Marine Midland Bank
Encyclopedia
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. As the bank expanded into New York state it added the Midland to its name.
In the summer of 1850, eight men gathered in Buffalo to form a new commercial bank. They had come from throughout the state—General James S. Wadsworth of Geneseo, J. P. Beekman of Kinderhook, 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 of Buffalo had railroad connections. The two had financial interests in and served as directors of the Attica and Hornell Railroad, while Palmer had links also with the Buffalo and State Line Railroad.] The geographic diversity of the men indicated that the plan was to extend eventually the bank's services across the state.
[By 1981,] Marine Midland Bank N.A. accomplished that goal and has gone even further. It was the nation's 13th largest commercial bank with about 300 banking offices in more than New York communities and about 25 offices in foreign countries.
Marine Bank was founded as a state-chartered bank on July 10, 1850, with capital of $170,000. Palmer was elected president and Ganson was named cashier.
The new institution was called Marine Bank because much of its early business depended on the economic vitality of the city's lakefronts and riverfronts. From the first day it opened its doors on August 27 at 79 Main Street, Marine was the prominent bank for the thriving grain and milling industry on the waterfront.
By the turn of the century, Marine Bank of Buffalo began to expand through merger. In 1897 it absorbed the American Exchange Bank and in 1902 it acquired the Buffalo Commercial Bank. That same year it became a national bank and changed its name to Marine National Bank of Buffalo.
The next acquisition came in 1913 when Marine absorbed Columbia National Bank. Six years later Bankers Trust was acquired. Marine chose to become a state bank again, this time under the name Marine Trust Company of Buffalo. By the mid-1930s, Marine had acquired eight other banks.
Marine had also taken the lead in the formation of Marine Midland Corporation, a holding company for affiliating 17 banks throughout New York. That first multibank holding company in the state was formed October 4, 1929.
As a result of 11 mergers throughout Western New York, Marine Trust Company became Marine Midland Trust Company of Western New York in the 1950s. The name was changed again in the 1960s to Marine Midland Trust Company of Western NewYork and again in 1970 to Marine Midland Bank-Western.
On January 1, 1976, all previously independent Marine Banks were merged into a single Marine Midland Bank with headquarters in Buffalo. The new bank was divided into regions, with Marine Midland Bank-Western Region based in Buffalo.
Marine Midland Bank became a national-chartered bank in early 1980. As it entered the 1980s, assets were close to $20 billion.
In 1980 The Hongkong and Shanghai Banking Corporation acquired a 51% shareholding in Marine Midland Bank, which it extended to full ownership in 1987.
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 J P Morgan. 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.
The bank continued to operate under the Marine Midland name until 1998, when the branch offices were rebranded as HSBC
and the legal name changed to HSBC Bank USA N.A.
. In 1983, Marine Midland Bank acquired Carroll McEntee & McGinley (now HSBC Securities (USA)), a New York-based primary dealer in US government securities. Most of Marine Midland's Upstate New York branches are now owned by Buffalo based First Niagara Bank
.
Marine Midland owned, either wholly or in part, several prominent New York City properties, including 250 Park Avenue (100%) and the Marine Midland Building
at 140 Broadway in Manhattan
(indirect 20% participation in Harry Helmsley's interest), 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 Isamu Noguchi
's distinctive Cube sculpture at its entrance.
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.
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:...
formerly headquartered in Buffalo
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...
with several hundred branches throughout the state of New York
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...
. 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. As the bank expanded into New York state it added the Midland to its name.
In the summer of 1850, eight men gathered in Buffalo to form a new commercial bank. They had come from throughout the state—General James S. Wadsworth of Geneseo, J. P. Beekman of Kinderhook, 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 of Buffalo had railroad connections. The two had financial interests in and served as directors of the Attica and Hornell Railroad, while Palmer had links also with the Buffalo and State Line Railroad.] The geographic diversity of the men indicated that the plan was to extend eventually the bank's services across the state.
[By 1981,] Marine Midland Bank N.A. accomplished that goal and has gone even further. It was the nation's 13th largest commercial bank with about 300 banking offices in more than New York communities and about 25 offices in foreign countries.
Marine Bank was founded as a state-chartered bank on July 10, 1850, with capital of $170,000. Palmer was elected president and Ganson was named cashier.
The new institution was called Marine Bank because much of its early business depended on the economic vitality of the city's lakefronts and riverfronts. From the first day it opened its doors on August 27 at 79 Main Street, Marine was the prominent bank for the thriving grain and milling industry on the waterfront.
By the turn of the century, Marine Bank of Buffalo began to expand through merger. In 1897 it absorbed the American Exchange Bank and in 1902 it acquired the Buffalo Commercial Bank. That same year it became a national bank and changed its name to Marine National Bank of Buffalo.
The next acquisition came in 1913 when Marine absorbed Columbia National Bank. Six years later Bankers Trust was acquired. Marine chose to become a state bank again, this time under the name Marine Trust Company of Buffalo. By the mid-1930s, Marine had acquired eight other banks.
Marine had also taken the lead in the formation of Marine Midland Corporation, a holding company for affiliating 17 banks throughout New York. That first multibank holding company in the state was formed October 4, 1929.
As a result of 11 mergers throughout Western New York, Marine Trust Company became Marine Midland Trust Company of Western New York in the 1950s. The name was changed again in the 1960s to Marine Midland Trust Company of Western NewYork and again in 1970 to Marine Midland Bank-Western.
On January 1, 1976, all previously independent Marine Banks were merged into a single Marine Midland Bank with headquarters in Buffalo. The new bank was divided into regions, with Marine Midland Bank-Western Region based in Buffalo.
Marine Midland Bank became a national-chartered bank in early 1980. As it entered the 1980s, assets were close to $20 billion.
In 1980 The Hongkong and Shanghai Banking Corporation acquired a 51% shareholding in Marine Midland Bank, which it extended to full ownership in 1987.
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
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...
, 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
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 J P Morgan. 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.
The bank continued to operate under the Marine Midland name until 1998, when the branch offices were rebranded as 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...
and the legal name changed to HSBC Bank USA N.A.
HSBC Bank USA
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 . HSBC Bank USA, N.A...
. In 1983, Marine Midland Bank acquired Carroll McEntee & McGinley (now HSBC Securities (USA)), a New York-based primary dealer in US government securities. Most of Marine Midland's Upstate New York branches are now owned by Buffalo based First Niagara Bank
First Niagara Bank
First Niagara Bank is a Federal Deposit Insurance Corporation-insured regional banking corporation headquartered in the historic Larkin Terminal Warehouse in Buffalo, New York.-History:...
.
Marine Midland owned, either wholly or in part, several prominent New York City properties, including 250 Park Avenue (100%) and the Marine Midland Building
Marine 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 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...
(indirect 20% participation in Harry Helmsley's interest), near 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...
. 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 Isamu Noguchi
Isamu Noguchi
was a prominent Japanese American artist and landscape architect whose artistic career spanned six decades, from the 1920s onward. Known for his sculpture and public works, Noguchi also designed stage sets for various Martha Graham productions, and several mass-produced lamps and furniture pieces,...
's distinctive Cube sculpture at its entrance.
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.