HSBC Bank USA
Encyclopedia
HSBC Bank USA, National Association, the American subsidiary of UK-based HSBC Holdings plc
, is a bank
with its operational head office in New York City and its nominal head office in McLean, Virginia
(as designated on its charter). HSBC Bank USA, N.A. is a national bank chartered under the National Bank Act, which means that it is regulated by the Office of the Comptroller of the Currency
(OCC), a part of the U.S. Department of the Treasury.
of New York State
, headquartered in Buffalo, New York
, in 1980 and extended to full ownership in 1987. The banks continued to operate under the Marine Midland name until 1998, when the branch offices were rebranded as HSBC Bank USA in line with the worldwide corporate identity of HSBC
.
In 1994, Marine Midland acquired Spectrum Home Mortgage, which operated in eight states. Then in 1995, Marine acquired United Northern Federal Savings Bank, with branches in Watertown and Lowville, New York
. Marine Midland also acquired The Hongkong and Shanghai Banking Corporation's six New York City retail branches, and the next year Hang Seng Bank
's two branches in New York City.
That same year, Marine Midland acquired 11 branches from the East River Savings Bank in the New York Metropolitan area. Marine also acquired the US dollar clearing business of JPMorgan. At the same time, HSBC transferred two branches in the northwestern United States to HSBC Bank Canada
. The next year, Marine completed its acquisition of First Federal Savings and Loan from Toronto-based CT Financial Services, for $620 million. First Federal Savings, headquartered in Rochester
), had $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, which had been established in 1989 as the first-state chartered Asian-American bank in Pennsylvania. The bank served the local Asian community, which often faced language and cultural barriers at traditional American banks. Marine paid $23.75 million for First Commercial, which had $90 million in assets and $78 million in deposits in two branches.
After the acquisition of Republic National Bank
in 1999, the head office of HSBC Bank USA moved from One HSBC Center
in Buffalo to 452 Fifth Avenue
, New York City, although the official headquarters are in Wilmington, Delaware
.
In 2004 HSBC USA sold two New York state branches to City National Bank
. HSBC did not have enough nearby branches to give it economies of scale.
On July 31, 2011, First Niagara Financial Group, headquartered in Buffalo, announced that they had bought all of HSBC's upstate New York branches for $1 billion.
and California
. There was a branch office on the ground floor of the World Trade Center
in New York City.In May of 2011 HSBC wants to sell its 175 upstate branches and some on Long Island and in New Jeresy
HSBC Direct is HSBC's attempt to compete nationally with other Internet banks such as Citibank Direct
, Emigrant Direct
, GMAC Bank
, ING Direct.
HSBC was recently rated the worst in customer service by Forrester Research, which asked bank customers to rank their banks.
at 140 Broadway
in Manhattan
, near the World Trade Center. Completed in 1967, this 52-story, 688 ft (209.7 m) highrise provides 1.2 million square feet (110,000 m²) of office space in lower Manhattan and is noted for the distinctive Noguchi's Cube sculpture at its entrance. One HSBC Center
is the tallest building in Buffalo, and is noted for its open entry level, under which the Buffalo Metro Rail
passes.
Also of note, Marine Midland had purchased naming rights to the Buffalo sports and entertainment venue constructed in 1996, the Marine Midland Arena, home of the Buffalo Sabres
. Today, the venue is known as the First Niagara Center.
HSBC
HSBC Holdings plc is a global banking and financial services company headquartered in Canary Wharf, London, United Kingdom. it is the world's second-largest banking and financial services group and second-largest public company according to a composite measure by Forbes magazine...
, is a bank
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:...
with its operational head office in New York City and its nominal head office in McLean, Virginia
McLean, Virginia
McLean is an unincorporated community and census-designated place in Fairfax County in Northern Virginia. The community had a total population of 48,115 as of the 2010 census....
(as designated on its charter). HSBC Bank USA, N.A. is a national bank chartered under the National Bank Act, which means that it is regulated by the Office of the Comptroller of the Currency
Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency is a US federal agency established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States...
(OCC), a part of the U.S. Department of the Treasury.
History
The Hongkong and Shanghai Banking Corporation acquired a 51% shareholding in Marine Midland BankMarine Midland Bank
Marine Midland Bank was a bank formerly headquartered in Buffalo with several hundred branches throughout the state of New York. Marine Midland began in 1850 in Buffalo as the Marine Trust Company with the objective of financing the new shipping trade on the Great Lakes...
of New York State
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
, headquartered in Buffalo, New York
Buffalo, New York
Buffalo is the second most populous city in the state of New York, after New York City. Located in Western New York on the eastern shores of Lake Erie and at the head of the Niagara River across from Fort Erie, Ontario, Buffalo is the seat of Erie County and the principal city of the...
, in 1980 and extended to full ownership in 1987. The banks continued to operate under the Marine Midland name until 1998, when the branch offices were rebranded as HSBC Bank USA in line with the worldwide corporate identity of HSBC
HSBC
HSBC Holdings plc is a global banking and financial services company headquartered in Canary Wharf, London, United Kingdom. it is the world's second-largest banking and financial services group and second-largest public company according to a composite measure by Forbes magazine...
.
In 1994, Marine Midland acquired Spectrum Home Mortgage, which operated in eight states. Then in 1995, Marine acquired United Northern Federal Savings Bank, with branches in Watertown and Lowville, New York
Lowville, New York
Lowville, New York may refer to:*Lowville , New York, located in Lewis County*Lowville , New York, located within the Town of Lowville...
. Marine Midland also acquired The Hongkong and Shanghai Banking Corporation's six New York City retail branches, and the next year Hang Seng Bank
Hang Seng Bank
Hang Seng Bank Limited is the second largest bank in Hong Kong. It is a listed company but it is majority owned by the HSBC Group via The Hongkong and Shanghai Banking Corporation. Hang Seng is also one of the constituent shares of the Hang Seng Index...
's two branches in New York City.
That same year, Marine Midland acquired 11 branches from the East River Savings Bank in the New York Metropolitan area. Marine also acquired the US dollar clearing business of JPMorgan. At the same time, HSBC transferred two branches in the northwestern United States to HSBC Bank Canada
HSBC Bank Canada
HSBC Bank Canada, formerly the Hongkong Bank of Canada , is a bank in Canada that is part of British banking giant HSBC - one of the largest banking groups in the world. HSBC Canada is the seventh largest bank in Canada, with offices in every province except Prince Edward Island, and is the...
. The next year, Marine completed its acquisition of First Federal Savings and Loan from Toronto-based CT Financial Services, for $620 million. First Federal Savings, headquartered in Rochester
Rochester, New York
Rochester is a city in Monroe County, New York, south of Lake Ontario in the United States. Known as The World's Image Centre, it was also once known as The Flour City, and more recently as The Flower City...
), had $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, which had been established in 1989 as the first-state chartered Asian-American bank in Pennsylvania. The bank served the local Asian community, which often faced language and cultural barriers at traditional American banks. Marine paid $23.75 million for First Commercial, which had $90 million in assets and $78 million in deposits in two branches.
After the acquisition of Republic National Bank
Republic New York
Republic New York Corporation was the holding company for the Republic National Bank of New York and the Safra Republic Bank. The company was controlled by billionaire Edmond Safra, who was killed in a fire in his Monte Carlo penthouse apartment by his nurse Ted Maher...
in 1999, the head office of HSBC Bank USA moved from One HSBC Center
One HSBC Center
One HSBC Center is a skyscraper located in downtown Buffalo, New York. Formerly known as the Marine Midland Center, its name was changed in 1999 shortly after Marine Midland's parent company HSBC rebranded the bank as HSBC Bank USA. The building was constructed at a cost of $50 million between...
in Buffalo to 452 Fifth Avenue
Fifth Avenue (Manhattan)
Fifth Avenue is a major thoroughfare in the center of the borough of Manhattan in New York City, New York, United States. The section of Fifth Avenue that crosses Midtown Manhattan, especially that between 49th Street and 60th Street, is lined with prestigious shops and is consistently ranked among...
, New York City, although the official headquarters are in Wilmington, Delaware
Wilmington, Delaware
Wilmington is the largest city in the state of Delaware, United States, and is located at the confluence of the Christina River and Brandywine Creek, near where the Christina flows into the Delaware River. It is the county seat of New Castle County and one of the major cities in the Delaware Valley...
.
In 2004 HSBC USA sold two New York state branches to City National Bank
City National Bank
City National Bank is an American financial institution headquartered in Los Angeles, California, owned by City National Corporation , with total assets of $21.8 billion . As of 2011, it is the 25th largest bank in USA...
. HSBC did not have enough nearby branches to give it economies of scale.
On July 31, 2011, First Niagara Financial Group, headquartered in Buffalo, announced that they had bought all of HSBC's upstate New York branches for $1 billion.
Historical Data
HSBC Bank USA was the ninth largest bank at the end of 2008 as an individual bank. (Not including subsidiaries)US banking
There are some 400 HSBC branches throughout New York in addition to some 20 to 25 branches in other states, including FloridaFlorida
Florida is a state in the southeastern United States, located on the nation's Atlantic and Gulf coasts. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia and to the east by the Atlantic Ocean. With a population of 18,801,310 as measured by the 2010 census, it...
and California
California
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
. There was a branch office on the ground floor of the World Trade Center
World Trade Center
The original World Trade Center was a complex with seven buildings featuring landmark twin towers in Lower Manhattan, New York City, United States. The complex opened on April 4, 1973, and was destroyed in 2001 during the September 11 attacks. The site is currently being rebuilt with five new...
in New York City.In May of 2011 HSBC wants to sell its 175 upstate branches and some on Long Island and in New Jeresy
HSBC Direct is HSBC's attempt to compete nationally with other Internet banks such as Citibank Direct
Citibank
Citibank, a major international bank, is the consumer banking arm of financial services giant Citigroup. Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York...
, Emigrant Direct
Emigrant Savings Bank
Emigrant Savings Bank is the oldest savings bank in New York City and the largest privately owned bank in the country. , Emigrant has 35 branches located in the New York metro area and has assets of $14.3 billion...
, GMAC Bank
General Motors Acceptance Corporation
Ally Financial Inc. is a bank holding company headquartered in Detroit, Michigan, United States at Tower 200 of the Renaissance Center. The bank slogan has more than 15 million customers worldwide and provides a range of financial services including auto financing, insurance, mortgage services, and...
, ING Direct.
HSBC was recently rated the worst in customer service by Forrester Research, which asked bank customers to rank their banks.
Properties
Marine Midland owned several prominent properties, including the Marine Midland BuildingMarine Midland Building
The Marine Midland Building is a 51-story office building located at 140 Broadway in Manhattan's financial district. The building, completed in 1967, is 688 ft tall and is known for the distinctive sculpture at its entrance, Isamu Noguchi's Cube...
at 140 Broadway
Broadway (New York City)
Broadway is a prominent avenue in New York City, United States, which runs through the full length of the borough of Manhattan and continues northward through the Bronx borough before terminating in Westchester County, New York. It is the oldest north–south main thoroughfare in the city, dating to...
in Manhattan
Manhattan
Manhattan is the oldest and the most densely populated of the five boroughs of New York City. Located primarily on the island of Manhattan at the mouth of the Hudson River, the boundaries of the borough are identical to those of New York County, an original county of the state of New York...
, near the World Trade Center. Completed in 1967, this 52-story, 688 ft (209.7 m) highrise provides 1.2 million square feet (110,000 m²) of office space in lower Manhattan and is noted for the distinctive Noguchi's Cube sculpture at its entrance. One HSBC Center
One HSBC Center
One HSBC Center is a skyscraper located in downtown Buffalo, New York. Formerly known as the Marine Midland Center, its name was changed in 1999 shortly after Marine Midland's parent company HSBC rebranded the bank as HSBC Bank USA. The building was constructed at a cost of $50 million between...
is the tallest building in Buffalo, and is noted for its open entry level, under which the Buffalo Metro Rail
Buffalo Metro Rail
The NFTA has a fleet of 26 rigid-bodied LRVs for the Metro Rail system, numbered sequentially from 101 to 127. They were built by Tokyu Car Corporation of Japan. One car was damaged in transit and later purchased by a restaurateur, Bertrand H. Hoak, of Hamburg, as an addition to Hoak's Armor Inn...
passes.
Also of note, Marine Midland had purchased naming rights to the Buffalo sports and entertainment venue constructed in 1996, the Marine Midland Arena, home of the Buffalo Sabres
Buffalo Sabres
The Buffalo Sabres are a professional ice hockey team based in Buffalo, New York. They are members of the Northeast Division of the Eastern Conference of the National Hockey League .-Founding and early success: 1970-71—1980-81:...
. Today, the venue is known as the First Niagara Center.