Banking: The Biggest Merger

The biggest bank merger in U.S. history was set up last week. Directors for the Chase National Bank (No. 3 in the U.S.) and the Bank of the Manhattan Co. (No. 15) agreed on terms to combine their total deposits of $6.9 billion, create the nation's second biggest bank (after California's Bank of America, with $8.3 billion in deposits). Name of the new bank: The Chase Manhattan Bank.

Once before, in 1951, Chase and the Bank of the Manhattan Co. tried to join, with Chase taking over Manhattan. But Manhattan's 156-year-old state charter was so drawn that a single dissenting stockholder...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!