The Bank of Central and South America was established in
Connecticut
Connecticut () is the southernmost state in the New England region of the Northeastern United States. It is bordered by Rhode Island to the east, Massachusetts to the north, New York to the west, and Long Island Sound to the south. Its cap ...
in 1922. The next year it acquired some of the assets of the
Mercantile Bank of the Americas
Trade involves the transfer of goods and services from one person or entity to another, often in exchange for money. Economists refer to a system or network that allows trade as a market.
An early form of trade, barter, saw the direct excha ...
(est. 1915), including its entire interest in the National Bank of Nicaragua, Banco Mercantil de Costa Rica, Banco Mercantil Americano del Peru, Banco Mercantil Americano de Caracas and Banco Mercantil Americano de Colombia. It had a branch in Hamburg, and 22 branches in Latin America, including four in
Venezuela
Venezuela (; ), officially the Bolivarian Republic of Venezuela ( es, link=no, República Bolivariana de Venezuela), is a country on the northern coast of South America, consisting of a continental landmass and many islands and islets in th ...
, six in
Peru
, image_flag = Flag of Peru.svg
, image_coat = Escudo nacional del Perú.svg
, other_symbol = Great Seal of the State
, other_symbol_type = Seal (emblem), National seal
, national_motto = "Fi ...
, eight in
Colombia
Colombia (, ; ), officially the Republic of Colombia, is a country in South America with insular regions in North America—near Nicaragua's Caribbean coast—as well as in the Pacific Ocean. The Colombian mainland is bordered by the Car ...
, four in
Nicaragua
Nicaragua (; ), officially the Republic of Nicaragua (), is the largest country in Central America, bordered by Honduras to the north, the Caribbean to the east, Costa Rica to the south, and the Pacific Ocean to the west. Managua is the cou ...
, and one in
Costa Rica
Costa Rica (, ; ; literally "Rich Coast"), officially the Republic of Costa Rica ( es, República de Costa Rica), is a country in the Central American region of North America, bordered by Nicaragua to the north, the Caribbean Sea to the no ...
.
The shareholders of the bank included the firms of
J.P. Morgan & Company, the
Guaranty Trust Company,
Brown Brothers and Company
Brown Bros. & Co. was an investment bank from 1818 until its merger with Harriman Brothers & Company in 1931, to form Brown Brothers Harriman & Co. According to Zachary Karabell: In its first hundred years, the firm helped to make paper currenc ...
,
J. and W. Seligman and Company, the
Corn Exchange Bank
The Corn Exchange Bank was a retail bank founded in 1853 in New York state. Over the years, the company acquired many community banks.
History
In 1855, the Corn Exchange Bank moved into an existing building in New York City at the northwest ...
, the
Mechanics and Metals National Bank
The Mechanics and Metals National Bank (MMNB) was a bank in New York City, founded in 1810 as the Mechanics National Bank. In 1910 it merged with National Copper Bank and took the Mechanics and Metals National Bank name. After a number of mergers a ...
,
W.R. Grace and Company
W. R. Grace and Co. is an American chemical business based in Columbia, Maryland. It produces specialty chemicals and specialty materials in two divisions: Grace Catalysts Technologies, which makes catalysts and related products and technologies ...
, and other interests. Despite its connections and experienced officers, the bank was not successful and in 1925 the
Royal Bank of Canada
Royal Bank of Canada (RBC; french: Banque royale du Canada) is a Canadian multinational financial services company and the largest bank in Canada by market capitalization. The bank serves over 17 million clients and has more than 89,000& ...
purchased the South American operations.
References
{{Portal, Banks
*Clyde William Phelps. 1927. ''The foreign expansion of American banks : American branch banking abroad''. (New York: Arno Press, 1976).
Banks based in Connecticut
Banks established in 1822