#1. JP Morgan Chase Bank, National Association ($1,746,242,000,000)
JPMorgan Chase Bank, National Association
(JP Morgan Chase & Co) 1111 Polaris Parkway
Columbus, OH 43240 http://www.jpmorganchase.com
Background
JPMorgan Chase & Co. was formed in 2000 when Chase Manhattan & Co. acquired JPMorgan & Co. It is one of the largest and oldest financial services firm in the world. It is currently ranked #1 in the United States in terms of its total assets. It is also known as one of Big Four Banks of United States along with Bank of America, Citigroup, and Wells Fargo.
FDIC Certificate #
628
Bank Charter Class
Commercial Bank
Asset Concentration
International Specialization
Product Specialty
Investment Banking, commercial banking, assets management and private equity
Key Information & News
Number of Branches: 5491 offices in the U.S.
Number of Employees: 170,538 employees.
Executives
CEO
James Dimon
CFO
Michael J. Cavanagh
COO
Steven D. Black
2008 News
Acquired Bear Stearns for $236 million. The stock swap agreement was signed in the late-night hours of March 18, 2008, with JPMorgan agreeing to exchange 0.05473 of each of its shares upon closure of the merger for one Bear share, valuing the Bear shares at $2 each.
After considerable public discontent by Bear Stearns shareholders over the low acquisition price threatened the deal's closure, a revised offer was announced at approximately $10 per share. Under the revised terms, JPMorgan also immediately acquired a 39.5% stake in Bear Stearns (using newly issued shares) at the new offer price and gained a commitment from the board (representing another 10% of the share capital) that its members would vote in favour of the new deal. With sufficient committments thus in hand to ensure a successful shareholder vote, the merger was completed on June 2, 2008.
Bought most of the banking operations of Washington Mutual from the receivership of the FDIC. That night, the Office of Thrift Supervision had seized Washington Mutual Bank and placed it into receivership in by far the largest bank failure in American history. The FDIC sold the bank's assets, secured debt obligations and deposits to JPMorgan Chase & Co for $1.836 billion, which re-opened the bank the following day, September 26, 2008.
Received $25 billion from the U.S. Government as part of the TARP fund program on Oct 28, 2008.
2009 News
The holding company for Washington Mutual Bank filed a lawsuit, charging that the Federal Deposit Insurance Corp. improperly sold its banking operations to JPMorgan Chase and could have gotten more money for those assets
