Chase Bank

Chase Bank, legally JPMorgan Chase Bank, N.A. and commonly marketed simply as Chase, is the consumer and commercial banking subsidiary of JPMorgan Chase & Co. It provides deposit accounts, payment services, credit cards, home lending, auto finance, small-business banking, commercial banking and related financial products. The brand combines a large physical branch and ATM network with digital banking platforms and operates as one of the major nationwide banking franchises in the United States. The Chase identity incorporates several predecessor institutions rather than deriving from a single founding event. Its history reaches back to the Manhattan Company, established in New York in 1799, and Chase National Bank, founded in 1877 by John Thompson. Chase National Bank was named for Salmon P. Chase, a former United States Treasury secretary and chief justice, although he was not involved in creating the bank. In 1955, Chase National Bank and the Manhattan Company were combined to form Chase Manhattan Bank. The organization subsequently expanded through acquisitions and reorganizations, including the 1996 combination with Chemical Bank, the 2000 merger with J.P. Morgan, and the 2004 acquisition of Bank One. The Bank One transaction was particularly significant for the modern Chase organization because it brought Jamie Dimon into JPMorgan Chase as president and chief operating officer and positioned him to succeed William B. Harrison Jr. as chief executive. The merger also strengthened the company's retail banking and credit-card capabilities. During the 2008 financial crisis, JPMorgan Chase acquired most of Washington Mutual's banking operations from the Federal Deposit Insurance Corporation after Washington Mutual was placed into receivership. The transaction added deposits, branches and customers to the Chase franchise, and the former Washington Mutual branches were subsequently converted to the Chase brand. Other expansion steps included the acquisition of the retail and small-business banking network of the Bank of New York in 2006, the development of Chase student lending from Collegiate Funding Services, and continued organic branch growth. Chase began opening branches in Pittsburgh and other parts of Western Pennsylvania in 2019, entering a market historically dominated by PNC Financial Services. In 2021, Chase said it had become the first bank with a retail presence in all 48 contiguous United States after opening in Montana. Chase's principal customer proposition is breadth and convenience: customers can use a single banking relationship for everyday deposits, debit and credit payments, borrowing, home finance, investing referrals and business services. Its product architecture includes checking and savings accounts, certificates of deposit, mortgages and home-equity products, auto loans, business deposit accounts and loans, and nationally marketed credit cards such as Sapphire. The brand also supports commercial customers through treasury, lending and payment services, while JPMorgan Chase's wider group provides investment banking, asset management and institutional financial services under other brands and divisions. The brand has increasingly emphasized mobile and online banking, while retaining a substantial branch footprint. Chase entered the United Kingdom's retail banking market in 2021 with an app-based current-account and deposit offering, marking its first consumer banking operation outside the United States under the Chase name. It remains principally a U.S. retail and commercial banking brand and is part of JPMorgan Chase's broader multinational financial-services group.

Chase Bank's institutional history is an accumulation of New York banking organizations that later became part of JPMorgan Chase. One important predecessor was the Bank of the Manhattan Company, founded in New York on September 1, 1799. Although established under a charter associated with supplying water to Manhattan, the company also became a banking institution and competed with the Bank of the United States and the Bank of New York. Another major predecessor was Chase National Bank, founded in 1877 by John Thompson and named after Salmon P. Chase. Chase National expanded through acquisitions during the early twentieth century. In the 1920s it purchased a number of smaller banks through Chase Securities Corporation, including Mechanics and Metals National Bank. Its 1930 acquisition of Equitable Trust Company of New York significantly increased its size and made it one of the dominant banks in the United States. Chase National was closely connected with major corporate customers and the financing of large industrial and energy businesses. It also became associated with the Rockefeller family and with financing connected to Rockefeller Center and oil companies descended from Standard Oil. In 1955, Chase National Bank and the Manhattan Company were combined. The resulting institution was called Chase Manhattan Bank. The legal structure of the transaction reflected restrictions in the Manhattan Company's original charter, and the merged organization preserved the Chase name. In 1960, the bank adopted the geometric octagonal logo that remains associated with the Chase brand. The logo has sometimes been interpreted as a representation of a water pipe, but designer Ivan Chermayeff later rejected that explanation, describing the mark as an abstract, distinctive geometric design. Under George Champion and later David Rockefeller, Chase Manhattan modernized its charter and corporate structure. In 1969 it reorganized as a bank holding company, Chase Manhattan Corporation. The institution continued to grow through geographic expansion and acquisitions, including an Arizona expansion through Continental Bank in 1985 and the acquisition of two insolvent Connecticut banks in 1991. Chemical Bank and Chase Manhattan announced a merger in 1995, completed in 1996. Although Chemical was technically the surviving corporation, the combined institution kept the Chase name because of its recognition and the historical importance of the Chase charter. Chemical had itself expanded through earlier combinations, including Manufacturers Hanover and Texas Commerce Bank. In December 2000, the combined Chase organization merged with J.P. Morgan & Co. to create JPMorgan Chase. JPMorgan Chase acquired Bank One in 2004. Bank One had been created through the consolidation of Banc One and First Chicago NBD and brought a substantial retail and credit-card business into the group. The transaction also brought Jamie Dimon into senior leadership at JPMorgan Chase. Retail operations associated with Chase were consolidated in Chicago, while the holding company's headquarters remained in New York. The 2008 financial crisis produced another defining expansion. On September 25, 2008, Washington Mutual Bank was seized by the Office of Thrift Supervision and placed into FDIC receivership. JPMorgan Chase purchased most of its banking operations, including deposits and secured debt obligations, and reopened the acquired operations under Chase. The transaction was followed by the conversion of Washington Mutual branches to the Chase identity, completed in late 2009. In 2006, Chase also acquired the Bank of New York's retail and small-business banking network, adding branches and customers in several northeastern states. Collegiate Funding Services was acquired the same year and became the basis for Chase's student-loan business. Later growth relied increasingly on organic expansion. Chase entered Pittsburgh and nearby Western Pennsylvania markets in 2019 and opened in Montana in 2021, allowing it to claim a branch presence throughout the contiguous United States. The Chase brand's international retail expansion began in the United Kingdom in 2021 with mobile-first current and deposit accounts. This complemented, rather than replaced, the brand's predominantly American operating model. Today Chase is the consumer and commercial banking arm of JPMorgan Chase, with services spanning deposits, payments, cards, lending, home finance, auto finance, small-business banking and commercial banking. Its historical identity is therefore both a consumer brand and the surviving commercial name of a long chain of banking mergers.

1. 2023First Republic assets are acquired

   JPMorgan Chase acquires First Republic Bank assets in May 2023.

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2. 2021Chase launches retail banking in the United Kingdom

   The brand introduces app-based current and deposit accounts in the United Kingdom.

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3. 2021Chase reaches all contiguous United States

   The opening of a Montana branch gives Chase a retail presence in all 48 contiguous states.

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4. 2019Retail expansion reaches Western Pennsylvania

   Chase begins opening branches in Pittsburgh and other Western Pennsylvania communities.

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5. 2008Washington Mutual banking operations are acquired

   JPMorgan Chase purchases most Washington Mutual banking operations from the FDIC after the thrift's failure.

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6. 2004Bank One is acquired

   JPMorgan Chase acquires Bank One, strengthening its consumer banking and credit-card businesses.

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7. 2000J.P. Morgan and Chase Manhattan merge

   The merger creates JPMorgan Chase & Co., the parent group of the modern Chase brand.

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8. 1996Chemical Bank and Chase Manhattan combine

   The Chemical-Chase merger creates a larger banking organization that retains the Chase name.

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9. 1969Chase Manhattan becomes a bank holding company

   The organization restructures as Chase Manhattan Corporation under David Rockefeller's leadership.

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10. 1960The octagonal Chase logo is introduced

    The bank rolls out its distinctive geometric octagonal mark, which remains part of the brand identity.

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11. 1955Chase Manhattan Bank is created

    Chase National Bank and the Manhattan Company merge to form Chase Manhattan Bank.

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12. 1930Chase National acquires Equitable Trust

    The acquisition of Equitable Trust Company of New York makes Chase National one of the largest banks in the United States.

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13. 1877Chase National Bank is founded

    John Thompson establishes Chase National Bank, named for Salmon P. Chase.

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14. 1799Bank of the Manhattan Company is founded

    The Manhattan Company is established in New York, forming one of the principal historical roots of the modern Chase organization.

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A broad, convenient banking platform for consumers, small businesses and commercial customers, combining national scale, a large branch and ATM network, credit-card franchises and digital banking.

• Consumer deposit accountsRetail banking

  Chase provides everyday checking and savings accounts, certificates of deposit and related payment services. These accounts are supported by branches, ATMs, online banking and mobile applications, forming the core relationship products for individual customers.

• Chase SapphireCredit cards

  Chase Sapphire is a major branded credit-card family positioned around rewards, travel and premium consumer benefits. It is one of the best-known consumer product lines associated with the Chase name.

• Home lendingLending

  Chase's home-lending activities include mortgage-related borrowing and other residential finance products. The offering extends the bank relationship from deposits and payments into long-term household borrowing.

• Auto financeConsumer lending

  Chase offers auto-finance services as part of its consumer lending portfolio, serving vehicle purchasers and supporting broader household borrowing needs.

• Small-business bankingBusiness banking

  Small-business products include business deposit accounts, payment tools, lending and access to relationship services. The franchise serves owners who need operating accounts and financing alongside personal banking.

• Commercial bankingCommercial banking

  Chase serves commercial customers with lending, treasury management, payments and related banking services. These activities connect the consumer-facing Chase network with JPMorgan Chase's wider institutional capabilities.

• Chase digital bankingDigital banking

  Online and mobile banking tools allow customers to manage accounts, payments, transfers, cards and selected borrowing products digitally. Digital access complements the brand's extensive physical branch and ATM network.

• 2021Launch app-based retail banking in the United KingdomProduct launch

  JPMorgan Chase sought its first consumer retail banking operation outside the United States under the Chase brand.

  What changed. Chase launched app-based current-account and deposit-account products in the United Kingdom.

  Aftermath. The launch established the Chase name as a retail banking brand in a second national market.

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• 2019Expand organically into Western PennsylvaniaStrategy

  Pittsburgh had historically lacked a retail presence from one of the largest nationwide banking groups.

  What changed. Chase obtained regulatory approval and began opening branches in Pittsburgh and other Western Pennsylvania markets rather than entering through a major acquisition.

  Aftermath. The expansion increased direct competition with established regional banks, particularly PNC Financial Services.

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• 2008Acquire Washington Mutual banking operationsM&A

  Washington Mutual was placed into FDIC receivership during the financial crisis.

  What changed. JPMorgan Chase purchased most of Washington Mutual's banking operations, including deposits and most assets, and subsequently converted the acquired branches to Chase.

  Aftermath. The transaction substantially expanded Chase's retail banking footprint and customer base.

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• 2010Allegations of silver-market manipulationControversy

  Two lawsuits alleged that Chase and other banks manipulated silver prices on the COMEX by managing large positions in silver futures and options. The cited account records the allegations and litigation, but does not establish the claims as adjudicated facts.

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• 1940Investigation of transactions involving Nazi-era ReichsmarksControversy

  Declassified records described Chase National Bank's involvement, along with other financial businesses, in transactions involving discounted blocked Reichsmarks sold by Nazi Germany to German-American customers. The records indicated that some currency originated from assets taken from Jewish émigrés. The cited historical account says executives were investigated but not federally prosecuted.

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• 2023JPMorgan Chase acquires assets of First Republic Bank

  In May 2023, JPMorgan Chase acquired First Republic Bank's assets in a transaction that added to the group's banking operations. The cited material identifies the acquired assets but does not provide a Chase-specific financial breakdown.

  M&ABankruptcy
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• 2021Chase launches consumer banking in the United Kingdom

  The Chase brand introduced an app-based current account and deposit account in the United Kingdom, its first retail banking operation outside the United States.

  Product launch
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• 2021Chase reports a retail presence across the contiguous United States

  After opening its first Montana branch in Billings, Chase said it had become the first bank with retail branches in all 48 contiguous states.

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• 2019Chase enters the Pittsburgh retail banking market

  Chase began opening branches in Pittsburgh and other parts of Western Pennsylvania through organic expansion, increasing competition with the region's established banks.

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• 2008Chase completes the acquisition of most Washington Mutual banking operations

  JPMorgan Chase acquired Washington Mutual's deposits and most banking assets from the FDIC after Washington Mutual was placed into receivership. The transaction materially expanded the Chase branch, deposit and customer base.

  M&ABankruptcy
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1. Chase Bank