquarters were now in New York City while the retail bank operations of Chase were consolidated in New York.[28][29]

The following is an illustration of Bank One's major mergers and acquisitions and historical predecessors (this is not a comprehensive list):

Bank One
(merged 1998)
Banc One Corp
(merged 1968)

City National Bank
& Trust Company (Columbus, Ohio)

Farmers Saving
& Trust Company

First Chicago NBD
(merged 1995)

Louisiana's First
Commerce Corp.

Washington Mutual[edit]

Main article: Washington Mutual

On September 25, 2008, JPMorgan Chase bought most banking operations of Washington Mutual from the receivership of the Federal Deposit Insurance Corporation (FDIC).[30]: 115  That night, the Office of Thrift Supervision, in what was by far the largest bank failure in American history, seized Washington Mutual Bank and placed it into receivership. The FDIC sold the bank's assets, secured debt obligations and deposits to JPMorgan Chase Bank, NA for $1.888 billion, which re-opened the bank the following day. As a result of the takeover, Washington Mutual shareholders lost all their equity.[31] Through the acquisition, JPMorgan became owner of the former accounts of Providian Financial, a credit card issuer WaMu acquired in 2005. The company completed the rebranding of Washington Mutual branches to Chase in late 2009. pnc closing stock price recent acquisitions[edit]

In the first quarter of 2006, Chase purchased Collegiate Funding Services, a portfolio company of private equity firm Lightyear Capital, for $663 million. CFS was used as the foundation for the Chase Student Loans, previously known as Chase Education Finance.[32] In April of that pnc closing stock price year, Chase acquired the Bank of New York Co.'s retail and small business banking network. This gave Chase access to 338 additional branches and 700,000 new customers in New York, New Jersey, Connecticut, and Indiana.[33]

In 2019, Chase began opening retail branches in Pittsburgh and other areas within Western Pennsylvania; this coincided with Bank of America starting a similar expansion within the area the previous year.[34] Even though Chase entered the market organically as opposed to a merger & acquisition, they still had to receive approval from the Office of the Comptroller of the Currency to open branches due to Chase's size as a whole.[35] Before Chase and Bank of America expanded its retail presence into the market, Pittsburgh had been one of the largest U.S. cities without a retail presence from any of the "Big Four", with locally-based PNC Financial Services (no. 6 nationally) having a commanding market share in the area. Chase had previously considered buying National City branches from PNC that were required for divesture following that bank's acquisition of National City in 2009, but were instead sold to First Niagara Bank (since absorbed into KeyBank); it had been speculated that PNC intentionally sold the branches to a much smaller competitor due to not wanting to compete with a "Big Four" bank in its home market.[36]

In September 2021, JPMorgan Chase entered the UK retail banking market by launched an app-based current account under the Chase brand. This is the company's first retail banking operation outside the of United States.[37][38][39]


WWII Related Controversies[edit]

Purchase of Nazi Germany's Reichsmarks[edit]

A press release from the National Archives and Records Administration (NARA) in 2004 announced that many of the new Federal Bureau of Investigation (FBI) files had become declassified. This declassification enabled the discovery that before and during the early years of World War II, the German government sold a special kind of Reichsmark, known as Rückwanderer [returnee] Marks, to American citizens of German descent. Chase National Bank, along with other businesses, were involved in these transactions. Through Chase, this allowed Nazi sympathizers to purchase Marks with dollars at a discounted rate. Specifically, "The financial houses understood that the German government paid the commissions (to its agents, including Chase) through the sale of discounted, blocked Marks that came mainly from Jews who had fled Germany." In other words, Nazi Germany was able to offer these Marks below face-value because they had been stolen from emigrés fleeing the Nazi regime. Between 1936 and 1941, the Nazis amassed over $20 million, and the businesses enabling these transactions earned $1.2 million in commissions. Of these commissions, over $500,000 went to Chase National Bank and its subagents.

These facts were discovered when the FBI began its investigation in October 1940. The purpose of the investigation was to follow German-Americans who had bought the Marks. However, Chase National Bank's executives were never federally prosecuted because Chase's lead attorney threatened to reveal FBI, Army, and Navy "sources and methods" in court.[citation needed] Publicly naming the sources and methods could have posed security risks and threatened future intelligence gathering. To avoid such revelations, the executives' violations of the Johnson Act, the Espionage Act, and the Foreign Agents Registration Act were never prosecuted.[40][41][42]

Release of funds for Nazi Germany[edit]

Besides the controversial Rückwanderer Mark Scheme, NARA records also revealed another controversy during the occupation of France by the Nazis. From the late 1930s until June 14, 1941, when President Franklin D. Roosevelt (FDR) issued an Executive Order freezing German assets, Chase National Bank worked with the Nazi government. The order blocking any access to French accounts in the U.S. by anyone, but especially by the Nazis was issued by Secretary of the Treasury, Henry Morgenthau Jr., with the approval of FDR. Within hours of the order, Chase unblocked the accounts and the funds were transferred through South America to Nazi Germany.[42]

Refusal to release funds belonging to Jews in occupied France[edit]

U.S. Treasury officials wanted an investigation of French subsidiaries of American banks, such as Chase Bank, J.P. Morgan & Co, National City Corporation, Guaranty Bank, Bankers Trust, and American Express. Of these banks, only Chase and Morgan remained open in France during the Nazi occupation. The Chase branch chief in Paris, France, Carlos Niedermann, told his supervisor in New York that there had been an "expansion of deposits". Also, Niedermann was, "very vigorous in enforcing restrictions against Jewish property, even going so far as to refuse to release funds belonging to Jews in anticipation that a decree with retroactive provisions prohibiting such release might be published in the near future by the occupying Nazi authorities"[citation needed].

In 1998, Chase general counsel William McDavid said that Chase did not have control over Niedermann. Whether that claim was true or not, Chase Manhattan Bank acknowledged seizing about 100 accounts during the Vichy regime. Kenneth McCallion, a partner in the New York firm Goodkind Labaton Rudoff & Sucharow,[43] led a lawsuit against Barclays Bank for the illegal seizure of assets during WWII and has since turned his attention toward Chase. The World Jewish Congress (WJC), entered into discussions with Chase and a spokesperson for the WJC said, "Nobody at Chase today is guilty. They were not involved in whatever happened, but they do accept that they have an institutional responsibility." A Chase spokesman said, "This is a moral issue that we take very seriously." Chase general counsel McDavid added, "that Chase intends to compensate Jewish account holders whose assets were illegally plundered". In 1999, the French government formed a commission to report findings to Prime MinisterLionel Jospin. Claire Andrieu, a commission member and history professor at the Sorbonne, said that under the Vichy regime, French banks received visits from Nazi officials but U.S. banks did not. At that time, they did not have to report Jewish accounts, but they did just as the French banks did. She goes on to say that an American ambassador protected the U.S. subsidiaries.[44][45][46]

Recent controversies[edit]

JPMorgan Chase has paid $16 billion in fines, settlements, and other litigation expenses from 2011 to 2013. Of the $16 billion JPMorgan Chase has paid, about $8.5 billion were for fines and settlements resulting from illegal actions taken by bank executives, according to Richard Eskow at the Campaign for America's Future, who cited a new report from Joshua Rosner of Graham Fisher & Co.

The $16 billion total does not include a recent settlement that calls for JPMorgan Chase to pay $100 million to waive $417 million in claims it had made against clients of the firm MF Global.

The U.S. Treasury's Office of Foreign Assets Control found that JPMorgan had illegally aided dictatorships in Cuba, Sudan, Liberia and Iran, including transferring 32,000 ounces of gold bullion (valued at approximately $20,560,000) to the benefit of a bank in Iran. JPMorgan did not voluntarily self-disclose the Iranian matter to OFAC.[47]

Among its other transgressions, JPMorgan has been found to have:[48][49][50][51][52]

Targeted account closures[edit]

During 2013 and 2014, Chase and other banks received media attention for the practice of canceling the personal and business accounts of hundreds of legal sex workers, citing in some instances the "morality clause" of their account agreement.[53] Later it was discovered that this practice included mortgage accounts and business loans.[54] Chase canceled the mortgage refinancing process for one individual, that the bank had initiated, whose production company made soft core films like those broadcast on Cinemax.[55] This resulted in a lawsuit[56] which cited evasive dealings and misleading statements by several Chase executives including Securities Vice President Adam Gelcich, Legal Fair Lending Department Vice President Deb Vincent, and an unnamed executive director and assistant general counsel.[57]

In addition to closing accounts for sex workers, the bank has also been using its "morality clause" to disassociate from other types of businesses.[58] Some of these other businesses include medical marijuana dispensaries and any that are "gun related".[58] Another was a woman-owned condom manufacturing company called Lovability Condoms. Company founder Tiffany Gaines was rejected by Chase Paymentech services "as processing sales for adult-oriented products is a prohibited vertical" and was told that it was a "reputational risk" to process payment for condoms.[58] Gaines then started a petition to ask Chase to review and change its policy of classifying condoms as an "adult oriented product". The bank later reversed its decision and invited Gaines to submit an application citing that was already doing business with a "wide variety of merchants, including grocers and drug stores, that sell similar products".[59]

In 2019 the bank faced growing criticism for its alleged practice of arbitrarily targeting the personal accounts of outspoken online personalities such as Martina Markota and Proud Boys chairman Enrique Tarrio. Although the specific motives behind the closures were not officially disclosed the assumption among many on the right was that they were political in nature.[60]

Dakota Access Pipeline[edit]

Financial documents[61] from Energy Transfer Partners, the pipeline builder for the Dakota Access Pnc closing stock price, lists a number of large banking institutions that have provided credit for the project, including JP Morgan Chase. Because of these financial ties, Chase and other banks were a target[62] of the Dakota Access Pipeline protests during 2016 and 2017.

Parental leave policy[edit]

JPMorgan Chase agreed to pay $5 million to compensate their male employees who did not receive the same paid parental leave as women from 2011 to 2017.[63] In December 2017, the bank "clarified its policy to ensure equal access to men and women looking to be their new child's main caregiver".[64] According to the involved attorneys, this is the biggest recorded settlement in a U.S. parental leave discrimination case. JPMorgan agreed to train and monitor to ensure equal parental leave benefits and stated that "its policy was always intended to be gender-neutral".[65]

Fossil fuel investment[edit]

Chase has faced criticism and protests over its high rate of investment in various fossil fuel industries such as coal, oil, and gas.[66] A study released in October 2019 indicated that Chase invests more ($75 billion) in fossil fuels than any other bank.[67]

Unequal Lending Practices[edit]

A analysis of home purchases in Chicago from 2012 to 2018 by City Bureau and WBEZ Chicago showed that JP Morgan Chase, "loaned 41 times more in Chicago’s white neighborhoods than it did in the city’s black neighborhoods."[68] The report prompted protests at Chicago Chase branches in June 2020.[69] At a reopening of a remodeled Chase branch in Chicago's South Shore, Dimon said via video, "we have targets now to do $600 million (over the next five years) in new mortgages for Blacks and new homeowners in Chicago neighborhoods."[70]


  1. ^"Financial Highlights"(PDF).
  2. ^ abcdeThe History of JPMorgan Chase & Co(PDF). JPMorgan Chase & Co. 2008. Archived from the original(PDF) on September 27, 2011. Retrieved October 14, 2011.
  3. ^ abc"J.P. Morgan Chase & Co". International Directory of Company Histories. St. James Press. 2001. Retrieved November 4, 2007.
  4. ^"History of Our Firm". JPMorgan Chase & Co. Retrieved October 14, 2011.
  5. ^"About Chase Bank". Retrieved December 15, 2020.
  6. ^Tully, Shawn (February 27, 2009). "Will the banks survive?". Fortune Magazine/CNN Money. Retrieved December 17, 2009.
  7. ^"Citigroup posts 4th straight loss; Merrill loss widens". USA Today. Associated Press. October 16, 2008. Retrieved December 17, 2009.
  8. ^"$7.5 Bil. Chase Manhattan Bank Merger Set". American Banker. January 14, 1955. Archived from the original on November 10, 2013. Retrieved November 10, 2013.
  9. ^Anon., "Chase, Manhattan Banks 'Wed' With State's Blessing", The New York Times, April 1, 1955.
  10. ^Koeppel, Gerard T. (March 16, 2000). "Soaking the poor". The Economist. Retrieved October 14, 2011.
  11. ^Dash, E., "Bank of New York and Mellon Will Merge", The New York Times, December 5, 2006.
  12. ^Chaudhuri, R. R., The Changing Face of American Banking: Deregulation, Reregulation, and the Global Financial System (London: Palgrave Macmillan, 2014), pp. 23–26.
  13. ^Rockefeller, David (October 15, 2002). David Rockefeller: Memoirs. New York: Random House. pp. 124–25. ISBN .
  14. ^Chernow, R., The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance (New York: Grove Atlantic, 1990), p. 450.
  15. ^"Chase Manhattan Bank". Chermayeff & Geismar. Retrieved October 14, 2011.
  16. ^Tett, Gillian (May 12, 2009). Fool's Gold: How the Bold Dream of a Small Tribe at J.P. Morgan Was Corrupted by Wall Street Greed and Unleashed a Catastrophe. New York: Free Press. p. 82. ISBN .
  17. ^"Correction: Badillo's World, One Tenement's Tale and Eau N.Y.C."The New York Times. January 27, 2007. Retrieved September 4, 2020.
  18. ^"What's up with Chase's octagon?

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