Instruct: Given a question, retrieve relevant passages that can help answer the question.
Query: When was Merchants National Corporation formed?
To allow it to acquire other banks and other financial related businesses, Merchants National Bank & Trust Company formed a holding company called Merchants National Corporation in January 1972.
By October 2008, National City was in serious sale discussions following the failure of Washington Mutual and the forced sale of Wachovia to Wells Fargo. Among the publicly known front-runners were Minneapolis-based U.S. Bancorp, Toronto-based Scotiabank, and eventual buyer PNC. Scotiabank, which has long stayed out of the U.S. market unlike its Canadian rivals, was considered the best option for the local government since Scotiabank didn't have a pre-existing presence in the United States, allowing most of the National City operations to stay in Cleveland. Although National City and PNC had minimal overlap, the close proximity of Cleveland to Pittsburgh meant massive layoffs in both cities.
During the decade, many smaller manufacturers could not compete with the Big Three and either went out of business or merged. In 1954, American Motors was formed when Hudson merged with Nash-Kelvinator Corporation in a deal worth almost $200 million, the largest corporate merger in United States history at that time.
In January 1954, Nash-Kelvinator Corporation began acquisition of the Hudson Motor Car Company (in what was called a merger). The new corporation would be called American Motors Corporation. (An earlier corporation with the same name, co-founded by Louis Chevrolet, had existed in New Jersey from 1916 through 1922 before merging into the Bessemer–American Motors Corporation.)
In 1954, the smaller American Motors Corporation (AMC) was formed when Hudson merged with Nash-Kelvinator Corporation in a deal worth almost USD $200 million ($1.735 billion in 2013 dollars) the largest corporate merger in U.S. history at that time. Other mergers with smaller independent manufacturers followed. Although AMC was moderately successful it was never sufficiently large to challenge any of the Big Three, and was eventually bought by Chrysler in 1987.
By the late 1990s, J.P. Morgan had emerged as a large but not dominant commercial and investment banking franchise with an attractive brand name and a strong presence in debt and equity securities underwriting. Beginning in 1998, J.P. Morgan openly discussed the possibility of a merger, and speculation of a pairing with banks such as Goldman Sachs, Chase Manhattan Bank, Credit Suisse and Deutsche Bank AG was prevalent. Chase Manhattan had emerged as one of the largest and fastest growing commercial banks in the United States through a series of mergers over the previous decade. In 2000, Chase, which was looking for yet another transformational merger to improve its position in investment banking, merged with J.P. Morgan to form JPMorgan Chase & Co. The combined JPMorgan Chase would become one of the largest banks both in the United States and globally offering a full complement of investment banking, commercial banking, retail banking, asset management, private banking and private equity businesses.
The 1954 merger of Nash-Kelvinator Corporation and Hudson Motor Car Company, and the creation of American Motors, was led by George W. Mason to reap benefits from the strengths of the two firms to battle the much larger "Big Three" automakers (General Motors, Ford, and Chrysler).
In 1935, after being barred from securities business for over a year, the heads of J.P. Morgan spun off its investment-banking operations. Led by J.P. Morgan partners, Henry S. Morgan (son of Jack Morgan and grandson of J. Pierpont Morgan) and Harold Stanley, Morgan Stanley was founded on September 16, 1935, with $6.6 million of nonvoting preferred stock from J.P. Morgan partners. In order to bolster its position, in 1959, J.P. Morgan merged with the Guaranty Trust Company of New York to form the Morgan Guaranty Trust Company. The bank would continue to operate as Morgan Guaranty Trust until the 1980s, before beginning to migrate back toward the use of the J.P. Morgan brand. In 1984, the group finally purchased the Purdue National Corporation of Lafayette Indiana, uniting a history between the two figures of Salmon Portland Chase and John Purdue. In 1988, the company once again began operating exclusively as J.P. Morgan & Co.
Also in 1916, American Motors Corporation (unrelated to the later American Motors created by the 1954 merger of Nash-Kelvinator Corporation and Hudson Motor Car Company) was formed in Newark, New Jersey, with Louis Chevrolet as vice president and chief engineer. By 1918 it was producing cars in a plant at Plainfield, New Jersey. In 1923 it merged with the Bessemer Motor Truck Company of Pennsylvania into Bessemer-American Motors Corporation, which lasted less than a year before merging with the Winther and Northway companies into Amalgamated Motors. The latter company apparently ceased soon after.
JPMorgan Chase, in its current structure, is the result of the combination of several large U.S. banking companies since 1996, including Chase Manhattan Bank, J.P. Morgan & Co., Bank One, Bear Stearns and Washington Mutual. Going back further, its predecessors include major banking firms among which are Chemical Bank, Manufacturers Hanover, First Chicago Bank, National Bank of Detroit, Texas Commerce Bank, Providian Financial and Great Western Bank. The company's oldest predecessor institution, the Bank of the Manhattan Company, was the third oldest banking corporation in the United States, and the 31st oldest bank in the world, having been established on September 1, 1799, by Aaron Burr.
The Nash-Kelvinator/Hudson deal was a straight stock transfer (three shares of Hudson listed at 11⅛, for two shares of AMC and one share of Nash-Kelvinator listed at 17⅜, for one share of AMC) and finalized in the spring of 1954, forming the fourth-biggest auto company in the U.S. with assets of US$355 million and more than $100 million in working capital. The new company retained Hudson CEO A.E. Barit as a consultant and he took a seat on the Board of Directors. Nash's George W. Mason became President and CEO.
Mason, the architect of the merger, believed that the survival of the US' remaining independent automakers was dependent on their joining in one multibrand company capable of challenging the "Big Three"—General Motors, Ford, and Chrysler—as an equal. The "frantic 1953–54 Ford/GM price war" had a devastating impact on the remaining "independent" automakers. The reasons for the merger between Nash and Hudson included helping cut costs and strengthen their sales organizations to meet the intense competition expected from autos' Big Three.
In 1981, Franklin Mint Corporation was acquired by Warner Communications (the predecessor of Time Warner Corporation). Andes continued as CEO of Franklin Mint Corporation until 1986.
In 1873 John and Samuel Thompson left the 1st National Bank to form the Chase National Bank, named after their friend and U.S. Secretary of the Treasury Salmon P. Chase. The bank survives as part of JP Morgan Chase.
It was founded in 1928 as the Midland Trading Company. The current company was incorporated in 1930, according to Open Corporates, incorporation date and renamed LG Harris in 1932. The business moved to Stoke Prior, near Bromsgrove in Worcestershire in 1936. The family-run firm was acquired by Norwegian consumer products group Orkla Group in May 2016.
Joh. Berenberg, Gossler & Co. KG, commonly known as Berenberg Bank and also branded as simply Berenberg, is a Hamburg-based multinational full-service investment bank. It was founded by the Flemish-origined Berenberg family in 1590 () and is the world's oldest merchant bank and also the world's oldest or second oldest bank, depending on the definition. Its owners, the Berenberg/Gossler family, belonged to the ruling elite of Hanseatic merchants of the city-republic of Hamburg and several family members served in the city-state's government from 1735. Like many other merchant bankers, the Berenbergs were originally cloth merchants. The bank's name refers to Johann Berenberg and his son-in-law Johann Hinrich Gossler, and has remained unchanged since 1791. The bank has operated continuously since 1590 and is still part-owned by members of the Berenberg-Gossler family.
Goldenson orchestrated the merger of United Paramount Theatres with ABC in 1953 (after Paramount was ordered to spin it off in the wake of "United States v. Paramount Pictures, Inc.", a 1948 decree of the U.S. Supreme Court). ABC was originally formed in 1943 in the wake of an earlier Supreme Court decree effectively ordering the spinoff of the largely secondary-status "Blue Network" from its then-parent, NBC; its buyer, industrialist Edward J. Noble, tried to build ABC into a competitive Broadcasting company, but by 1951 was rumored to be on the verge of selling the nearly bankrupt operation to CBS, whose management apparently wanted ABC's critically important owned-and-operated television stations.
In June 2005, Wachovia negotiated to purchase monoline credit card company MBNA. However, the deal fell through when Wachovia balked at MBNA's purchase price. Within a week of the deal's collapse, MBNA entered into an agreement to be purchased by Wachovia's chief rival, Bank of America. Wachovia received $100 million out of this deal, the result of an agreement Wachovia predecessor First Union made in 2000 when it sold its credit card portfolio to MBNA. This agreement required MBNA to pay this sum if it were ever sold to a competitor. In late 2005 Wachovia announced that it would end its relationship with MBNA and start up its own credit card division so that the bank could issue its own Visa cards.
Marshall Field's established numerous important business "firsts" in this building and in a long series of previous elaborate decorative structures on this site for the last century and a half, and it is regarded as one of the three most influential establishments in the nationwide development of the department store and in the commercial business economic history of the United States. Both the building name and the name of the stores formerly headquartered at this building changed names on September 9, 2006 as a result of the merger of the previous May's Department Stores (Marshall Field's former owner and parent) with the Federated Department Stores which led to the integration of the Marshall Field's stores into the Macy's now nationwide retailing network.
In September 1917 the Admiralty dually became responsible for the control of the ships of the British Merchant Navy together with the movements of the British Fleet. It established the Mercantile Movements Division under the control of a Director of Mercantile Movements to administer this arrangement. However, in the case of convoys a different system had to be devised, This was owing to the difficulty of transmitting information and the problems it caused unless complete control over any convoy when it was finally at sea had to come under jurisdiction of the Admiralty when this was agreed to the movements of convoys for the majority of there journey would then be directed by the Mercantile Movements Division and convoys were usually “plotted” from day to day.
Nehemiah Corporation of America is a non-profit organization based in Sacramento, California specializing in homeownership, affordable housing and community development. It started in 1994 as a small organization, but grew to prominence later in the 1990s after it developed a program that allowed home buyers to make down payments on their purchases using funds that were derived from the home sellers. This program, the Nehemiah Program, became popular and was widely emulated, giving birth to what came to be known as the seller-funded down-payment assistance industry. The industry attracted criticism from U.S. federal agencies (particularly the Government Accountability Office and the Internal Revenue Service) and was ultimately shut down in 2008 by a change in federal law.
Wachovia Corporation began on June 16, 1879 in Winston-Salem, North Carolina as the Wachovia National Bank. The bank was co-founded by James Alexander Gray and William Lemly. In 1911, the bank merged with Wachovia Loan and Trust Company, "the largest trust company between Baltimore and New Orleans", which had been founded on June 15, 1893. Wachovia grew to become one of the largest banks in the Southeast partly on the strength of its accounts from the R.J. Reynolds Tobacco Company, which was also headquartered in Winston-Salem. On December 12, 1986, Wachovia purchased First Atlanta. Founded as Atlanta National Bank on September 14, 1865, and later renamed to First National Bank of Atlanta, this institution was the oldest national bank in Atlanta. This purchase made Wachovia one of the few companies with dual headquarters: one in Winston-Salem and one in Atlanta. In 1991, Wachovia entered the South Carolina market by acquiring South Carolina National Corporation, founded as the Bank of Charleston in 1834. In 1998, Wachovia acquired two Virginia-based banks, Jefferson National Bank and Central Fidelity Bank. In 1997, Wachovia acquired both 1st United Bancorp and American Bankshares Inc, giving its first entry into Florida. In 2000, Wachovia made its final purchase, which was Republic Security Bank.
In July 1988, Merchants National Corporation announced the pending acquisition of the East Chicago-based Riley Corporation with its First National Bank of East Chicago subsidiary for an undisclosed amount. The acquisition was completed in November 1988.
In January 1986, Merchants National Corporation announced the pending acquisition of the three month old Danville-based Alliance Bancorp with its Mid State Bank of Hendricks County subsidiary for an undisclosed amount. Alliance was the product of the recent merger between Danville State Bank and the First National Bank of Coatesville which also formed the Mid State Bank of Hendricks County. The acquisition was completed in November 1986.
In December 1986, Merchants National Corporation announced the pending acquisition of the Madison-based Ohio Valley Bancorp with its Madison Bank & Trust Company subsidiary for an undisclosed amount. The acquisition was completed in September 1987. After National City acquired Merchants National, National City never merged Madison Bank & Trust into National City but decided the divest the bank 14 years later after determining that this bank did not fit with in with the rest of the company. National City eventually sold Madison Bank & Trust to MainSource Financial Group in 2005 for an undisclosed amount.
In October 1991, National City Corp. announced that it was acquiring the Indianapolis-based Merchants National Corporation with its lead bank Merchants National Bank and Trust Company of Indianapolis for $604 million in stock. The acquisition was completed in May 1992. As a result of the merger, approximately 600 positions were eliminated as a direct result of the consolidation of mostly headquarters functions, mainly in Indianapolis.