State Street history

The bank, located at 40 State Street, had its charter renewed several times, and in 1865, the directors applied for and received a National Charter.

He convinced the thriving department store, Field, Leiter & Co., to move to the corner of State and Washington streets, and in 1870, he built his own hotel — the Palmer House.

However, it didn’t take Potter long before he rebuilt and reopened the hotel on November 8, 1873, with a $1.7 million signature loan — believed to be the largest individual loan at the time.

On July 1, 1891, National Union would have a new neighbor and banking competitor on State Street.

In 1900, the company moved into offices in the Union Building, on the corner of Exchange and State Streets.

In 1911, the main office moved again to another part of State Street.

State Street Deposit & Trust Co opened in 1891. It became the custodian of the first United States mutual fund in 1924, the Massachusetts Investors Trust (now MFS Investment Management).

State Street and National Union merged in 1925.

One of the more significant of these mergers was with the Second National Bank in 1955.

In 1960, State Street incorporated as State Street Boston Financial Corp., a one-bank holding company.

1964: A State Street office is opened in New York.

In 1966, the company completed construction of the State Street Bank Building, a new headquarters building, the first high-rise office tower in downtown Boston.

In 1972, the company opened its first international office in Munich.

In 1973, the company had already made a key move in developing its technical know-how by buying 50 percent of Boston Financial Data Services and then using the software and data processing company for its shareholder-accounting and customer-service functions.

The technological command post for the company became the bank's data-processing headquarters, an office complex opened in Quincy, Massachusetts, a suburb of Boston, in 1974.

In 1975, William Edgerly became president and chief executive officer of the bank and shifted the company's strategy from commercial banking to investments and securities processing.

The title State Street Boston Corporation was adopted in May 1977.

Opened in 1979, the State Street Mall was designed to improve the efficiency of the bus system, reduce noise and air pollution, and enhance the pedestrian as well as shopping experience on State Street.

Marshall N. Carter, formerly of Chase Manhattan Corp.'s global custody unit, became State Street's CEO in 1991, and soon found himself at the center of converging forces in the banking industry.

Edgerly, who retired as CEO in 1992, brought the stately Boston bank into the high-tech age, finding his inspiration in IBM and its emphasis on research and development.

In 1994, the company formed State Street Global Advisors, a global asset management business.

In 1995, State Street acquired Investors Fiduciary Trust of Kansas City for $162 million from DST Systems and Kemper Financial Services.

In 1996, Bank of New York acquired the unit investment trust servicing business of Investors Fiduciary Trust Co., Kansas City, Mo.

1997: Company adopts the name State Street Corporation.

In 1999, State Street sold its retail and commercial banking businesses to Citizens Financial Group.

According to Forbes, it is considered one of ”America’s Best Banks” and one of the top 2000 largest public companies in the world

Also in 2003, State Street sold its private asset management business to United States Trust.

In part to enhance and maintain the development of State Street, the GSSC merged with the Central Michigan Avenue Association to form Chicago Loop Alliance in 2005.

In July 2007, the company acquired Investors Bank & Trust for $4.5 billion.

In December 2010, the company announced that it would be retrenching 5% of its workforce and effectively reducing the hourly wages of remaining employees by 10% via increased standard work hours.

In 2012, the company acquired Goldman Sachs Administration Services, a hedge fund administrator, for $550 million.

In November 2014, the company sold SSARIS Advisors, its hedge fund unit, to senior management.

The Alliance is contracted by the City of Chicago as the sole service provider for State Street Special Service Area #1-2015 — the third reconstitution of the SSA — with the goal of making State Street a highly desirable world-class destination for residents, tourists, and visitors.

In 2016, State Street launched a program called Beacon, focused on cutting costs and improving reporting technology.

In 2017, the company announced that Jay Hooley, the chief executive officer of the company, would retire.

The deal closed October 1, 2018, at a cost of approximately $2.6 billion that will be financed by the suspension of share repurchases and the issuing of common and preferred equity.