Manufacturers Hanover Trust Company

one of the largest commercial banks in the United States. In total deposits as of 1973 it ranks fourth among major American commercial banks and controls assets worth more than $16 billion.

The Manufacturers Hanover Trust Company was formed in 1961 in New York after the Manufacturers Trust Company, founded in 1905, absorbed the Hanover Bank, founded in 1831. Through a system of interlocking directorates, the Manufacturers Hanover Trust Company has close ties with many of the largest monopolistic conglomerates, such as the Union Carbide Corporation and Reynolds Metals in nonferrous metallurgy and Paramount Pictures in the film industry. The bank is a member of the Federal Reserve System and the Federal Deposit Insurance Corporation.

The bank’s primary operations are attracting capital and extending short-term credit for industry and commerce. The bank also carries on extensive operations in securities (especially government securities), accepts small savings accounts, and grants consumer loans. During the 1960’s the bank’s volume of foreign trade and currency transactions grew rapidly. It has an extensive network of 172 branches in the country. The Manufacturer’s Hanover Trust Company has foreign branches in London, Frankfurt am Main, Nassau, Tokyo, Zurich, and Bucharest, as well as representatives in Paris, Rome, Madrid, Beirut, Manila, Hong Kong, Bangkok, Sydney, and Nairobi and in the capitals of numerous countries in Central and South America. The bank’s total balance as of Dec. 31, 1973, was $19.85 billion. Deposits totaled $17.21 billion, outstanding loans $13, 672 billion, investments $1, 471 billion, and paid capital $217 million.