Aomori Bank
Encyclopedia
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
headquartered in Aomori
Aomori, Aomori
is the capital city of Aomori Prefecture, in the northern Tōhoku region of Japan. As of 2009, the city had an estimated population of 302,068 and a density of 366 persons per km². Its total area was 824.52 km².- History :...
, Aomori Prefecture
Aomori Prefecture
is a prefecture of Japan located in the Tōhoku Region. The capital is the city of Aomori.- History :Until the Meiji Restoration, the area of Aomori prefecture was known as Mutsu Province....
, in the Tōhoku region
Tohoku region
The is a geographical area of Japan. The region occupies the northeastern portion of Honshu, the largest island of Japan. The region consists of six prefectures : Akita, Aomori, Fukushima, Iwate, Miyagi and Yamagata....
of northern Honshū
Honshu
is the largest island of Japan. The nation's main island, it is south of Hokkaido across the Tsugaru Strait, north of Shikoku across the Inland Sea, and northeast of Kyushu across the Kanmon Strait...
.
The Aomori Bank provides financial services
Financial services
Financial services refer to services provided by the finance industry. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are credit unions, banks, credit card companies, insurance companies, consumer finance companies,...
for individual and corporate customers, including deposits, loans, securities trading and investment, foreign exchange
Foreign exchange market
The foreign exchange market is a global, worldwide decentralized financial market for trading currencies. Financial centers around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of weekends...
, and bond underwriting and registration services as well as credit card
Credit card
A credit card is a small plastic card issued to users as a system of payment. It allows its holder to buy goods and services based on the holder's promise to pay for these goods and services...
services.
History
The forerunner of the Aomori Bank was , established January 20, 1879, in HirosakiHirosaki, Aomori
is a city located in southwest Aomori Prefecture, Japan. It is a castle town and was the Tsugaru clan ruled the 100,000 koku tozama han Hirosaki Domain from Hirosaki Castle during the Edo period. The city is currently a regional commercial center and the largest producer of apples in Japan...
by the former karō
KARO
KARO is a radio station licensed to serve Nyssa, Oregon, USA. The station is owned by the Educational Media Foundation.It broadcasts a Contemporary Christian music format as part of the Air 1 network.-History:...
of Hirosaki Domain
Hirosaki Domain
The ' was a Japanese domain of the Edo period, located in northern Mutsu Province . It was ruled by the Tsugaru clan...
and many former samurai
Samurai
is the term for the military nobility of pre-industrial Japan. According to translator William Scott Wilson: "In Chinese, the character 侍 was originally a verb meaning to wait upon or accompany a person in the upper ranks of society, and this is also true of the original term in Japanese, saburau...
as a vehicle to invest the stipends issued by the new Meiji government in compensation for their loss in samurai status. The bank was privatized on September 1, 1897, becoming . It opened numerous brank offices throughout Aomori Prefecture in the 1920s and 1930s, but suffered great losses due to the financial crisis
Financial crisis
The term financial crisis is applied broadly to a variety of situations in which some financial institutions or assets suddenly lose a large part of their value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these...
following the 1929 Great Depression
Great Depression
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...
. On October 1, 1943, it merged with the Hachinohe Bank, Tsugaru Bank, Itayanagi Bank and the former Aomori Bank to form the new Aomori Bank. The bank was listed on the second section of the Tokyo Stock Exchange
Tokyo Stock Exchange
The , called or TSE for short, is located in Tokyo, Japan and is the third largest stock exchange in the world by aggregate market capitalization of its listed companies...
from October 1973, and in the first section since 1975. It adopted its present logo mark in 1990.
Aomori Bank cooperated with other banks in the region (including Iwate Bank and Akita Bank
Akita Bank
is a Japanese bank headquartered in Akita, Akita Prefecture. Although the bank’s core business comes from Akita prefecture, various branches are situated outside of the area. These include Koriyama, Sapporo, Morioka, Sendai, and Tokyo...
) to create a no-fee ATM network; this has declined due to the departure of one of the participant members, Michinoku Bank
Michinoku Bank
is a Japanese bank that is headquartered in Aomori, Aomori Prefecture. The name “Michinoku” is distinctive in that it was the first use of hiragana in the name of a Japanese bank. Michonoku Bank, while focused on the Tōhoku region, has a network of branches and subsidiary companies that expands...
, in July 2005.