Chapter 61 The Chase National Bank in our Family
What we know as the Chase National Bank today has a long history here in America. In 2017, it became the bank where we opened a personal checking account, after feeling our former bank was insufficient in its appreciation of our business. However, until 2017, I had not been aware of the Chase BankÕs deep roots in American history and in principals who are relatives in our family.
On September 1, 1799, The Manhattan Company was founded September 1, 1799 by Aaron Burr, Jr. the 3rd Vice President of the United States. Besides his acumen as a banker, he served his nation as the 3rd Attorney General of the State of New York (1789 -1791), as a United States Senator (1791 Š 1797). He served as Vice President of the United States (1801- 1805), serving with President Thomas Jefferson, my 28th cousin, five times removed. BurrÕs life ended tragically as he involved himself in a pistol duel with Alexander Hamilton, who proved to be more of a big shot than Burr!
The Chase National Bank of New York was established in 1877. It, along with a few other banks, merged into what today is the Chase National Bank. By 1930, it was considered the largest bank in the world, in terms of financial assets.
Chapter 27 earlier in this autobiography covers our relationships with this icon Rockefeller family. Over the course of history, John D. Rockefeller, Jr. and the Rockefeller family were the largest shareholders of Chase National Bank. In 1921, John D. Rockefeller, Jr. received from his father enough JP Morgan Chase Bank stock to become its largest shareholder.
The JP Morgan Bank merged with the Chase Bank, creating ever greater banking assets. You can read about J. P. Morgan here. Also, you can read of J. P. Morgan in Chapter 58 of this autobiography.
The Chase bank had as Chairman of the Chase Bank Board a Mr. Winthrop Williams Aldrich. His service at Chases was 1930 Š 1953.
Winthrop W. Aldrich is the brother-in-law of 3rd cousin, four times removed of Johann Philip Rockefeller, the husband of 3rd great grand aunt, Catherina Sharp. Aldrich was born in Rhode Island in 1885, the son of United States Senator Nelson W. Aldrich. He attended Harvard University, receiving a bachelor's degree in 1907 and a J.D. degree in 1910. You might recall that HarvardÕs first Treasurer was Herbert Pelham, my 25th cousin, eight times removed.
David Rockefeller became President of the Chase Bank in 1969, thus continuing the long tenure of Rockefeller family presence in that banking system.
The Chase Bank that houses our personal checking account is located at Roanoke, Texas at the intersection of Texas Highway 114 and U.S. Hwy 377. We commend it to you! The other branch from which we receive service is at 5220 W. Lovers Lane in Dallas, at the intersection of Inwood Boulevard. Our banker there is Mr. Michael Ference.
The 2018 name of the bank is JPMorgan Chase & Company, based in New York. It is the largest bank (in terms of assets and deposits) in the United States and the sixth largest bank in the world. The bankÕs first quarter net income in 2018 was $8,700,000,000, up 35% from the previous year, making the most income of any bank in the United States. (Wall Street Journal, April 14, 2018, page 1). The five largest banks in the world all are Asian banks, the largest one, the Industrial & Commercial Bank of China, being 140% the size of the JPMorgan Chase Bank.
It is of good personal interest to have our familyÕs contemporary banking needs met by the most significant bank in the United States, whose founding beginnings came from our family ancestry!