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HSBC BUYS MAJOR US BANKING INSTITUTIONS C:\Criticalfiles\CURRENT Post2010\Veronica Williams\Legal Prepaid\Case Littonloan\HSBC-Other\HSBC- Acquires-US-Banks.Rtf Subject: Get Bank Administration Institute asset ranking 1998, 1999, 1980 800-224- 9889 Start: Thu 11/10/2016 11:30 AM End: Thu 11/10/2016 12:00 PM Recurrence: (none) Organizer: Veronica Williams - Managing Director HSBC BUYS MAJOR US BANKING INSTITUTIONS C:\CriticalFiles\CURRENT_Post2010\Veronica Williams\Legal_Prepaid\Case_LittonLoan\HSBC-other\HSBC- Acquires-US-Banks.rtf BAI RESEARCH Mary Steen? MARINE MIDLAND BANK acquired 1980 $33B assets Former type NYSE MM 1920–1987 Subsidiary of HSBC Holdings plc 1987–1999 Industry Finance and Insurance Fate Acquired by HSBC, 51% 1980 and 100% 1987 renamed HSBC Bank USA 1999 Founded July 10, 1850 Defunct March 29, 1999 Headquarters Buffalo, NY, United States Key people Malcom Burnett, Presidentand CEO Products Financial Services Total assets $33 billion as of 1999 Website http://www.us.hsbc.com SOURCE: https://en.wikipedia.org/wiki/Marine_Midland_Bank In 1980 The Hongkong and Shanghai Banking Corporation acquired a 51% shareholding in Marine Midland Bank, which it extended to full ownership in 1987. In 1994, Marine Midland acquired Spectrum Home Mortgage, which operated in eight states. Then in 1995, Marine acquired United Northern Federal Savings Bank, with branches in Watertown and Lowville, New York. Marine Midland also acquired The Hongkong and Shanghai Banking Corporation's six New York City retail branches, and the next year Hang Seng Bank's two branches in New York City. That same year, Marine Midland acquired 11 branches from the East River Savings Bank in the New York Metropolitan area. Marine also acquired the US dollar clearing business of J P Morgan. At the same time, HSBC transferred two branches in the northwestern United States to HSBC Bank Canada. The next year, Marine completed its acquisition of First Federal Savings and Loan from Toronto-based CT Financial Services, for $620 million. First Federal Savings, headquartered in Rochester, had $7.2 billion in assets, 1,600 employees, 79 retail branches in New York State and 15 mortgage origination offices in nine states. In 1998, Marine Midland acquired First Commercial Bank of Philadelphia, which had been established in 1989 as the first state-chartered Asian-American bank in Pennsylvania. The bank served the local Asian community, which often faced language and cultural barriers at traditional American banks. Marine paid $23.75 million for First Commercial, which had $90 million in assets and $78 million in deposits in two branches. The bank continued to operate under the Marine Midland name until 1998, when the branch offices were rebranded as HSBC and the legal name changed to HSBC Bank USA N.A.. In 1983, Marine Midland Bank acquired Carroll McEntee & McGinley (now HSBC Securities (USA)), a New York-based primary dealer in US government securities. Most of Marine Midland's Upstate New York branches are now owned by Buffalo based First Niagara Bank. Marine Midland owned, either wholly or in part, several prominent New York City properties, including 250 Park Avenue (100%) and the Marine Midland Building at 140 Broadway in Manhattan (indirect 20% participation in Harry Helmsley's interest), near the World Trade Center. Completed in 1967, this 52-story, 688 ft (209.7 m) highrise provides 1.2 million square feet (110,000 m²) of office space in lower Manhattan and is noted for Isamu Noguchi's distinctive Cube sculpture at its entrance. Also of note, Marine Midland had purchased naming rights to the Buffalo sports and entertainment venue constructed in 1996, the Marine Midland Arena, home of the Buffalo Sabres. Today, the venue is known as the First Niagara Center. SOURCE: Marine Midlantic Bank History http://www.liquisearch.com/marine_midland_bank/history Address: 115 S La Salle St #3300, Chicago, IL 60603 Phone: (312) 553-4600 https://www.bai.org/ at [email protected] or call 1-800-224-9889. REPUBLIC NATIONAL BANK OF NEW YORK acquired 5/11/1999 $39.49B HSBC to Pay $10.3 Billion For Republic By ALAN COWELL MAY 11, 1999 HSBC Holdings P.L.C. announced today that it would purchase the parent company of the Republic National Bank of New York for $10.3 billion cash, the biggest foreign takeover deal for an American banking company. The purchase of the Republic New York Corporation and an affiliate by HSBC -- an international banking group based in London with antecedents in Hong Kong and Shanghai -- would double the size of HSBC's private-banking business. It would also give HSBC the third-biggest retail branch network in the New York region, serving lower- and middle-income customers with low- cost checking and free automated teller machine services. ………………….. Republic's sale would mark the end of independence for a banking business founded more than three decades ago by Edmond Safra, a Lebanese-born Jewish businessman who is regarded as an enduring figure in the banking world. Mr. Safra, 66, suffers these days from Parkinson's disease, a neurological disorder, and there had been growing speculation in recent days that he might sell. Republic's stock rose 14 percent on Friday, and HSBC's purchase plan was reported on Sunday evening by Bloomberg News. Under the $72-a-share agreement, HSBC is buying the Republic New York Corporation and an affiliated company, Safra Republic Holdings S.A., the parent of banks that serve clients in havens like Switzerland, Luxembourg and Monaco. ……………….. The combined HSBC and Republic would have assets of $554.4 billion and currently employs 136,700 people. HSBC said that it would finance the purchase partly through through borrowing and a $3 billion stock sale, and that the deal would eventually result in $300 million annual savings. ………………. By purchasing Safra Republic Holdings, HSBC will acquire 30,000 international clients in high-margin private banking, a business that generally caters to people with $1 million and more to invest. The affiliate has 44 offices holding client funds that total $56.5 billion. SOURCE: http://www.nytimes.com/1999/05/11/business/hsbc-to-pay-10.3-billion-for-republic.html Republic New York Corporation was the holding company for the Republic National Bank of New York and the Safra Republic Bank. The company was controlled by billionaireEdmond Safra, who was killed in a fire in his Monte Carlo penthouse apartment by his nurse Ted Maher.[1] Republic New York Corporation was sold shortly after its chairman's death to HSBC Bank USA, the US subsidiary of HSBC of the UK. OTHER INFO: https://en.wikipedia.org/wiki/Republic_New_York Republic New York Corporation is a bank holding company for nationally chartered commercial banks and state-chartered savings banks, focusing its services in the areas of international private banking, retail banking, institutional banking, and domestic private banking. The corporation's principal subsidiary, Republic National Bank of New York, is one of the 15 largest banks in the United States, as ranked by shareholder equity, and has consistently been ranked by financial publications and analysts as one of the safest and most creditworthy banks in the world. Through Republic National Bank of New York and Republic New York's other major domestic banking subsidiary, Republic Bank of Savings, the corporation has more than 65 domestic bank branches and one of the largest retailing banking operations in the New York City area. Republic New York also has dozens of foreign offices and affiliates in North America, South America, Europe, the Middle East, and Asia and, as a licensed depository for four currency exchanges, operates one of the world's largest gold trading houses. Republic New York Corporation traces its heritage to the 1966 formation of the Republic National Bank of New York, founded by Edmond Safra. Safra's family had a century- long tradition of leading conservative, international banking operations, having begun their banking operations during the Ottoman empire in the ancient town of Aleppo, Syria, where they traded precious metals and helped finance Middle East caravans. SOURCE: http://www.referenceforbusiness.com/history2/68/Republic-New-York- Corporation.html#ixzz4PcWqLcpA .
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