FREE ESSAY ON THE BANK OF NEW YORK AND IT'S HISTORY

THE BANK OF NEW YORK AND IT'S HISTORY

The Bank of New York
Table of Contents
1. History of The Bank of New York
2. Services for Customers
A. Individuals
B. Businesses
C. Public Entities
D. Government Entities
3. Highlights of The Bank of New York
4. Consolidated Financial Statements
5. Bibliography
The Bank of New York
Table of Contents
1. History of The Bank of New York
2. Services for Customers
A. Individuals
B. Businesses
C. Public Entities
D. Government Entities
3. Highlights of The Bank of New York
4. Consolidated Financial Statements
5. Bibliography
HISTORY OF THE BANK OF NEW YORK
On February 23, 1784, a small advertisement appeared in The New York Packet, one of the
many New York newspapers of that era. This advertisement announced that prominent New
York citizens had established a bank. The bank, established by the prominent, would not
officially open for business until June 9, 1784. That bank would come to be known as the
bank of New York. Alexander Hamilton, a well-known New York attorney, was asked to write
the constitution of the new bank. He complied and therefore Alexander Hamilton was
credited with the founding of the Bank of New York. 
The Bank of New York is the oldest bank in New York and along with that is one of the
oldest banks in the world since banking the way we know it today began in the 18th
century. 
Alexander Hamilton later went on to become the Secretary of the Treasury in President
George Washington's first cabinet. In 1789, Hamilton negotiated the first loan obtained
by the new Democratic government. The amount of the loan was $200,000, and was issued by
The Bank of New York. Hence, not only is the Bank of New York one of the oldest banks in
the world, but it is also a historic one because it was the first bank in the United
States to issue a loan. Adding to that historic feeling, when the New York Stock Exchange
was created in 1792, the first stock traded was the Bank of New York's stock. 
The Bank of New York played a major role in the economic growth in the New York
metropolitan area. The Bank was also involved with the growth of transportation. The
construction of the Morris Canal in New Jersey and the Erie Canal in New York were
partially funded by the Bank, which also provided financing to the steamboat companies
that benefited from these waterways. Through investments in nearly every railroad and
utility, as well as in the construction of the New York City subway system, the Bank of
New York continued to provide vital capital to the expanding American economy. However,
far more emphasis was given to conservative practices and retaining the confidence of our
customers. That policy enabled the bank to survive the economic turmoil of the early
twentieth century.
Throughout its 200-year history, the Bank of New York has been involved in many mergers
and acquisitions. Through mergers with the New York Life Insurance & Trust Company, The
Fifth Avenue Bank, and the Empire Trust Company, the Bank expanded its presence in New
York and its ability to provide financial services to businesses and individuals
throughout Manhattan. In 1969, through the establishment of a bank holding company, the
Bank expanded beyond New York City, establishing a suburban branch network that remains
today. 
Global expansion began with an office in London in 1966, but a major breakthrough
occurred with the acquisition of The Irving Bank Corporation in 1988. This acquisition
created the tenth largest bank at that time and set the stage for what the Bank of New
York is today. 
The acquisitions of National Community Banks in New Jersey and The Putnam Trust Company
in Connecticut in the 1990's continued the expansion of the Bank of New York's branch
network. The Bank of New York has had a series of business acquisitions in securities
servicing that enabled them to become a recognized leader in that area. Over the last
several decades, the corporate branch of the Bank of New York has come to be known as a
banker to the largest corporations in America and in special industries such as
telecommunications and energy. 
In closing, it is rare for a business or institution to last over 200 years as has the
Bank of New York. It was able to do so by adapting to the times and providing excellent
services to its clients. 
SERVICES FOR CUSTOMERS
The Bank of New York provides services to many entities on a worldwide basis. Primarily,
the goal of the Bank of New York here in the United States is to provide financial
services to individuals, businesses, public entities, and government entities. 
The Bank of New York provides individuals with a wide range of services. Individuals can
have checking and savings accounts as well as CD's, and debit accounts. Individuals can
access account information from various sources. Telephone banking is a service,
available to all customers, where they can check balances, transfer funds, make loan
payments and obtain account information over the telephone. The Bank of New York provides
the same services at all of their ATMs. The Bank of New York also services its customers
with loans when they need them. Such loans include personal loans, student loans, auto
loans, home equity loans, and mortgages. In addition to loans, the Bank of New York also
provides investment services for its individual customers. The Bank of New York has an
investment center that can provide customers with mutual funds, personal asset management
services, and tax-exempt management. Finally, the Bank of New York provides individuals
with private banking services. The bank of New York provides personal banking services
such as financial planning, trust and estates, lending services, deposit services and
international private banking. 
Businesses also benefit from The Bank of New York's wide range of services. The Bank of
New York caters to the needs of different types of businesses. The Bank of New York has
small business banking as well as commercial banking, international banking, securities
services, and investment/treasury management. 
In its small business department, the Bank of New York has available to its customers an
extensive range of banking services. The Bank of New York has 24 hour banking services,
business checking and savings accounts, cash management, employee benefits programs, and
retirement planning services. In addition, it has small business loans, trade services,
business tax payment services and merchant services available to all small business
clients. 
The bulk of the Bank of New York's clients are involved in the Bank's commercial banking
services. Commercial banking services provided by the Bank of New York include:
collateral management services, fixed income trading, foreign exchange, global liquidity
services, mutual funds services and money manager tools. In addition to the above
mentioned, commercial customers can also enjoy services such as offshore fund services,
retirement services, securities lending, interest rate derivatives, and currency
management. 
The Bank of New York's international banking services are much like the commercial
service with some differences here and there. International banking services provided by
the Bank of New York include corporate trust services, international cash management,
offshore funds services, and international money manager tools. 
The Bank of New York also has an extensive amount of securities services available to
customers. The Bank of New York provides customers with broker/dealer clearance services,
brokerage/execution services, corporate trusts, depository receipts, performance
measurements, stock transfers, and unit investment trusts. 
Public and government entities, although different from regular customers, enjoy the same
services that all other customers enjoy. The only major difference in services is that
they are performed on a much larger scale for government entities. Government entities
might need services to be performed on many aspects of the government financial market at
once. Whereas, a public entity might have services performed on all of its clients to get
one lump sum amount of money either owed or held by them. 
BANK of NEW YORK HIGHLIGHTS
On November 9th, 2000, The Bank of New York announced that it had been appointed by
AMCORE Investment Group to be its United States domestic and global custodian for all of
AMCORE's trust and mutual fund assets. In addition, The Bank of New York was selected to
provide cash management services for AMCORE's Vintage Mutual Funds Inc. AMCORE Financial,
Inc. is a financial services company, headquartered in northern Illinois with banking
assets of $4.4 billion and 64 locations in Illinois and Wisconsin. AMCORE Investment
Group, a subsidiary of AMCORE Financial, Inc., provides trust and brokerage services, and
through Investors Management Groups, provides capital management and mutual fund
administrative services, and is the investment advisor for the Vintage Family of Mutual
Funds. AMCORE Investment Group is responsible for the trust and brokerage businesses of
AMCORE Financial Inc., including the Vintage Mutual Fund Family. AMCORE'S assets are
reported to be worth some $5.1 billion dollars. 
David W. Miles, CEO of AMCORE said The Bank of New York's custody and cash management
capabilities will allow us to grow strategically and provide our clients with the
efficient service they deserve and expect. In selecting a vendor, it was important that
they understand our business and have the ability to service our current needs. It is
also important that they are committed to the ongoing investment in technology required
to deliver the securities, cash and investment management support services we require. 
The Bank of New York is a well-established financial institution that has outlasted
numerous financial hardships, including the Great Depression. It has a long history of
providing excellent services to its customers. In the present day, The Bank of New York
continues to live up to that reputation by offering its customers a variety of financial
services. The future can only get better for the Bank of New York. With the technological
era in full swing, the Bank of New York is taking full advantage by specializing in
technological securities. 
In conclusion, The Bank if New York is a historical financial institution that played an
important role in the economic growth of the United States. No other bank can say that it
has done as much for the United States as has done the Bank of New York. 
Bibliography
1. http://www.gwdg.de/~ifbg/bank_2.html
2. http://www.bankofny.com/about/ahst.htm
3. http://www.bankofny.com/util/usgx.htm
4. www.bankofny.com