The Marine Trust Company of Western New York (later called Marine Midland Bank - Western) was formed in 1951 through the merger of The Marine Trust Company of Buffalo with a number of other regional banks. It merged into Marine Midland Bank in 1976. Marine became part of the HSBC Group in 1980 and was fully acquired in 1987. It was renamed HSBC Bank USA in 1999.
The Marine Bank of Buffalo opened for business at 79 Main Street in August 1850. Initial focus was on trade finance for grain and other commodities, between the Midwest and New York state. It converted into the Marine Trust Company of Buffalo in 1919.
A new holding company, the Marine Midland Corporation, grew out of the business in 1929. It would be renamed Marine Midland Banks, Inc. in 1968. Headquartered in Buffalo, it listed on the New York Stock Exchange, and issued shares in exchange for stock in 17 banks in the region. Numerous other banks would join the affiliation over the next few years. Due to state law, they continued to operate as separate entities, each with their own capital, personnel and board of directors. However, they operated with a common sense of purpose through the central leadership of the Corporation.
The Marine Trust Company of Buffalo, therefore, continued to operate under its own name, and continued to acquire small local banks in the Buffalo region. The firm was operating 11 branches as it celebrated its centenary in 1950.
A year later, Marine Midland Corporation began consolidating its affiliated banks. In April, Marine Trust Company of Buffalo was merged with First Trust Company of Tonawanda; Marine Midland Trust Company of Albion; Medina Trust Company; Niagara County National Bank and Trust Company; Power City Trust Company; and State Trust Company of North Tonawanda. Together they formed the Marine Trust Company of Western New York.
This new trust company continued to acquire local banks, including the Bank of Hamburg in 1952, followed by the Bank of Gowanda and the Citizens National Bank of Springville in 1955. It had initially adopted the existing head office premises of Marine Trust Company of Buffalo and Marine Midland Corporation at 237 Main Street in the centre of Buffalo. Additional space was required as business expanded, and new headquarters opened at 241 Main Street in April 1958, adjacent to the office at 237.
The organisation was renamed the Marine Midland Trust Company of Western New York in 1965. Five years later, it was renamed again to become Marine Midland Bank - Western. In 1972 the headquarters moved to the newly-constructed tower at 1 West Seneca Street (‘Marine Midland Center’).
On 1 January 1976, following a change in state law, Marine Midland Bank - Western was merged with nine other regional Marine Midland banks to form Marine Midland Bank, with total assets of USD10.5 billion and 316 offices. It was the largest merger in US bank history at the time. In 1980, HSBC acquired a 51% share of the holding company, Marine Midland Banks, Inc. Full ownership was completed in 1987 and Marine Midland Bank was renamed HSBC Bank USA in 1999.
More
Less
