State Street Corporation
According to the March 2012 listing of the Federal Financial Institution Examination Council's (FEIEC) list of the top fifty banks, State Street Corporation ranked 12th in overall assets. They have $187,609,651 which puts them just above Capital One Financial Corporation which ranked thirteenth.
The State Street Corporation lineage begins in 1792 in Boston, Massachusetts. At the time, and up until 1925 when the bank merged with State Street Trust Company, it was under the name of Union Bank and is the second oldest bank in America. In 1863 another one of State Street's ancestors came into being after the merger of Atlas, Webster and Rockland banks received charters after the National Currency Act was passed. In 1899 the bank took on Alan Forbes as its assistant treasurer. Under his leadership the company saw increased growth up until his passing in 1955. During those fifty-six years, bank deposits went from under $2 million to over $187 million.
The twentieth century saw State Street become the owner of the first mutual fund in 1924. Even today, the bank is the largest provider of mutual funds in the United States. The bank held steady even during the Great Depression when the Federal Reserve created bank holidays. Showing commitment and strength, they kept their doors open on one of the holidays in 1933.
The State Street Bank and Trust Company was formed by the merger of Rockland-Atlas National Bank with the Second Bank-State Street Trust Company in 1961. Less than ten years later, in 1970, the company opened their first international branch in Munich, Germany and in 1972 they opened their London office. During the latter half of the 1970s the company focused on becoming more involved in the worldwide financial market rather than focusing on being a regional bank.
The State Street Foundation was formed in 1977 to help out the community in the Boston area. They help support local schools and affordable housing program and are considered exemplary models of partnerships between the private and public sectors. State Street created the State Street Plan which explains the company's visions including their dedication to clients, employees, stockholders and the communities.
During the 1980s State Street expanded its presence around the world by opening offices in Hong Kong, Australia, Belgium, Japan, Luxembourg, Canada, France and New Zealand. State Street went on the New York Stock Exchange in 1995, just four years after its assets reached the $1 trillion mark. By 1999 assets reached $6 trillion and during that same year the bank sold off its retail and commercial business to Citizens Bank based in Rhode Island. This move made it possible for State Street to focus on its investments.
In 2002 the company agreed to buy the Global Securities Service business from Deutsche Bank and in 2005 State Street entered the Chinese market by opening an office in Beijing. State Street acquired Investors Financial Services Corporation in 2007 as well as Currenex, an online trading platform. They again expanded their company in 2010 with the purchase of Mourant International Finance Corporation.
State Street Corporation has kept their world headquarters in the Financial District in Boston, Massachusetts. They also have regional headquarters in Hong Kong, London and Munich with approximately 27,000 staff working worldwide.
The bank employs a large number of employees at their Boston and Quincy, Massachusetts offices, thus helping out the local economy. In efforts to reduce costs in 2008, they did move some positions to lower cost areas in the United States in order to avoid off-shoring too many jobs. State Street is also very involved in contributing to the community through their State Street Foundation.