Who Founded Chase Bank?

Chase Bank, officially known as JPMorgan Chase Bank, N.A., is one of the largest and most influential financial institutions in the world. Its history is long, complex, and intertwined with multiple mergers, acquisitions, and transformations. Understanding who “founded” Chase Bank is not as straightforward as pointing to a single person, because today’s bank is the result of over 200 years of financial evolution.

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1. The Origins of Chase Bank

To trace the founder, we have to go back to 1799, when the earliest predecessor of Chase Bank was established — The Bank of the Manhattan Company. This bank was started by Aaron Burr, a controversial figure in U.S. history, who was also the third Vice President of the United States.

Burr founded The Bank of the Manhattan Company under the guise of providing clean water to New York City. He obtained a charter for a water company but inserted a clause allowing the surplus capital to be used for banking. This clever legal maneuver enabled him to launch a bank without facing resistance from political rivals like Alexander Hamilton, who had already founded the Bank of New York.

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2. The Chase National Bank Creation

The Chase National Bank — the namesake of today’s “Chase” — was established much later, in 1877. The man credited with founding Chase National Bank was John Thompson, a well-known banker and publisher of the American Banker newspaper.

Thompson named the bank after Salmon P. Chase, the U.S. Treasury Secretary under President Abraham Lincoln and later Chief Justice of the United States. Interestingly, Salmon P. Chase had no direct role in creating the bank — the naming was purely honorary to recognize his contributions to the national banking system during the Civil War.

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3. The Key Figures Behind the Foundations

To summarize, two main historical “founders” are linked to the roots of Chase Bank:

• Aaron Burr (1799) — Founder of The Bank of the Manhattan Company, which later merged into Chase Manhattan Bank.

• John Thompson (1877) — Founder of Chase National Bank, the institution that carried the “Chase” name forward.

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4. The Merger That Created Chase Manhattan Bank

In 1955, Chase National Bank merged with The Bank of the Manhattan Company to form The Chase Manhattan Bank. This merger brought together the two major historical streams — Burr’s 18th-century bank and Thompson’s 19th-century bank.

At this stage, Chase Manhattan Bank began to grow rapidly under leadership figures like David Rockefeller, who became president in 1969 and was instrumental in making Chase a global financial powerhouse.

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5. From Chase Manhattan to JPMorgan Chase

The next major transformation occurred in 2000, when Chase Manhattan Corporation merged with J.P. Morgan & Co. to create JPMorgan Chase & Co. This merger united two banking giants with deep histories — one tracing back to Aaron Burr and John Thompson, and the other tracing back to John Pierpont Morgan.

Today, JPMorgan Chase is the largest bank in the United States and among the largest in the world by assets, serving millions of customers across consumer banking, investment banking, and asset management.

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6. Why the “Founder” Question Is Complicated

When people ask “Who founded Chase Bank?” they often expect a single answer, but the truth is:

• The earliest ancestor was founded by Aaron Burr in 1799 (Bank of the Manhattan Company).

• The Chase-named bank was founded by John Thompson in 1877 (Chase National Bank).

• These merged in 1955 to create Chase Manhattan Bank.

• The modern institution, JPMorgan Chase, emerged from a 2000 merger with J.P. Morgan & Co.

So, depending on which version of Chase you’re referring to — original roots, the “Chase” name, or the modern corporate structure — the founder changes.

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7. The Legacy of Aaron Burr

Aaron Burr’s role in founding what would eventually become part of Chase Bank is fascinating. Known for his political rivalry with Alexander Hamilton (culminating in the famous duel where Burr killed Hamilton in 1804), Burr was also a shrewd businessman. His ability to disguise a bank charter as a water company charter demonstrates his strategic, if controversial, thinking.

The Bank of the Manhattan Company outlasted its water-providing function and became a significant player in New York’s financial scene. Burr might not have imagined that his creation would eventually be part of the largest U.S. bank centuries later.

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8. The Vision of John Thompson

John Thompson’s establishment of Chase National Bank in 1877 was part of the wave of banking growth during the post-Civil War economic expansion in the United States. Thompson was deeply respected in financial circles, and by naming the bank after Salmon P. Chase, he tied the institution’s identity to a figure associated with stability, reform, and the creation of the national banking system.

Chase National Bank grew rapidly, becoming one of the largest banks in the U.S. by the mid-20th century. Its eventual merger with the Bank of the Manhattan Company was a strategic move to combine strengths and broaden reach.

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9. The Growth and Influence of Chase Bank

From the mid-20th century onward, Chase Manhattan Bank became a leader in both consumer and corporate banking. Under David Rockefeller, the bank expanded internationally, opening offices around the world and playing a role in global economic development.

This international expansion paved the way for the eventual merger with J.P. Morgan, as both institutions shared ambitions to dominate not only in the U.S. but globally.

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10. The Modern Face of JPMorgan Chase

Today’s JPMorgan Chase is a product of:

• Centuries of banking history.

• Mergers with multiple institutions, including Chemical Bank, Manufacturers Hanover, and Bear Stearns.

• Strategic leadership that has continuously adapted to changing economic environments.

While Aaron Burr and John Thompson laid the foundation stones, the modern bank owes its size and influence to decades of mergers, innovations, and leadership transitions.