aurelius capital management is a us hedge fund .

the company is run by mark brodsky , a lawyer formerly employed by elliott associates .

in october 2013 , aurelius attempted to force the government of argentina to pay $ 1.3 bn following the 2010 argentinian default on debt .

aurelius has been involved in debt restructuring of dubai world and tribune co ; and , in october 2013 , the co-operative bank .

aurelius led a push to apply $ 54 billion of petrobas bonds governed by u.s. law in the state of new york .

aurelius capital management

image : marie - lan nguyen , fragment of a bronze portrait of marcus aurelius , louvre . aurelius® and aurelius capital management® are trademarks of aurelius capital management , lp , and are registered in the united states and other jurisdictions .
one of the hedge funds , aurelius capital management , is best known for a long - running battle to force argentina to pay out $ 1 . 3bn ( £800m ) while silver point capital has been linked to a number of troubled financial firms such as lehman and iceland ' s glitnir .
tasked with delivering returns on client capital , a common dilemma for many alternative . . .
connecting . connecting strong capital base , international contacts and a large team of experienced specialists .
mark brodsky’s distressed debt hedge fund aurelius capital management alleged in a court filing on monday that an element of puerto rico ' s historic $ 72 billion bankruptcy case violates the u . s . constitution and should be dismissed .
brodsky , a former bankruptcy lawyer at paul singer’s elliott associates , founded new york - based aurelius capital management in 2005 and has more than $ 4 . 5 billion in aum . it rose to prominence during a long and ultimately profitable battle with argentina over its defaulted sovereign debt .
wilmington , del ( reuters ) - a delaware judge ruled friday that wireless carrier clearwire corp was sold in 2013 for more than twice its fair value , a decision that dealt a stinging loss to the aurelius capital management hedge fund which spent years battling to prove clearwire was vastly underpriced .
unlike singer’s $ 27 billion elliott management , which has also become a major activist player in the stock market , aurelius is a much smaller fund that is solely focused on distressed debt .
the saga with argentina started when the country defaulted on its debt in 2001 , in the midst of the worst economic and social crisis of its history . after the default , a group of hedge funds that included nml capital ( a subsidiary of elliot management , which we’ll talk about again later ) , aurelius capital management , dart management , blue angel capital , bracebridge capital , olifant fund , and montreux partners bought argentine defaulted bonds in secondary markets on the cheap . nml , for instance , paid an average price of about 27 cents on the dollar over its declared purchases . they litigated in new york courts , demanding the country pay the full face value and the interest rate that had been included in the terms of the original contracts . due to the well - known default risks , the interest rates were high , about 10 % per year on most contracts ; in one of the bond series , fran , interest rate was linked to the country default risk , and after the default the contracted annual interest rate skyrocketed to 101 % .
aurelius group is a pan - european asset manager with offices in munich , london , stockholm , and madrid . over the last ten years , aurelius has grown from a local turnaround investor to an international multi - asset manager investing in a wide range of sectors and across the capital structure .
we have a track record of successful investment in more than 50 companies in numerous geographies , industries and sectors . aurelius improves the operational performance of companies by providing management capabilities and financial resources for investing in products , sales and r & d . aurelius has liquid cash resources for investment of over £200m .
the main hurdle for puerto rico is mark brodsky , a former bankruptcy lawyer who in 2004 left singer’s elliott management after 10 years to strike out on his own .
brodsky’s firm , the $ 4 . 5 billion aurelius capital , is one of several hedge funds that own puerto rico’s general obligations bonds and are due an interest payment of $ 267 million on dec . 1 — a debt puerto rico said it can’t pay .
at aurelius group we are always on the lookout for people who want more than just a job .
he’s also having a bad year . aurelius had lost 3 percent this year through october , according to investors .
aurelius’ experienced uk team comprises both investment specialists and operational managers , who together are dedicated to sourcing , executing and managing investments across the uk & ireland . we are supported by aurelius group ' s executive , investment and operational teams .
aurelius owns a big chunk of puerto rico’s $ 12 billion in general obligation debt — part of its overall debt load .
a spokesman for aurelius , which spent years battling argentina over its defaulted debt , did not immediately respond to a request for comment .
over the next 16 days ( and beyond ) , aurelius is expected to be just as sharp a thorn in puerto rico’s side .
briar is a provider of crop protection and specialty industrial chemicals and aurelius’ third major acquisition in the chemicals industry . an aurelius investment since september 2012 , the norwich - based business was acquired from bayer cropscience . our strategy since investment has been to focus on extending briar’s product portfolio and expanding contract production for third - party customers , as well as maximising the marketing expertise of existing aurelius affiliates in the specialty chemicals sector
aurelius equity opportunities se & co . kgaa 1 . 00 per cent convertible bonds due 2020 ( isin : de000a168544 ) ( the “bonds” )
in taking on the co - op , aurelius is working with the silver point capital firm set up in connecticut in 2002 by two former goldman sachs employees edward mulé and robert o ' shea . it has wide - range of investments covering broadcasting – it bought two us tv stations out of bankruptcy – as well as car makers and financial services . silver point played a high profile role in the bankruptcy of hostess , the us food company best known for its twinkies cakes .
the commonwealth’s federally appointed oversight board initiated a broad swath of cost - cutting measures in may under the authority of the 2016 puerto rico oversight management and economic stability act , better known as promesa , since puerto rico is barred from declaring traditional municipal bankruptcy protection via chapter 9 of the u . s . code .
the two hedge funds are thought to have built up heir holdings in co - op bonds after the bank was downgraded to junk in may and its chief executive barry tootell quit . on friday the banker who stood in until a full time successor was found , rod bulmer , announced he would quit in the latest management upheaval .
typically , each side presents extreme valuations and the judge finds fair value somewhere in the middle . instead , laster took clearwire ' s valuation and rejected aurelius ' s .
but aurelius hasn’t been in the creditor meetings , sources said . in fact , aurelius’ posture is one of the reasons the so - called ad hoc group of puerto rican creditors — to which it belonged — recently broke up after many of the funds realized that lobbying for full payment wasn’t going to work , these sources told the post .
“it’s one thing to have a claim , and it’s another thing to expect to get that , ” said one hedge fund manager regarding aurelius’ take - no - prisoners attitude .
aurelius uk invests in european , middle market , private and public companies which have improvement potential through financial and operational support . we make investment decisions based on the following criteria :
this year’s survey canvassed the opinions of respondents from aurelius’ network of uk and continental european advisory and corporate contacts on their expectations for corporate carve - out activity in the european market in 2017 .
after clearwire shareholders approved the deal , an affiliate of aurelius that had opposed the sprint acquisition brought what is known as an appraisal action , asking a judge to determine fair value of the stock .
when brodsky teamed up with his ally singer as investors in argentine debt , it was aurelius who was the most stubborn holdout — not singer , who got most of the headlines , sources said .
brodsky , a lawyer by background , had worked at elliott before he set up his own venture in 2005 , naming it after the respected roman emperor marcus aurelius . aurelius has been involved in debt restructurings as diverse as dubai world and of the us publisher tribune co , owner of the los angeles times . its projects can be long - running . some of its legal battles have lasted a decade .
indeed , there used to be a law that prohibited this behavior— the so - called champerty defense , which prohibited the purchase of debt in default with the intent of suing the issuer . in 1998 , however , elliot management , the same hedge fund that led the dispute against argentina and that had bought peruvian debt in default , sued the country and won . the case set an awful precedent .
vice chancellor travis laster on friday sided with clearwire , which had said the fair price was $ 2 . 13 per share , or about $ 53 million for the fund ' s stock . aurelius will also collect interest .
aurelius and silver point are known for fighting hard when their investments run into trouble . led by mark brodsky , aurelius is locked in court battles to get $ 1 . 3bn from argentina – along with nml , part of elliott associates . last month a new york appeal court rejected attempts by argentina to overturn an earlier ruling that requires the country to pay the money related its 2002 default . the case has now gone to the us supreme court .
over the past decade aurelius group has invested in more than 60 companies across europe . our current portfolio companies employ more than 23 , 000 people , generating combined annual revenues in excess of £2 . 5 billion . set out below are those of our deals that have uk operations .
accordingly , affiliates of aurelius contend in the filing , the creation of the oversight board is violation of the appointments clause of the constitution , since its members answer only to the u . s . president but were never officially confirmed by the senate , thus violating the separation of powers principle .
transform is the uk’s leading provider of surgical and non - surgical cosmetic procedures . the company , which has belonged to the aurelius group since the end of june 2015 , comprises 25 clinics in england , scotland , wales , and northern ireland , as well as three dedicated cosmetic procedures hospitals in manchester , birmingham , and london . the business was enlarged by the acquisition of the hospital group in 2016
calachem fine chemicals is a leading producer of fine chemicals for renowned clients in the agrochemical , pharmaceutical and speciality chemical sectors . the company offers a range of services including manufacture , development and large - scale production . it also provides a range of services to other companies adjacent to its site in grangemouth , scotland . before being acquired by aurelius , calachem was a subsidiary of the 3i - backed finnish kemfine group
aurelius , which owns approximately $ 468 million in debt whose principal is essentially guaranteed by the puerto rico constitution , seeks to bar the board from operating until it has been properly constituted , according to a reuters article . although initially supported by many of the commonwealth’s creditors , the board has sought to impose severe haircuts to bondholders while also pushing for broad austerity and cost - cutting measures for the island in general .
the continued development of our business heavily relies on us recruiting bright people able to source and execute investments as well as manage and restructure companies . we are a long - term investor and have the same commitment to our people . in our dynamically growing group , we offer employees a great career opportunity – whether you are looking for a role as an intern or managing director , lawyer or operational manager , aurelius will be a good home for your career .
sealine international is a leading motor boat builder acquired in september 2013 by aurelius group , as a bolt - on to hanseyachts . during its 40 year history , sealine has developed a reputation for 35 - 60 ft motor yachts which feature ground - breaking , cutting - edge designs . following acquisition , production of the sealine range has been moved to one of the most state - of - the - art yacht yards in the world , located at greifswald , germany
the co - operative bank may be forced into flotation by two us hedge funds . photograph : martin argles for the guardian
two us hedge funds have forced the co - operative bank to set up an independent committee to review the american investors ' plan to turn the 140 - year - old mutually owned bank into a listed company .
through their lt2 group – so called because they own what are known as lower tier two bonds – they are attempting to derail a plan to force bondholders to take losses on their investments to plug a £1 . 5bn hole in the bank .
the co - operative group – formed by the rochdale pioneers in 1844 and now owners of grocers , pharmacies and funeral homes as well as the bank – wants bondholders to agree to take £500m of losses in return for the conglomerate putting £1bn into the bank . about £500m of that £1bn will come through selling off insurance businesses and another £500m by issuing new bonds to existing bondholders who will also get shares in the bank . the shares will be listed on the stock market , but majority owned by the co - op group .
euan sutherland , the new boss of the co - op group , warned last month that the only alternative to the co - op plan was nationalisation , but the hedge funds argue that their plan , a straight - forward swap of £1 . 3bn of debt into equity , is a real alternative .
on friday night , the co - op bank and the group said they would form an independent committee – chaired by the bank ' s chairman richard pym and advised by bankers at greenhill – to
consider third - party approaches in relation to the group ' s recapitalisation plan
in direct response to the approach by lt2 at the start of the week .
the identities of the dozen or so other members of lt2 is not known publicly and not even to other members of the group , which is being advised by specialist investment bank moelis .
the lt2 group reckons it has a big enough combined stake to block the co - op ' s current restructuring plan , which has already been approved by the prudential regulation authority and needs to be voted through by 75 % of bondholders . there are two other groups of bond holders – one run by mark taber for private investors and another involving cls holdings that has around 2 % of the debt . the latter is thought to be supportive of the lt2 group idea .
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argentine activists burn a united states flag in the midst of the country ' s economic debt crisis .
recently , a resonant legal victory of hedge funds over argentina has captured the attention of the global community . the hedge funds in this case aren’t run of the mill investment shops , however . popularly known as vulture funds , their modus operandi is to buy up the debt of countries suffering crises at bargain prices , only to fiercely litigate with them afterwards . they attempt to claim full payment—principal and interest—employing a variety of tactics ( including hiring lobbyists ) to put pressure on the distressed debtors to satisfy their claims . and in the wake of argentina’s loss , puerto rico may be in their crosshairs next .
it may not seem to matter whether a sovereign debt crisis is resolved quickly or not , but in fact delays in resolution are bad for almost everyone involved . they worsen the situation of the country in distress , and dim prospects for creditors to recover their investments . the small group of notorious wall street vulture funds have seized on these national crises to create extraordinary business opportunities for themselves . over the past twenty years , these companies have raked in billions by undercutting orderly operation of the world’s financial markets .
notorious vulture funds have seized on national crises to create extraordinary business opportunities for themselves .
and they won . in 2012 , judge t . griesa ( from the southern district of new york ) ruled in their favor . following the default , and two rounds of restructuring ( in 2005 and 2010 ) , 93 % of the country’s bondholders accepted new bonds in exchange of the defaulted ones with a discount of about two - thirds . griesa’s decision , besides creating an enormous inequity among the different bondholders , also violated the right of the restructured bondholders to get paid , as upon the vultures’ request he granted an injunction that prohibited any payment to those bondholders until the vultures got paid in full ( in 2014 the us supreme court declined to review the case ) . last april , argentina finally settled . nml , the leading litigant , made more than $ 2 billion , a return of over 1 , 200 % . the others ( including non - vulture holdout creditors ) also made handsome profits .
describing these hedge funds as “vultures” is likely unfair to the actual birds . vultures , at least , play an important role in the ecosystem . these wall street vultures , on the other hand , play no positive role for the functioning of the international financial system . instead they undermine it , impeding the finalization of sovereign debt restructurings that are needed for countries in deep distress to put their economies back on track .
unfortunately , the tactics used in argentina are not new ; argentina’s case was simply bigger . astonishingly , what these companies do is legal . but they also helped shape the laws that make it legal .
in 2004 , vultures obtained an even larger victory : champerty was eliminated from new york state legislation for transactions greater than $ 500 , 000 . new york state senator john marchi presented the bill and it passed , despite evidence of alleged connections between the vulture hedge fund and the politician : on mar . 25 , 2004 , paul singer , head of elliott , made a donation to a group affiliated with the politician .
not surprisingly , litigation in sovereign defaults has increased steadily in the past decade . but the vultures’ victory over argentina represents a new low , both legally and ethically . why , going forward , would any bondholder agree to a discounted rate of return if there’s a chance to be a holdout and collect returns that are orders of magnitude greater ?
more often than not , sovereign debt restructurings are not deep enough to restore a national economy’s capacity for growth . but they are the best worst option for governments in desperate situations . the vultures’ most recent victory will only aggravate this problem , as debtor countries will become more prone to settle on terms even friendlier for creditors , even if those terms do not restore debt sustainability . the end of the commodity boom means we’re likely to see more countries put in this position .
astonishingly , what these companies do is legal . but they also helped shape the laws that make it legal .
more recently , puerto rico—not a sovereign nation—has found itself in a severe debt spiral . even though puerto rico is a us territory , the us bankruptcy code does not extend to the island—which would make the restructuring process that the country desperately needs chaotic and difficult to finalize . this would be the perfect land for vulture funds .
puerto rico has been trying hard to convince the us to extend the bankruptcy law to include the territory , but so far it has not succeeded . unsurprisingly , some hedge funds have been lobbying against this legal change . puerto rico also tried to enact its own bankruptcy law , but following a demand from oppenheimer funds and franklin templeton investments , the federal court in puerto rico and the us court of appeals for the first circuit declared any such law unconstitutional—and on june 13 the us supreme court affirmed the decision . the us congress has now the chance to pass new legislation to avoid a disaster in its own territory .
vulture hedge funds’ predatory behavior is bad for individual countries but ultimately , it also threatens the entire global financial system . to improve the workings of globalization , the international financial architecture needs new rules . in 2014 , the united nations took the lead for pushing reforms , but the us and the uk , the two largest lending jurisdictions , did not support the process . for the good health of the global economy , it’s time for advanced nations to join efforts with the less developed ones , and work seriously on rules that work for everyone—not just for the vultures .
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a delaware judge has dealt a blow to a $ 3 . 5 billion hedge fund
sprint corp acquired clearwire in 2013 after a bidding war with dish network corp pushed the price to $ 5 per share , valuing clearwire at about $ 14 billion .
the affiliate had sought $ 16 . 08 for each of its 25 million shares , or about $ 400 million .
the ruling stands out for a court that rarely finds fair value below deal price , let alone more than 50 percent below .
sprint , controlled by japan ' s softbank group corp , said it was pleased the court recognized clearwire shareholders received a significant premium .
wall street dealmakers have urged delaware judges and lawmakers to discourage appraisal , which has been become an investment strategy for hedge funds .
minor myers , a professor at brooklyn law school who studies appraisal , called the ruling unusual .
i think it ' s a message to litigants to be sure the arguments they put in front of the court are reasonable ,
said myers .
the court has been criticized by dealmakers for not deferring to the negotiated deal price when a company ran a proper marketing and sale process . laster found the clearwire sale was fair to minority investors , but only after dish intervened and the price was driven to $ 5 per share .
the delaware court has ruled in the past year that computer maker dell inc and dfc global corp , a lender , were both sold below fair value despite properly run mergers .
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the board is the entity that , under promesa , technically brought the bankruptcy filing .
hfrx global hedge fund index up + 0 . 19 % through mid - march
eurekahedge : hedge fund down - 1 . 64 % , the worst monthly loss since may 2010
as the u . s . shifts from monetary stimulus to fiscal stimulus , market pricing should . . .
starting in 2019 , financial industry executives sitting for the coveted chartered . . .
modern trader explores the effect of a potential trade war on u . s . equity markets . will it end the bull run or will low interest rates allow u . s . equities to maintain its momentum ? read on . we also attempt to identify the key drivers of active equity hedge funds .
a member of a labor union shouts slogans while holding a puerto rico flag during a protest in san juan .
as puerto rico careens toward a major default on its $ 70 billion debt load , one hedge fund mogul is emerging as a stumbling block to any deal with creditors .
no , it’s not renowned “holdout” paul singer , who isn’t involved in the island .
this week , moody’s investors service said default is likely . while no official talks have been held , the island commonwealth has said it wants bondholders to take losses or exchange their debt for new bonds that pay a lower interest rate and carry a longer payout period .
so far , brodsky is less than bowled over by the idea , several sources said .
“he’s digging in his heels and refusing to compromise , ” said a person close to the informal discussions that have taken place among creditors .
in september , brodsky was at it again — trying to block a restructuring deal between ukraine and its bondholders , according to individuals involved in the talks , who said brodsky ended up cutting a side deal to get paid back 100 cents on the dollar .
the creditors have been meeting in recent weeks to try to find common ground on concessions they can agree on in upcoming negotiations with puerto rico .
in recent weeks , the treasury department has asked congress to intervene by passing a bankruptcy law for puerto rico .
such a change is unlikely to happen — at least not before the commonwealth runs out of money , sources said .
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we are a pan - european investment group focused on creating value through the operational improvement of companies with development potential . established in 2004 , we are publicly listed in germany and we operate from offices in germany and the uk .
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wex photo video , established in 1997 , is the uk’s leading online photo retailer , focused on meeting the needs of enthusiast and pro photographers and videographers with over 17 , 000 products . the urltoken website is complemented by a highly knowledgeable customer contact team , its norwich showroom , and extensive online content . in september 2015 , wex photographic acquired fixation , the country ' s leading repair workshop , also offering equipment rental , advice and sales from its base in kennington , london . in 2017 , wex merged with calumet’s uk business to offer a true omni - channel experience across its website , shops and norwich - based contact centre .
office depot operates in the uk and thirteen countries across europe through its two main brands : office depot and viking . office depot serves workplace needs through a wide range of office supplies , technology products , business machines , printing supplies , facilities products and furniture . office depot has had a presence in the uk since 1991 and from its leicester head office service customers throughout the country .
founded in 2000 , working links is a leading provider of specialist services , in the uk and internationally , to help those in society with complex needs to progress from social exclusion to social inclusion . as a prime contractor delivering key government programmes , such as the uk’s flagship work programme and transforming rehabilitation schemes , they work alongside key public sector funders including the department for work and pensions and ministry of justice to deliver frontline public services in areas such as rehabilitation and employability .
calumet is a multi - channel retailer of branded and own - label photography equipment and services with locations across germany , belgium , and the netherlands . calumet’s expanding online business and pan - european network of specialist stores offer a premium purchasing experience across all channels to a diverse customer base of photography enthusiasts , professionals , and companies .
allied healthcare is the uk’s largest domiciliary care business and a leading provider of healthcare services to the nhs and local government and the majority owner of a major irish homecare provider . the company has more than 12 , 000 employees and works with 140 local authorities located across england , scotland , and wales , and 100 + nhs clinical commissioning groups .
solidus is a top 2 player in both the european solid board and graphic board markets . each year solidus produces 180 , 000 tonnes of solid board , 180 , 000 tonnes of solid board packaging products and 130 , 000 tonnes of graphic board . solid board is predominantly utilised in the food and beverage sector , due to its water resistant properties . graphic board is traditionally used in hard back book covers , jigsaw puzzles and luxury packaging . solidus has also been grown via acquisitions in northern europe ( 2016 ) and southern europe ( 2018 ) which have further grown its solid board capabilities and brought core board manufacture into the group .
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girard bank was a philadelphia based bank founded by stephen girard in 1811 .

the bank was acquired by mellon bank in 1983 and then , two decades later , by citizens bank .

in its early years , the bank was variously known as “ girard ’s bank , ” or as “ girard bank . ” or also as “ stephen girard ’s bank ” or even the “ bank of stephen girard . ” by the end of the 19th century the bank was known as the girard national bank .

girard 's bank became the girard trust company , and later girard bank .

girard bank

following the merger , mellon bank , girard bank and girard bank delaware , also owned by girard , would operate separately as subsidiaries of mellon national .
girard bank , heritage bank national association , mellonnational corporation , and heritage bancorpora . . .
girard trust corn exchange bank , plaintiff , v . united states , defendant .
in 1811 the united states did no extend its charter to the first bank of the united states . local merchant stephen girard purchased the building and established the bank of stephen girard , the country’s first private bank . after his death in 1831 a group of local merchants hoped to take advantage of girard’s sterling reputation and used his name for their own bank . in 1952 , girard trust company acquired the corn exchange bank ' s philadelphia branch , and renamed itself to girard trust corn exchange bank . from 1964 to 1969 , was known as girard trust company , and it 1969 , was renamed to girard bank .
the original bank , t . mellon and sons bank , was founded in 1869 by
girard is a pennsylvania state - chartered bank . it is owned by mellon , a bank holding company that does not conduct business in new jersey .
bank robbery at girard federal savings and loan . a fugitive walked into the bank and demanded money . he was last seen heading towards the railroad tracks .
for more information regarding how phenix - girard bank post checks and debits to your account , click here .
joseph masternick , the 16th mayor of girard , dies . he was buried in girard - liberty memorial cemetery .
in 1972 , mellon national corporation was created as a one bank holding company to own mellon national bank and trust company , which officially became mellon bank .
2 . girard bank the french - american banker and philanthropist stephen girard - - at one time , the richest man in the world - - founded girard bank in philadelphia in 1811 . girard was one of the first banks to launch a system of atms , a proprietary network known as
george
in 1978 . the pittsburgh - based mellon bank would buy out girard in 1983 before being swallowed up two decades later by citizens bank ( nasdaq : fcnca ) . ( photo : wikipedia ) .
william w . wilson leaves office of the 4th mayor of girard . - the trumbull banking company is formed . this is a state bank . this bank is an outgrowth of the girard savings and banking company . - the trumbull savings and loan company is formed . this bank is an independent outgrowth of the girard savings and banking company . - the girard weekly journal is goes out of business .
philip a . cretella , the 15th mayor of girard , is layed to rest at the girard - liberty memorial cemetery .
the girard savings bank is organized , it is a pioneer institution of its kind in girard . the ashtabula , youngstown and pittsburgh rail road company completes a 58 . 03 mile line from ashtabula harbor to girard , via the city of niles . girard is now linked via railroad to lake erie shipping trade .
the first national bank of girard opens for business . the bank has $ 50 , 000 in capital and resources of $ 80 , 000 . the bank president is a . w . kennedy . the vice president is state senator john j . sullivan .
michigan national was tossed around between foreign parent companies following its acquisition by national australia bank and later dutch - state bank , abn - amro , in 2001 . the bank changed names to standard federal and then lasalle bank midwest before being swallowed up by bank of america in 2007 . ( photo : wikipedia ) .
principal subsidiaries : mellon bank , n . a . ; mellon bank ( de ) national association ; mellon bank ( fl ) national association ; mellon bank ( md ; mellon bank ( north ) national association ; mellon bank ( east ) national association ; mellon bank ( central ) national association ; mellon financial services corporation ; the commonwealth national bank ; data - link systems inc . ; mellon bank international ; mellon securities trust company ; mellon investdata corporation ; backroom systems group ; collection services corporation ; investnet corporation ; mellon bank canada ; mellon securities ltd . ( england ) ; mellon - pictetinternational management ltd . ( england ) .
girard , alabama was one of these small towns . my ancestors were already settled in the girard area or arrived in the mid 1840s .
william d . cunningham leaves the office of the 8th mayor of girard . - - the girard news , weekly newspaper , is founded .
the girard town hall ( formerly union school ) is torn down on jefferson square and replaced by the girard municipal building , shown above .
the city of girard and liberty township recieve approximately 4 inches of rain within two hours . one third of all girard homes are flooded .
4 . crocker bank crocker bank is perhaps most infamous for a 1975 killing in a bank robbery by the symbionese liberation army . founded in san francisco in association with woolworth national bank , it was acquired by wells fargo ( nyse : wfc ) in 1986 .
10 . michigan national bank michigan national was founded in 1940 , the result of consolidating six other michigan banks . the collapse of penn square bank and continental illinois national bank and trust company hurt the bank , which was forced to close almost half of its location .
thomas gordon blackstone takes the office of the 7th mayor of girard . - the
great flu of 1918
strikes girard and the entire world .
previously , bank holding companies could own only one bank and operate only in counties touching on the county where the home office was situated .
the bank was absorbed by bank one in 1998 before its merger with what today is jpmorganchase in 2004 . ( photo : wikipedia ) .
the girard municipal building is remodeled . - - consentino ( medical office ) building is constructed . - - the girard free library constructs a new addition .
valley national bank is a branch of the girard national bank . the girard national bank has been family owned and operated for over eighty years , now with branches in fourteen kansas and eastern colorado communities . most recently , our banking family has expanded into the kansas communities of pittsburg , arma , and galena ! you may conduct your banking at any of our locations listed below .
the panic of 1837
spreads throughout america , ohio , and girard .
william j . wallis and f . a . williams purchase the girard stove works and secure a charter under the name of the girard stove and foundry company .
a new girard high school , shown above , is constructed on ward avenue .
melvin christopher triplett is born in indianola , mississippi , the second of 12 children . he will move to girard and excel at sports at girard high school .
wkbn reports that a family is evicted from home in girard - ralph gilbert .
girard police catch arsonist from youngstown . the fugitive is arraigned in municipal court .
a broken phone line , which crosses mahoning river in girard , is recovered .
captain joseph standohar retires from the girard police force after 40 years of service .
grand opening of the restored 1st floor of the girard historical societyís barnhisel house .
the only reason girard stuck out in my mind was that my grandmother katherine mckenzie richardson was born there in 1887 . my mother was born in girard also in 1906 . by the time my mother and grandmother was grown and married , very few people talked about girard . the most i remember going through girard was when there was a funeral and we would drive through the small little town on our way to the girard cemetery . my mckenzies and mcbride are buried in girard cemetery .
mellon ' s merger with philadelphia ' s girard bank became final last week . the acquisition of ccb will put its assets at roughly $ 26 billion and rank it 12th in size among the nation ' s bank holding companies .
7 . southeast banking corporation the miami - based bank has its roots with a subsidiary , the first national bank of miami , founded in 1902 .
girard national bank’s robust and secure virtual banking experience is like no other ! you’re going to love the updated features of our online , mobile and voice banking .
girard was named after a man from philadelphia and a slave owner , stephen girard . when russell county was formed in 1832 girard became the county seat , the first session of court convening 1833 . 1890 mr . west served as it’s first mayor .
the first was the acquisition of a venerable philadelphia bank — girard bank — by a big pittsburgh institution — mellon bank . people were pissed . it didn’t make complete sense to me , but i eventually learned a little bit about philadelphia philanthropist stephen girard , and i came to understand a little better why people had feelings about the bank . ( hey , nothing personal , mellon . . . we just like things in philadelphia the way they are . . . . )
united states , appellant , v . first city national bank of houston et al . united states , appellant , v . provident national bank et al .
high street bank . ( in 1948 , it became citizens trust co . ) [ citizens savings bank bought a controlling interest in its original parent . ]
daniel walters of girard dies of sunstroke while pitching hay at william reichard ' s .
emmett d . crum , above , takes office as the 2nd mayor of girard .
thomas gordon blackstone , shown above , takes office as the 3rd mayor of girard .
alex whitford , shown above , takes the office of the 11th mayor of girard .
joseph catone , shown above , takes the office of the 13th mayor of girard .
joseph masternick , shown above , takes the office of the 16th mayor of girard .
kennth l . woodford dies , leaving the office of the 19th mayor of girard .
bob , both the first bank and second bank of the united states operated out of carpenters’ hall at 320 chestnut street until their own buildings were constructed . michael
this view is confirmed by the bank merger act of 1960 and its history .
united states , appellant , v . citizens and southern national bank et al .
united states , appellant , v . third national bank in nashville et al .
whitney national bank in jefferson parish , petitioner , v . bank of new orleans and trust company et al . james j . saxon , comptroller of the currency , petitioner , v . bank of new orleans and trust company et al .
no company which owns more than 25 % of the stock of either a bank located outside of this state or a foreign bank shall own or acquire ownership of more than 5 % of the stock of a bank located in this state .
1 . north carolina national bank ( ncnb ) the charlotte - based bank was known as american commercial bank before 1960 , the result of a 1957 merger between american trust co . and the commercial national bank . it would acquire c & s / sovran in 1991 and change its name to nationsbank before being taking over bank of america ( nyse : bac ) in 1998 and changing its name with it .
the pennsylvania and ohio canal reached girard and the dam was rebuilt into its present form .
the william and w . h . johnson tinware and sheet iron company moves to girard .
girard offices of union distributing co , partially owned by anthony b . flask are bombed .
parents & kids in girard picket on rt . 422 regarding
school bus issue
.
above . . . . girard honor guard starts the 2008 end of the year parade .
look at your current statement and see just how much phenix - girard bank can save you on your small business checking . then open your small business checking account with us .
wainwright , nicholas b . the philadelphia national bank : a century and a half of philadelphia banking , 1803 - 1953 . philadelphia : the philadelphia national bank , 1953 .
united states , appellant , v . phillipsburg national bank and trust company et al .
11 . first chicago bank the roots of first chicago bank can be traced back to 1863 . it grew quickly , becoming a major financier of the american civil war .
although philadelphia was no longer the nation’s capital after 1800 , the presence of the bank of the united states kept the city at the center of controversies about the nation’s finances . in 1811 , anti - banking forces in congress refused to extend its charter . republicans believed the bank was unconstitutional , and that it benefitted only the moneyed class at the expense of all others . local merchant and trader stephen girard acquired its building and fixed assets , and used his own capital to establish the bank of stephen girard as the country’s first private bank , a bank with no publicly traded shares and no mandated service to customers .
nothing in this act shall prohibit a company from acquiring bank stock in excess of the limitation imposed by section 2 of this act , if such acquisition results from an exchange of stock resulting from the merger or consolidation of a bank with another bank or banks .
jesse baldwin partners with abner osborne to expand the mill and a create a store in girard .
ambrose eckman takes the office of the 1st mayor of girard . his photograph is shown above .
edward h . vaughn , shown above , takes the office of the 6th mayor of girard .
david j . rees , shown above , takes the office of the 9th mayor of girard .
john j . cronin , shown above , takes the office of the 10th mayor of girard .
clyde u . helman , shown above , takes the office of the 12th mayor of girard .
john d . depietro , shown above , takes the office of the 14th mayor of girard .
phillip a . cretella , shown below , takes the office of the 15th mayor of girard .
kennth l . woodford , shown below , takes the office of the 19th mayor of girard .
joseph j . christopher , shown above , takes the office of the 20th mayor of girard .
vincent e . schuyler , shown above , takes the office of the 21st mayor of girard .
jim petro , the ohio state auditor , places the city of girard in a fiscal emergency .
girard trust corn exchang | 191 f . supp . 551 ( 1961 ) | supp5511631 | urltoken
two other bank mergers have already been announced since pennsylvania ' s new law was enacted four months ago , but neither of those are of the magnitude of the mellon - girard deal .
( alcoa ) and gulf oil company . in 1902 the bank was reorganized as mellon national bank and became a subsidiary of andrew mellon’s union trust company . the two companies merged completely in 1946 to become mellon national bank and trust company . andrew’s younger brother richard b . mellon and the latter’s son richard k . mellon successively headed the bank until 1967 . the holding company was formed in 1972 and took the name mellon bank corporation in 1984 .
second bank of the united states , chestnut street between fourth and fifth streets , philadelphia .
mellon national corp . , holding company for pittsburgh ' s mellon bank , . . .
9 . fleet bank some sports fans may remember boston ' s fleet center , the arena that housed the nba ' s celtics and nhl ' s bruins for nearly a decade beginning in 1995 . fleet bank was the result of the providence - based bank ' s numerous acquisitions , enabling it to become new england ' s largest bank by the late 1990s .
in 2004 , fleet was acquired by bank of america . ( photo : wikipedia ) .
girard bank , heritage bank national association , mellonnational corporation , and heritage bancorporation , inc . , petitioners , v . board of governors of the federal reserve system , respondent , andthe new jersey commissioner of banking , intervenor , 748 f . 2d 838 ( 3d cir . 1984 )
federal legislation dealing with bank mergers 6 dates from 1918 , when congress provided that , subject to the approval of the comptroller of the currency , two or more national banks could consolidate to form a new national bank ; 7 similar provision was made in 1927 for the consolidation of a state and a national bank resulting in a national bank . 8 in 1952 mergers of national and state banks into national banks were authorized , also conditioned on approval by the comptroller of the currency . 9 in 1950 congress authorized the theretofore prohibited 10 merger or consolidation of a national bank with a state bank when the assuming or resulting bank would be a state bank . 11 in addition , the federal deposit insurance act was amended to require the approval of the fdic for all mergers and consolidations between insured and noninsured banks , and of specified federal banking agencies for conversions of insured banks into insured state banks if the conversion would result in the capital stock or surplus of the newly formed bank being less than that of the converting bank . 12 the act further required insured banks merging with insured state banks to secure the approval of the comptroller of the currency if the assuming bank would be a national bank , and the approval of the board of governors of the federal reserve system and the fdic , respectively , if the assuming or resulting bank would be a state member bank or nonmember insured bank . 13
a new , $ 1 , 750 , 000 , waste water treatment plant is dedicated in girard .
the mellon national corporation of pittsburgh and the girard company of philadelphia announced yesterday that the two big bank holding companies had agreed to merge . the move could create the 12th - largest commercial bank in the country as well as touch off major new competition in the philadelphia - camden market .
commenting on the venture , james j . mcdermott , research director of the wall street firm of keefe , bruyette & woods , which specializes in bank stocks , said that while many analysts had valued the mellon offer to girard stockholders at about $ 38 . 50 a share - well below girard ' s book value of $ 50 . 87 a share - girard stockholders would receive a 52 percent premium on girard ' s stock price of $ 25 just before the offer plus a 38 percent increase in dividend .
united states , appellant , v . first national bank and trust company of lexington et al .
heritage is a national bank that has ninety branches in new jersey and one branch in pennsylvania . it is owned by bancorp , a bank holding company principally conducting its operations in new jersey .
girard bank , heritage bank national association , mellonnational corporation , and heritage bancorporation , inc . , petitioners , v . board of governors of the federal reserve system , respondent , andthe new jersey commissioner of banking , intervenor , 748 f . 2d 838 ( 3d cir . 1984 ) : : justia
the north avenue school designed by the well - known youngstown architect , charles h . owsley . . in a beaux - arts style with classic details . - james j . mcfarland , at twenty years of age , was appointed cashier at first national bank of girard - the girard stove and foundry works moves to the city of youngstown - emmett d . crum leaves the office of the 2nd mayor of girard .
town plat laid out by david tod of youngstown , believed to be named in honor of stephen girard .
the girard rolling mills , located on the mahoning river and shown above , are completed and become operational .
john walters , of girard , dies of burns sustained two weeks earlier when a barrel of oil exploded .
mining ends by the tod iron company at the kline mine located at great lot # 8 in girard .
william w . wilson takes the office of the 4th mayor of girard . his photograph is shown above .
( 1855–1937 ) , joined the business in 1874 and proved so capable that the elder mellon transferred the bank’s ownership to him in 1882 . with the bank as the cornerstone of his financial empire ,
© copyright 2018 citizens financial group , inc . all rights reserved . citizens bank is a brand name of citizens bank , n . a . ( nmls id # 433960 ) and citizens bank of pennsylvania ( nmls id # 522615 ) . securities and insurance products are : • not fdic insured • not bank guaranteed • may lose value • not a deposit • not insured by any federal government agency
norm kobal , raised in girard , is designated the cleveland - style polka hall of fame , musician / individual of the year . - - joseph j . christopher leaves the office of the 20th mayor of girard .
four financial institutions founded in the 19th century have contributed to the growth and history of mellon bank . besides t . mellon and sons , they were : the farmers bank of delaware , established in 1807 by henry ridgely ; the harrisburg bank , founded in 1814 by william wallace , robert harris ( son of the founder of the city of harrisburg ) , and 11 other pennsylvania businessmen ; and the girard savings institution of philadelphia , established by benjamin wood richards in 1835 . this institution , which eventually came to be known as girard bank , was named in honor of stephen girard , a multi - millionaire who left $ 7 million to the city of philadelphia and lent money to the american government during the war of 1812 .
every day , we strive to earn our reputation as “the best place to bank and borrow . ”
the bank grew through a series of mergers until a hostile takeover in 1989 by the bank of new york , known today as bny mellon ( nyse : bk ) . ( photo : wikipedia ) .
14 . hibernia national bank hibernia national was founded by irish immigrants in new orleans back in 1870 .
my grandmother was raised in girard , she attended school , church there . they lived on the corner of dillingham street and the street that runs beside of the phenix girard bank . the side of the girard bank sat directly across the street from the mckenzie’s home . the house was a large white house and had a wrapped around front porch . i only remember the house because every time we visited girard cemetery to visit mama’s family , she would say” there is the mckenzie’s home , my grandparents home where mama and i was born . ? at the time , it never crossed my mind to ask questions about the mckenzie’s old family home .
francis carlton moves from warren to girard . he purchases and settles the lower third of great lot # 10 .
sixteen year old , william frack , is injured in a girard blacksmith ' s shop accident and later dies .
mining resumes by the brier hill coal company at the kline mine located at great lot # 8 in girard .
nick j .
tiny
d ' eramo jr . takes the office of the 17th mayor of girard .
nick j .
tiny
d ' eramo jr . leaves the office of the 17th mayor of girard .
the bank of new york company , inc . , major american bank holding company , headquartered in new york city . the original bank of new york was founded in 1784 by alexander hamilton and chartered in 1791 . it was instrumental in securing the first loan obtained by the united states . other loans by the…
girard bank (
girard
) , heritage bank national corporation (
heritage
) , mellon national corporation (
mellon
) , and heritage bancorporation (
bancorp
) petition for review of an order of the board of governors of the federal reserve system ( the
board
) . this court has jurisdiction to review the board ' s order pursuant to 12 u . s . c . § 1848 .
[ n ] o application . . . shall be approved under this section which will permit any bank holding company or any subsidiary thereof to acquire . . . any additional bank located outside of the [ holding company ' s home ] state . . . unless the acquisition of such shares or assets of a state bank by an out - of - state bank holding company is specifically authorized by the statute laws of the state in which such bank is located , by language to that effect and not merely by implication .
the earnings credit is based on phenix - girard bank ' s money market interest rate . the charge on negative balances is based on prime rate as published in the wall street journal plus two ( 2 ) percent .
girard , alabama was a city in the far north - east corner of russell county , alabama across the chattahoochee river from columbus , georgia . from 1832–1839 girard was the first county seat of russell county . [ continue reading ]
the girard iron company plant becomes operational . - mining begins and ends by tod , stambaugh & company ( later changing name to the brier hill coal company ) at the kline mine located at great lot # 8 in girard .
in its announcement , mellon and girard said directors of both companies had unanimously approved a definitive agreement to merge . terms call for girard shareholders to receive 0 . 95 share of mellon national corporation common plus 0 . 38 share of a new $ 25 preferred for each girard share . analysts valued the stock at $ 38 . 50 a share .
mellon national corp . , holding company for pittsburgh ' s mellon bank , . . . - upi archives
david j . rees leaves the office of the 9th mayor of girard . - - state route 304 is certified .
edward eugene rowland , a corporal in the u . s . marines and resident of girard is killed in action .
elvin baker shields , a seargent in the u . s . marines and resident of girard , dies of wounds .
jack holly hederstrom , a captain in the u . s . air force and resident of girard dies while missing .
walter everett pittman , a captian in the u . s . air force and resident of girard dies while missing .
the interior of the scout cabin annex is finished and a kitchen with utilities is added by the city of girard .
paul anthony sgambati , of girard , dies at the age of 21 while serving his country in the vietnam war .
the primary occupant of the building today , citizens bank , is actually a direct descendent of girard trust company , via mellon bank . as a nod to the nightlife attractions that have since come to dominate the neighborhood , the building also houses bar and restaurant the plough and the stars . philadelphia city paper is stationed here as well .
new bank opened in the philadelphia four - county area . that was in 1951 . at the end of 10 years , the new bank controlled only one - third of 1 % of the area ' s deposits .
mining resumes by the tod iron company , after changing hands , at the kline mine located at great lot # 8 in girard . - mathew ramsey , 118th il , born in 1822 dies and is buried in girard - liberty union cemetery
residents and former residents of girard and phenix city sharing what they remembered about girard and phenix city . the emails go from ma beeches to where they were when mr . patterson was shot , idle hour park . fort benning , central high .
the girard home savings and loan company is open for business in the dennison building at corner of state and liberty st .
after richard ' s death in 1933 , his son , richard k . mellon , took over as president . when mellon national bank and union trust company merged in 1946 , richard became chairman of the newly formed mellon national bank and trust company . mellon bank also entered the retail market by expanding its branch network and merging with mellbank .
the inapplicability of § 7 to bank mergers was also an explicit basis on which congress acted in passing the bank merger act of 1960 . the senate report on s . 1062 , the bill that was finally enacted , stated :
it shall be unlawful except with prior approval of the board . . . for any bank holding company to acquire direct or indirect ownership or control of any voting shares of any bank if , after such acquisition , such company will directly or indirectly own or control more than 5 per centum of the voting shares of such bank . . . .
ice causes flooding in the mahoning river valley . - girard ' s iron industry begins with the construction of the girard iron company . this company is a venture partnership of david tod , william ward , william richards , and joseph g . butler jr .
construction on the girard lower lake dam is completed - ed l . hauser is elected secretary of ohio post - masters association .
liberty memorial park is created by the girard parks commission - - the entire route 16 is certified and renamed to route 422 .
the new york football giants , with girard high school alumnus mel triplett as starting fullback , win the national football league championship .
the eastwood mall is constructed in niles , ohio . - - the girard news , weekly newspaper , goes out of circulation .
the b - 25 mitchell bomber purchased by the people of girard is now in action . the $ 175 , 000 needed to purchase the bomber was raised over the summer in a drive sponsered by the girard businessmen ' s association , headed by don welty .
end of the summerparade , chaired by joann sura and girard - liberty rotary club , randy suchanek of the rotary ' s car show gave girard residents many smiles and laughs . the parade and car show was a great time for everyone in over a decade .
george t . farrell , 52 , president of mellon bank and thomas a . cooper , 47 , president of girard , would become vice chairmen of mellon national , along with two others , ralph b . gilpatrick jr . and g . christian lantzsch .
united states , appellant , v . the philadelphia national bank et al . | us law | lii / legal information institute
whose principal subsidiary , mellon bank , has been one of the largest regional banks in the country . its headquarters are in
in the event , mellon made a brilliant decision : they split mellon into two parts — dubbed “the bad bank” and “the good bank” — and dealt with them separately . they recognized that as long as mellon remained a single entity , the investment community would value the entire company in light of the problems occurring in some of its assets . the solution was to quarantine the bad assets , take the hit , and focus on saving the the part of the bank that still had ( substantial ) value . ( see “rich bank , poor bank : mellon’s surprise success” in business week , march 8 , 1992 . )
3 . seafirst bank seafirst was founded in 1929 , the result of a merger between seattle ' s three largest banks . it wouldn ' t adopt the
seafirst
namesake until 1974 , and it didn ' t keep it for long . in 1983 , the bank was acquired by bank of america ' s ancestor , bankamerica corp . ( photo : wikipedia ) .
gerard c . chirichigno marries miss angelina parillo of girard . chirichigno was the sales manager for the youngstown wire and iron company . - jonas earle king m . d . relocated his medical practice to girard . - alonzo g . sharp founds and manages a . g . sharp lumber in youngstown , ohio . located at the old dingledy plant . - a five acre site is purchased for the construction of a new high school . - the first national bank of girard purchases 41 feet on w . liberty st . to accommodate its growth . the bank is now valued at $ 1 , 210 , 000 . the growth is % 110 in 15 years .
kemis massey ( sobby ) is active mailing in info and keeping us up to date and sharing her memories of girard and phenix city .
a few years ago i was researching the mcbrides and mckenzies it was then how i found my ancestors involved in girard , also salem , alabama . ( lee and chambers were in the early 1800s before girard . ) this is when i had the desire to know more about girard , alabama . what she was like , how she was created and what she had to do with the rest of russell county .
son of benjamin williams , aged 7 - 9 , is killed near girard when hit by a railroad car at the morris coal chute .
gomer jones establishes a general store in girard , formerly owned by a . e . hartzell ( is this aaron e . hartzell ? )
mellon has 111 branches in six counties of western pennsylvania and girard 145 locations in six counties of southeastern pennsylvania and 25 in delaware . now mellon and girard can operate throughout the state - and are expected to do so either through further branches or the purchase of additional banks .
the facts , to which both parties to this action have agreed , and all the facts necessary for decision here , are as follows : girard trust corn exchange bank is a banking corporation organized and existing under the laws of the commonwealth of pennsylvania . on june 15 , 1951 , the corn exchange national bank and trust company , a national banking association , merged with the girard trust company , pursuant to federal and pennsylvania banking laws . coincident with the merger , girard trust company , the surviving corporation , changed its name to girard trust corn exchange bank , the taxpayer herein . the joint plan of merger provided that each outstanding share of corn exchange capital stock was to be converted into one share of $ 15 par value capital stock of the surviving institution . under the federal statute authorizing the merger , shareholders of the corn exchange voting against the merger were entitled to receive the cash value of their shares as of the effective date of the merger .
most of my life i’ve heard about girard , alabama . i never thought to much about the tiny little town that was just there , nothing special about it , or so i thought . it never crossed my mind that girard was full of history and memories of days gone by .
a trolley service running along state st . opens in girard . this trolley system ties into trolly systems of niles , warren , and youngstown .
u . s . army ssgt ronald carl ross , age 29 and resident of girard , killed in military action in s . viet nam .
u . s . army pfc robert arthur jones , age 20 and resident of girard , killed in military action in s . viet nam .
u . s . army pfc james ward charlesworth jr . , age 20 and resident of girard , is killed in military action in cambodia .
the girard free library is moved from the municipal building on jefferson square to a new building on the southeast corner of prospect and north avenues .
commerce ; the appellees do not contest this ruling . ii . the applicability of section 7 of the clayton act to bank mergers .
similar statements were repeatedly made to congress by justice department representatives in the years prior to the enactment of the bank merger act . 14
see wemple and cutler , the federal bank merger law and the antitrust laws , 16 buslaw 994 , 995 ( 1961 ) . many of the bills are summarized in funk , antitrust legislation affecting bank mergers , 75 banking l . j . 369 ( 1958 ) .
my mama myra richardson waldrop , never mention girard as far as her growing up there . mamaw came home to girard for mama to be born then she went back to griffin , georgia with mr . richardson , uncle bill and the new baby girl in 1906 . after living in mobile , alabama , in 1928 mamaw and papaw moved to georgia . they wanted to be near girard and they settled i across the river in columbus , georgia .
mama talked about growing up in mobile , alabama where she met my dad . so , i didn’t hear to much from mama about girard . but , mamaw did talk about her home town . she never mention phenix city , it was always about the people and her “kin folks” in girard . looking back , i don’t think my mcbrides and mckenzies moved out of girard . they as far as i can remember didn’t move to phenix city .
senator john f . kennedy , shown above , campaigns for the u . s . presidency in girard at the corner of wilson and state streets .
in addition , there is a certain amount of bank holding company activity . the bank holding company act of 1956 , 12 u . s . c . 1841 1848 , brought bank holding companies under stringent federal regulation . as of 1958 , the 43 registered bank holding companies controlled 5 . 7 % of all banking offices and 7 . 4 % of all deposits . lent , the changing structure of commercial banking ( 1960 ) , 19 . see also comment , supra , note 2 , 71 yale l . j . , at 516 522 .
it should be noted that besides competition in interest rates , there is a great deal of indirect price competition in the banking industry . for example , the amount of compensating balance a bank requires of a borrower ( i . e . , the amount the borrower must always retain in his demand deposit account with the bank ) affects the real cost of the loan , and varies considerably in the bank ' s discretion .
the c . j . jones building is constructed on s . state st . ( tropitan is there now ) - the first national bank of girard has the following officers : president f . w . stillwagon , vice president ( s ) : j . c . krehl and e . l . hauser . - the williams building is constructed at 36 s . state st . - thomas gordon blackstone leaves the office of the 7th mayor of girard
such creation is not , to be sure , pure sleight of hand . a bank may not make a loan without adequate reserves . nevertheless , the element of bank money creation is real . e . g . , samuelson , economics ( 5th ed . 1961 ) , 331343 .
girard was established sometimes prior to 1820 as a trading post in the creek indian territory of alabama . there was a white settlement across the chattahoochee river which was later named columbus , georgia . south of girard the capital of the creek nation was situated about eight miles south in alabama and was called cowetta .
david tod , grandson to governor david tod , is born in girard . this david tod is the son of william and francis ( barnheisel ) tod .
the youngstown telegraph newspaper reports that girard receives a public works loan and grant amounting to $ 27 , 272 for the construction of a new city hall .
joseph j . christopher retires from public service as council at large . he receives official accomodation for his many years of service from the girard city council .
mr . eagleson , 56 - year - old chairman of girard , would continue in that post and become chairman of mellon national . mr . barnes , chairman of mellon national , would remain as chairman and chief executive of the mellon bank and become president and chief executive of the holding company .
girard and liberty lakes are purchased by the city of girard from the ohio consumer water company ( fomerly ohio water service ) for 2 . 5 million dollars . the city borrows the money from the ohio water development authority , such that when the loan is paid off , in 12 years , $ 4 . 7 million of public funds will be expended . the terms of this loan make it impossible for girard to pay off the principal early to avoid finance charges .
sometimes nicknamed “manny hanny , ” it was acquired by chemical bank in 1992 , later becoming part of jpmorganchase . ( photo : wikipedia ) .
12 . union planters bank union planters was founded in 1869 by william farrington , a memphis businessman who made a fortune during the civil war .
greater philadelphia’s banking roots go deeper than those of any region in the country . philadelphia was the home of the first commercial bank ( 1782 ) , the first national bank ( 1791 ) , the first savings bank ( 1816 ) , and the first savings and loan association ( 1831 ) . until the mid - 1980s , celebrated local institutions such as first pennsylvania , girard , and provident dominated the region . by the late twentieth century , however , historic regulatory changes led to acquisitions by out - of - town giants and changed the face of the banking industry both locally and nationally .
the issue presented , therefore , is whether the taxpayer , girard trust corn exchange bank , on the facts here involved , was dealing in its own shares as it might deal in the shares of another corporation within the meaning of section 39 . 22 ( a ) - 15 of treasury regulation 118 .
the philadelphia national corporation , which owns the biggest commercial bank in philadelphia , said that the mellon - girard deal would ' ' create another large and potentially powerful banking combination in the state ' ' but that it expected to ' ' continue to be a major factor in banking in eastern pennsylvania . ' '
the first decade of the nineteenth century saw the establishment of several more banks in philadelphia . adding to the earlier institutions that largely served the needs of governments , upper class merchants , lawyers , and influential businessmen , the philadelphia bank ( 1803 ) , farmers and mechanics bank ( 1809 ) , commercial bank ( 1810 ) , and mechanics bank ( 1810 ) were formed by and for artisans , farmers , mechanics , and manufacturers . in 1810 , the leaders of the district of northern liberties , just north of vine street but not served by the philadelphia banks , formed the bank of northern liberties . another innovation occurred in 1816 when a group of businessmen , inspired by the success of savings institutions in england and scotland , established the philadelphia savings fund society to cater to small depositors not targeted by commercial banks . the depositors owned this “mutual” savings bank , and shared in its profits . long after the bank’s demise , the iconic psfs sign atop the re - purposed skyscraper at 1200 market street continued to light the center city sky .
girard , heritage , mellon , and bancorp (
petitioners
) entered into a merger agreement . for present purposes , we may characterize the merger as a two - stage transaction . first , girard would merge into heritage , with heritage as the resulting bank . girard stock , owned by mellon , would be converted into and exchanged for newly issued heritage stock . at the same time , the heritage stock owned by bancorp would be cancelled , leaving heritage as a wholly owned subsidiary of mellon . second , bancorp would be merged into mellon . the shares of bancorp would be converted into a right to receive mellon securities or cash .
the basic small business checking from phenix - girard bank offers you the best in business checking with the possibility of no monthly maintenance fee . if you own your own business , you know the value of having a banking relationship that provides all the right answers and delivers impeccable banking services for your total financial needs .
' since bank mergers are customarily , if not invariably , carried out by asset acquisitions , they are exempt from section 7 of the clayton act . ( stock acquisitions by bank holding companies , as distinguished from mergers and consolidations , are subject to both the bank holding company act of 1956 and sec . 7 of the clayton act . ) ' s . rep . no . 196 , 86th cong . , 1st sess . 12 ( 1959 ) .
following our acquisition by rbs group in 1988 , we grew rapidly , largely through a series of over 25 strategic bank acquisitions as highlighted below . these acquisitions greatly expanded our footprint throughout new england and into the mid - atlantic and the midwest , transforming us from a local retail bank into one of the largest retail u . s . bank - holding companies with nearly $ 170 . 0 billion in assets at the start of the global financial crisis .
wednesday opening of the new liberty memorial park swimming pool celebrated with a town picnic . girard ' s downtown stores closed at noon so everyone could attend the picnic .
5 . texas commerce bank the houston - based bank was acquired by chemical banking corporation in 1987 , who would eventually grow into the modern - day jpmorgan chase ( nyse : jpm ) . at the time , the acquisition represented the largest interstate banking merger in history . ( photo : wikipedia ) .
contrary to the unequivocal terms of sec . 1842 ( a ) ( 3 ) , petitioners contend forcefully that the board is without jurisdiction . they make essentially two arguments to support this contention . first , petitioners note that a different jurisdictional provision permits the board to review transactions in which
any bank holding company or subsidiary thereof , other than a bank , . . . acquire [ s ] all or substantially all of the assets of a bank ,
and that the emphasized language creates a
bank merger exception
to that provision . 12 u . s . c . § 1842 ( a ) ( 4 ) ( emphasis added ) . petitioners then argue that congress intended this bank merger exception to prevent
duplicative review
by the board over all transactions , including this one , that are within the comptroller ' s jurisdiction . the necessary implication of this argument is that the bank merger exception in sec . 1842 ( a ) ( 4 ) should be read into sec . 1842 ( a ) ( 3 ) . the board counters that there is no danger of duplicative review in this case since the comptroller only has jurisdiction over the girard - heritage bank merger whereas the board has jurisdiction over the entire transaction .
a . m . byers steel company ( formerly the girard iron company ) closes , leaving behind an 80 - acre plot located east of the mahoning river and west of state st . - - mobster , al capone , is released from prison . - - john j . cronin leaves the office of the 10th mayor of girard .
cahouet immediately froze salaries and ordered the 19 , 500 - member staff reduced by 10 % , to wall street ' s approval . the following year , in 1988 , the company formed grant street national bank , a separate entity created solely to clean mellon ' s bad - debt slate by liquidating many of its weak domestic loans . the bank is partly backed by mellon funds and junk bonds , sold to investors who hope sales of property securing the bad loans will be profitable . if all goes according to plan , the complicated
good bank , bad bank
plan will allow managers to focus on healthier areas .
the lutheran ' s log house of worship is replaced by a more sturdy structure , the salems lutheran church of girard and vicinity , on ground given by henry barnhisel .
the first national bank remodels its building on w . liberty st . - david tod , grandson to governor david tod , leaves office of ohio state senate .
see , e . g . , remarks of representative spence : ' the clayton act is ineffective as to bank mergers because in the case of banks it covers only stock acquisitions and bank mergers are not accomplished that way . ' 106 cong . rec . 7257 ( 1960 ) . see also note 24 , supra .
from the 1960s the mellon bank corporation was a pioneer in the application of advanced data - processing technology to banking transactions . the company diversified into financial services beginning in the 1980s . in 1982 mellon acquired the girard company , a major philadelphia bank holding company , and in 1985 it merged with commonwealth national financial corporation , a financial - services company based in harrisburg , pennsylvania . the mellon bank acquired the investment and money - management firm boston company , inc . , in 1993 and bought the dreyfus corporation , a large manager of mutual funds , in 1994 . one year after its 1998 acquisition of united bankshares inc . , the company changed its name to mellon financial corporation to reflect the broader range of financial services . in 2006 mellon agreed to be acquired by the bank of new york company , inc .