Banking sector has flourished a lot over the centuries, from being just a safe place for keeping your money to becoming a financial institution delivering a wide range of financial services. The oldest bank of the United States, Bank of New York was founded on June 9, 1784, with a capital of $500,000. 

In the year 1792, The Bank of New York became the first corporate stock that was traded on the New York Stock Exchange. The Bank of New York kept flourishing over the centuries. Till that time it was providing the basic banking services to its customers. In 1922 The Bank of New York was merged with the New York Life Insurance & Trust Company. From that period onwards The Bank of New York kept expanding and in this context it acquired The Fifth Avenue Bank in the year 1948. The Bank of New York acquired the Empire Trust Company in 1966. The Bank of New York moved on to forming its own holding company by the name of The Bank of New York Company, Inc, in the year 1968. Irving Bank Corporation was acquired by The Bank of New York in the year 1988. The headquarters of The Bank of New York was moved to One Wall Street, now known as the Bank of New York Building.

Diversifying its acquisitions The Bank of New York acquired the National Community Banks in New Jersey and the Putnam Trust Company in the decade of 90’s. Then in the year 2003 Pershing LLC, a provider of outsourcing services and correspondent clearing for broker dealers, asset managers and financial intermediaries, was acquired by The Bank of New York. The Bank of New York then merged Lockwood Financial Services, Inc. after acquiring it. The Bank of New York was appointed by Telecom Argentina as trustee, registrar, and paying and transfer agent for its US$1.5 billion debt restructuring in the year 2005. In the year 2006 JPMorgan Chase expanded into having the largest number of branches in Long Island and New York by purchasing some of the businesses of the Bank of New York. These businesses include consumer banking, small business banking and middle market banking. Along with this it would also get 338 branches 2000 clients from the middle market and the loan balance of 8 billion dollars. In return for this the JPMorgan Chase is giving their corporate trust businesses and also 150 million dollars.

The Bank of New York announced its merger with Mellon Corporation at the end of the year 2006. The bank faced grave charges for money laundering in the year 2007. Russia filed a lawsuit of US$ 22.5 against The Bank of New York for this money laundering.

The very next year in 2008 The Bank of New York faced another problem when it refused to follow the order of a bankruptcy judge in Texas. Even after the judge’s final order The Bank of New York tried to get the appellate court to interfere. The final order of the bankruptcy judge stated that The Bank of New York should turn over the property requiring the bank to cooperate in the completion of a deal turning over the title for the property of the bankrupt Pacific Lumber Company in Humboldt County, California to the Mendocino Redwood Company.

As per the announcement of December 4, 2006 The Bank of New York was merged with Mellon Financial Corporation for US$ 16.5 billion. The deal was finalized on July 1, 2007. The new name of The Bank of New York is The Bank of New York Mellon which was launched on October 1, 2007.