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Standard Bancshares, Inc history
Standard Bancshares, Inc company history timeline
The bank’s origins can be traced to 1862, when a group of businessmen led by John Paterson formed a bank in London, initially under the name Standard Bank of British South Africa.
The bank started operations in 1863 in Port Elizabeth, South Africa, and soon after opening it merged with several other banks including the Commercial Bank of Port Elizabeth, the Colesberg Bank, the British Kaffrarian Bank and the Fauresmith Bank.
It was prominent in financing and development of the diamond fields of Kimberley in 1867.
When gold was discovered on theWitwatersrand, the bank expanded northwards and on 11 October 1886 the bank started doing business in a tent at Ferreira’s Camp (later to be called Johannesburg), thus becoming the first bank to open a branch on the Witwatersrand gold fields.
On 1 November 1901 a second branch was opened in Eloff Street of Johannesburg.
STANDARD TRUST, the first labor bank in the nation, received a federal charter as the BROTHERHOOD OF LOCOMOTIVE ENGINEERS' Cooperative National Bank of Cleveland on 28 June 1920.
The bank had 157 employees and resources of more than $28 million when the Brotherhood erected a $7 million, 21-story building at the same location in 1925.
In 1928 the name was shortened to the Engineers' National Bank of Cleveland.
By 1941, the liquidators had returned 50% of the $13.2 million in deposits to 22,000 people.
The parent bank merged in 1969 with Chartered Bank of India, Australia and China and the combined bank became known as Standard Chartered Bank.
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Standard Bancshares, Inc may also be known as or be related to STANDARD BANCSHARES INC, STANDARD BANCSHARES, INC., Standard Bancshares and Standard Bancshares, Inc.