![]() The bank became the main source of financing for check cashing stores. In 1961, Manufacturers Trust Company merged with Central Hanover Bank & Trust Company (Hanover Trust) creating Manufacturers Hanover Trust Company. The National Hotel Management Company was dissolved within a month of Hitz's death in 1940. By the time of Hitz's death in 1940, the NHM had become the largest hotel organization in the United States and managed the New Yorker, the Lexington and the Belmont Plaza hotels (New York) the Congress Hotel ( Chicago) the Netherland Plaza (Cincinnati) Adolphus Hotel ( Dallas) the Van Cleve ( Dayton) the Book-Cadillac ( Detroit) the Nicollet Hotel ( Minneapolis) The New York Municipal Airport Restaurants (New York) and the Eastern Slope Inn ( North Conway, New Hampshire). ![]() This was because, even at the height of the Great Depression, Hitz had been able to turn a profit at the New Yorker Hotel, which the Manufacturers Trust also held the mortgage for. They appointed hotel pioneer Ralph Hitz as President of the NMH. ![]() In 1932, Manufacturers Trust created the National Hotel Management Company (NMH) to centrally oversee the hotels the bank held mortgages on. ![]() Later Manufacturers Trust acquired the Ridgewood National Bank of Queens (1921), the North Side Bank of Brooklyn (1922), the Industrial Bank of New York (1922), the Columbia Bank of New York (1923), and the Yorkville Bank of New York (1925), to become the 29th largest bank in the United States by 1925. Manufacturers Trust acquired a Manhattan presence with its acquisition of the West Side Bank of New York in 1918. Coincidentally, Manufacturers Trust Company had also been the name of a Brooklyn-based bank, founded in 1896 and acquired in 1902 by the Title Guarantee and Trust Company, another Brooklyn bank. The "Manufacturers" name had been in use since 1858, when the Mechanics' Bank of Williamsburgh (founded 1853) was renamed the Manufacturers National Bank. In 1915, the bank adopted the older "Manufacturers" name, changing its name to the Manufacturers Trust Company. Citizens Trust's first major acquisitions came with its mergers with the Broadway Bank of Brooklyn in 1912 and then two years later with the Manufacturers National Bank of Brooklyn (1914). Through a series of acquisitions, the bank would grow into one of New York's largest banks within its first twenty years. Manufacturers Hanover traces its origins to the 1905 founding of Citizens Trust Company of Brooklyn. have continued to locate their headquarters in that building. The corporation acquired the former Union Carbide Corporation headquarters at 270 Park Avenue, and though it merged into Chemical Banking Corporation for $1.9 billion in 1991, the successor corporations down to today's J.P. Stewart was the company's first president and chairman. After 1969, Manufacturers Hanover Trust became a subsidiary of Manufacturers Hanover Corporation. Manufacturers Hanover Corporation was the bank holding company formed as parent of Manufacturers Hanover Trust Company, a large New York bank formed by a merger in 1961.
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