National Westminster Bank USA, commonly known as NatWest USA, was a wholly owned subsidiary of

National Westminster Bank National Westminster Bank, commonly known as NatWest, is a major retail and commercial bank in the United Kingdom based in London, England. It was established in 1968 by the merger of National Provincial Bank and Westminster Bank. In 2000, i ...

in the United Kingdom from 1983 to 1996. Formed as the National Bank of North America in 1905, the U.S. retail banking operation was sold to

Fleet Financial Group FleetBoston Financial was a Boston, Massachusetts-based bank created in 1999 by the merger of Fleet Financial Group and BankBoston. In 2004 it merged with Bank of America; all of its banks and branches were converted to Bank of America. History ...

in 1996. During its existence, National Westminster Bank USA was a commercial bank with a national charter and a member of the Federal Reserve System, supervised by the Office of the Comptroller of the Currency.

History

National Provincial Bank National Provincial Bank was a British retail bank which operated in England and Wales from 1833 until 1970 when it was merged into the National Westminster Bank. It continued to exist as a dormant non-trading company until 2016 when it was vo ...

Limited first entered the United States with a branch in New York, shortly before merging with

Westminster Bank Westminster Bank was a British retail bank which operated in England and Wales from 1834 until its merger into the National Westminster Bank in 1970; it continued to exist as a dormant registered non-trading company until 4 July 2017 when it ...

Limited in 1970.Tschoegl, Adrian E
Foreign Banks in the United States Since World War II: A Useful Fringe
(pp. 24-25) The Wharton Financial Institutions Center, University of Pennsylvania (00-42), November 2000

National Bank of North America

The National Bank of North America was founded in New York in 1851. In 1970, it acquired Trade Bank and Trust Company and the First National Bank in Yonkers, followed by the National Bank of Far Rockaway in 1972. An offshoot of the CIT Financial Corporation, which bought the bank in 1966, it earned a record US$25 million profit in 1974. However, by 1975, profits had plummeted to US$14 million as a result of bad loans and earlier poor investment strategies, dropping to US$10.2 million in 1976. In 1978, the National Bank of North America's 141 branches were acquired by National Westminster Bank Ltd. for US$429 million. A Delaware-registered holding company, NatWest Holdings, Inc., was formed to facilitate the purchase and, by 1986, net income had more than tripled to US$54.5 million. Among other significant early developments was the acquisition of 16 branches from

Bankers Trust Company Bankers Trust was a historic American banking organization. The bank merged with Alex. Brown & Sons in 1997 before being acquired by Deutsche Bank in 1999. Deutsche Bank sold the Trust and Custody division of Bankers Trust to State Street Corpo ...

in 1979, at a cost of US$11 million. To broaden the range of services provided a domestic factoring business, NatWest Commercial Services, Inc., commenced operations in New York and Philadelphia in 1982. The year also marked the opening of NBNA's international banking office in Miami through North America International Corporation, a subsidiary established under the provisions of the Edge Act. In 1983, the National Bank of North America was renamed National Westminster Bank USA.

First Jersey National Bank

The First National Bank of Jersey City was formed in 1868, taking the name First Jersey National Bank in 1968. Following the US$820 million acquisition of First Jersey National Corporation in 1988, it became National Westminster Bancorp NJ. National Westminster Bancorp, Inc. was subsequently organized as a holding company for National Westminster Bank USA and National Westminster Bank NJ. Its headquarters were relocated to Jersey City, New Jersey in 1993. After acquiring Citizens First Bancorp in 1994 and the Central Jersey Bank and Trust Company in 1995, National Westminster Bank USA merged with National Westminster Bank NJ under the name NatWest Bank, National Association. NatWest Bank (Delaware), N.A. was also formed in 1995. It engaged principally in consumer lending on a nationwide basis, offering a full range of services including credit cards, lines of credit, installment loans, student loans and home equity loans. NatWest Services, Inc. in Scranton, Pennsylvania provided the operations and servicing facility for NatWest Bank, N.A. and NatWest Bank (Delaware).Report and Accounts (p. 8), National Westminster Bank Plc, 1995 Having struggled without success to make the operation profitable, NatWest Bancorp was divested for US$2.5 billion in 1996; its 300 branch network merging with Fleet Bank of New York, N.A. to form Fleet Bank, N.A. In 2002, it was incorporated into Fleet National Bank based in Providence, Rhode Island, before being merged into and subsequently operated as part of

Bank of America The Bank of America Corporation (often abbreviated BofA or BoA) is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina. The bank ...

, N.A. from 2005.

References

{{Bank of America NatWest Group Banks established in 1983 Banks disestablished in 1996 Defunct banks of the United States

History

National Bank of North America

First Jersey National Bank

See also

References