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The Darmstädter und Nationalbank (short form Danat-Bank) was a German bank.
The ''Darmstädter Bank für Handel und Industrie'' (often called ''Darmstädter Bank'') was founded as the ''Bank für Handel und Industrie'' by Brockhaus' Kleines Konversations-Lexikon, fünfte Auflage, Band 1. Leipzig 1911., S. 149.
downloaded on 1 April 2009 It was thus the second universal bank in Germany founded as a company limited by shares (
In 1920/1921, the ''Darmstädter Bank für Handel und Industrie'' and the ''Nationalbank für Deutschland'' formed the bank union ''Darmstädter-Nationalbank Berlin''. Both banks assumed a joint guarantee of capital and reserves of over 1 billion marks. The merger was fully completed in 1922, resulting in one of the largest commercial banks in Germany. By 1931 Danatbank had become the second largest bank in Germany, when it suffered a run which started around 17 June due to rumours of the insolvency of the Norddeutsche Wollkämmerei & Kammgarnspinnerei (North German Wool and Worsted Yarn Spinning Works), finally going bankrupt on 13 July 1931. It was thus one of the most prominent victims of
Documents about Danatbank in the German National Library
* {{Authority control 1931 disestablishments in Germany Defunct banks of Germany Banks established in 1922 Dresdner Bank
History
The Darmstädter und Nationalbank was formed in 1922 from the merger of the Bank für Handel und Industrie (Darmstadt) and the Nationalbank für Deutschland.
The ''Darmstädter Bank für Handel und Industrie'' (often called ''Darmstädter Bank'') was founded as the ''Bank für Handel und Industrie'' by Gustav von Mevissen
Gustav Mevissen, after 1884 known as Gustav von Mevissen, (20 May 1815 – 13 August 1899), was a German businessman and politician.
Mevissen was born in Dülken, Rhine Province. He started by investing in textile industry and later in railway ...
and Abraham Oppenheim
Abraham Oppenheim (24 May 1804 in Cologne – 9 October 1878 in Cologne), titled in 1868 as Abraham Freiherr von Oppenheim, was a German banker and patron.
Life and career
Oppenheim was the second son among the twelve children of banker Salomon ...
with a capital of 25 million guilders and modelled after the French bank Crédit Mobilier
The Crédit Mobilier (full name Société Générale du Crédit Mobilier, "general company for movable ollateral-backedcredit") was a French banking company created by the Pereire brothers, and one of the world’s most significant and influenti ...
. It received a banking concession on 2 April 1853.downloaded on 1 April 2009 It was thus the second universal bank in Germany founded as a company limited by shares (
Aktiengesellschaft
(; abbreviated AG, ) is a German word for a corporation limited by Share (finance), share ownership (i.e. one which is owned by its shareholders) whose shares may be traded on a stock market. The term is used in Germany, Austria, Switzerland (wh ...
), after the A. Schaaffhausen'scher Bankverein. In 1873 the bank moved its headquarters to Berlin, having opened a branch there in 1871. Further branches were opened in Stettin (1900), Hannover (1901), Düsseldorf, Munich and Nuremberg (1910). In 1913, the ''Darmstädter Bank'' took over the Breslauer Disconto-Bank, and during the inflation years between 1918 and 1921, it opened many more branches across Germany.
Danat-Bank
In 1920/1921, the ''Darmstädter Bank für Handel und Industrie'' and the ''Nationalbank für Deutschland'' formed the bank union ''Darmstädter-Nationalbank Berlin''. Both banks assumed a joint guarantee of capital and reserves of over 1 billion marks. The merger was fully completed in 1922, resulting in one of the largest commercial banks in Germany. By 1931 Danatbank had become the second largest bank in Germany, when it suffered a run which started around 17 June due to rumours of the insolvency of the Norddeutsche Wollkämmerei & Kammgarnspinnerei (North German Wool and Worsted Yarn Spinning Works), finally going bankrupt on 13 July 1931. It was thus one of the most prominent victims of deflation
In economics, deflation is a decrease in the general price level of goods and services. Deflation occurs when the inflation rate falls below 0% (a negative inflation rate). Inflation reduces the value of currency over time, but sudden deflation ...
in Germany during the Great Depression
The Great Depression (19291939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The economic contagio ...
.
The collapse of Danatbank triggered a loss of confidence in the German banking system, and loosed a wave of withdrawals from all other banks beginning the German Banking Crisis. In reaction, the government announced a Bank Holiday starting on 13 July, imposed further capital controls and forced the merger of Danatbank with Dresdner Bank
Dresdner Bank AG was a German bank and was based in Frankfurt. It was one of Germany's largest banking corporations and was acquired by competitor Commerzbank in May 2009.
History
19th century
The Dresdner Bank was established on 12 Novemb ...
.
Well known figures
Well-known bankers of the Danatbank and its predecessors are (in alphabetical order): * Siegmund Bodenheimer ''(Manager of Darmstädter Bank 1910–1922, shareholder 1922–1931)'' * Bernhard Dernburg ''(Manager of Darmstädter Bank 1901–1906)'' * Jakob Goldschmidt ''(Shareholder 1922–1931)'' *Johannes Kaempf
Johannes Kaempf (February 18, 1842 in Neuruppin – May 25, 1918 in Berlin) was a German liberal politician and banker. From 1912 to 1918 he was president of the Reichstag.
Life
Johannes Kaempf was the director of the branch of the Bank of Trad ...
''(Branch director of the Bank für Handel und Industrie in Berlin and Reichstags-President)''
* Hjalmar Schacht
Hjalmar Schacht (born Horace Greeley Hjalmar Schacht; 22 January 1877 – 3 June 1970, ) was a German economist, banker, centre-right politician, and co-founder in 1918 of the German Democratic Party. He served as the Currency Commissioner a ...
''(Shareholder 1922–1923)''
* Georg von Simson ''(Shareholder bis 1929)''
* Richard Witting ''(Director (1902–1910) and board member (1911–1922) of the Nationalbank, board member of Danatbank)''
References
Further reading
* * *External links
Documents about Danatbank in the German National Library
* {{Authority control 1931 disestablishments in Germany Defunct banks of Germany Banks established in 1922 Dresdner Bank