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25-445: In 1982, Residential Funding Company LLC was formed as a subsidiary of Northwest Bank . It began operations in 1986. In 1990, the company was acquired by GMAC Mortgage Corporation. In 2005, GMAC (now Ally Financial ), a subsidiary of General Motors , transferred ownership of GMAC Mortgage Corporation and Residential Funding Corporation (GMAC-RFC) to Residential Capital Corporation (ResCap) and contributed $ 2 billion of equity. As of

50-453: A result of 11 mergers throughout Western New York, Marine Trust Company became Marine Midland Trust Company of Western New York in the 1950s. The name was changed again in the 1960s to Marine Midland Trust Company of Western New York and again in 1970 to Marine Midland Bank-Western. In 1972, the bank moved its headquarters to a new 38-story tower, Marine Midland Center . On January 1, 1976, Marine Midland merged all of its affiliated banks under

75-552: The Attica and Hornell Railroad, while Palmer had links also with the Buffalo and State Line Railroad. Palmer was elected president and Ganson was named cashier. The new institution was called Marine Bank because much of its early business depended on the economic vitality of Buffalo's lakefronts and riverfronts. Indeed, it was intended to finance the new shipping trade on the Great Lakes. From

100-555: The Buffalo Commercial Bank. That same year it became a national bank and changed its name to Marine National Bank of Buffalo under president Stephen Merrell Clement . The next acquisition came in 1913 when Marine absorbed Columbia National Bank. That same year, the bank built a new 17-story office building in Buffalo known as the Marine Midland Trust Company Building . Six years later, Bankers Trust

125-591: The HSBC name. In 1999, at the time of its consolidation and change to HSBC Bank USA , the bank had $ 33 billion (equivalent to $ 61,688,036,000 in 2023) in assets. In 2011, HSBC sold its retail banking network in Upstate New York and Connecticut to First Niagara Financial Group , KeyBank , Community Bank, N.A. and Five Star Bank . For all intents and purposes, HSBC had jettisoned the original core of Marine Midland. In 2016 Key merged with First Niagara. In order for

150-529: The Key/First Niagara merger to gain regulatory approval, Northwest Savings Bank bought 18 First Niagara branches in the Buffalo/Niagara Falls area. As a result, Key owns most of the core of the old Marine Midland, with a small portion held by Northwest. Key had been one of Marine Midland's main rivals in Upstate New York for much of the 20th century. In 2013, HSBC vacated its office space in what

175-508: The bank acquired 18 branches in Western New York from First Niagara Bank , which was about to be acquired by KeyBank . The branches were once part of the former Marine Midland Bank . In May 2017, Northwest Bank exited the Maryland market, selling all three remaining branch locations to locally-based Shore United Bank. In 2017, the bank’s assets were valued at $ 9.5 billion and the bank

200-459: The bank acquired four southwestern Pennsylvania branches from Equimark, a subsidiary of Pittsburgh -based Equibank. In 1993, the bank changed its name for the first time when it became Northwest Savings Bank. It also changed its regulatory agency to the FDIC and became a mutual savings bank . On December 18, 2009, the bank converted from a mutual savings bank to a joint stock company . In 2015,

225-501: The bank changed its name to the present Northwest Bank. In August 2015, the bank's holding company, Northwest Bancshares, Inc., merged with LNB Bancorp, Inc., in a stock and cash deal and acquired Lorain National Bank . The transaction value was approximately $ 179 million, and resulted in a bank with approximately $ 9.0 billion in total assets. In March 2016, Northwest Bank acquired Best Insurance Agency, Inc. On September 9, 2016,

250-607: The bank's assets were valued at $ 13.8 billion. In February 2021, the bank remains in Warren, Pennsylvania , however the bank moved its holding company headquarters from Warren, Pennsylvania to Columbus, Ohio , relocating several key executives, including Ron Seiffert, the company's chief executive officer. In April 2021, Northwest announced the sale of its insurance services business to USI Insurance Services, based in Valhalla, New York . Marine Midland Bank Marine Midland Bank

275-470: The company and the underwriters of residential mortgage-backed securities issued by affiliates of the company, claiming that the prospectuses and registration statements of the RMBS did not adequately disclose the risks, were misleading to investors, and violated securities law. The company settled for $ 100 million and the 3 underwriters, Citigroup , Goldman Sachs Group and UBS AG , settled for $ 235 million, which

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300-399: The company missed an interest payment. On May 14, 2012, the company filed for a pre-packaged bankruptcy that included the separation of the company from its parent, Ally Financial. On December 11, 2013, the company's Plan of Reorganization was approved by the bankruptcy court. In September 2008, after suffering heavy losses during the subprime crisis, New Jersey Carpenters Health Fund sued

325-426: The end of 2006, the company had $ 48 billion, or 76% of its mortgage portfolio invested in subprime loans. In January 2007, the company eliminated 1,000 jobs. In October 2007, the company eliminated 3,000 jobs. At the beginning of 2007, the company had 14,000 employees. In May 2008, the company reported that it may run out of money. In June 2008, the company completed a $ 60 billion refinancing. On April 17, 2012,

350-689: The exception of Downstate New York and Pennsylvania, that is now part of Citizens Bank. Branches in Seattle are part of Cathay Bank . Marine Midland was founded as Marine Bank, a state-chartered bank, on July 10, 1850, with capital of $ 170,000. It was founded by eight men from across New York—General James S. Wadsworth of Geneseo , J. P. Beekman of Kinderhook, New York , John Arnot of Elmira , John Magee and Constant Cook of Bath , William R. Gwinn of Medina , and George Palmer and James M. Ganson of Buffalo. Both Palmer and Wadsworth had railroad connections. The two had financial interests in and served as directors of

375-546: The first day it opened its doors on August 27 at 79 Main Street, Marine was the prominent bank for the thriving grain and milling industry on the waterfront. However, the diverse geographic base of the bank's eight founders indicated that they intended to expand across New York. By the start of the 20th century, Marine Bank began to expand through merger. In 1897 it absorbed the American Exchange Bank, and in 1902 it acquired

400-575: The first state-chartered Asian-American bank in Pennsylvania . The bank served the local Asian community, which often faced language and cultural barriers at traditional American banks. Marine paid $ 23.75 million for First Commercial, which had $ 90 million in assets and $ 78 million in deposits in two branches. The bank continued to operate under the Marine Midland name until 1998, when the legal name changed to HSBC Bank USA N.A. , and all branches took

425-1147: The next year Hang Seng Bank 's two branches in New York City. That same year, Marine Midland acquired 11 branches from the East River Savings Bank in the New York Metropolitan area. Marine also acquired the US dollar clearing business of J P Morgan . At the same time, HSBC transferred two branches in the northwestern United States to Hongkong Bank of Canada . The next year, Marine completed its acquisition of First Federal Savings and Loan from Toronto-based CT Financial Services , for $ 620 million. First Federal Savings, headquartered in Rochester , had $ 7.2 billion in assets, 1,600 employees, 79 retail branches in New York State and 15 mortgage origination offices in nine states. In 1998, Marine Midland acquired First Commercial Bank of Philadelphia, which had been established in 1989 as

450-514: The single charter of Marine Midland Bank, with headquarters in Buffalo. The new bank was divided into regions, with Marine Midland Bank-Western Region based in Buffalo. Marine Midland Bank became a national bank once again in early 1980. As it entered the 1980s, assets were close to $ 20 billion. In 1980, The Hongkong and Shanghai Banking Corporation acquired a 51 percent controlling interest in Marine Midland Corporation. By then, it

475-703: The time, the bank was known as Northwest Mutual Savings Association. In 1974, the bank moved its headquarters to Warren, Pennsylvania . While still known as Northwest Mutual Savings Association, the bank acquired a number of other financial institutions including Ridgway Federal Savings and Loan Association in 1983, Mutual Savings and Loan Association in 1984, Bakerstown Savings and Loan Association in 1985, Horizon Savings Association in 1990, Steitz Savings and Loan Association in 1990, American Federal Saving in 1992, First Federal Savings Bank of Kane in 1996, The First National Bank of Centre Hall in 1996, Bridgeville Savings Bank in 1997, and Corry Savings Bank in 1998. In 1985,

500-491: Was acquired. Marine chose to become a state bank again as Marine Trust Company of Buffalo. By the mid-1930s, Marine had acquired eight other banks. Marine had also taken the lead in the formation of Marine Midland Corporation, a holding company for 17 affiliated banks throughout New York. That first multibank holding company in the state was formed October 4, 1929. 20 days later would be the Wall Street Crash of 1929 . As

525-448: Was an American bank formerly headquartered in Buffalo, New York , with several hundred branches throughout the state of New York . In 1998, branches extended to Pennsylvania. It was acquired by HSBC in 1980 and changed its name to HSBC Bank USA in 1999. As a result of several transactions since the turn of the millennium, much of what was once Marine Midland is now part of KeyBank with

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550-473: Was approved by the court in 2015. Northwest Bank Northwest Bank is a bank headquartered in Warren, Pennsylvania . It is the leading subsidiary of Northwest Bancshares, Inc., a bank holding company , and operates 170 branches in central and Western Pennsylvania , Western New York , Northeast Ohio , Appalachian Ohio , and Indiana . The bank was founded in 1896 in Bradford, Pennsylvania . At

575-593: Was by now known as One HSBC Center; its former headquarters was renamed One Seneca Tower . Also of note, Marine Midland purchased naming rights to the Buffalo sports and entertainment venue constructed in 1996, the Marine Midland Arena, home of the Buffalo Sabres . The arena is now known as KeyBank Center . In an effort to refocus its operations into the Asian market, HSBC announced in 2021, that it would be exiting

600-521: Was ranked number 134th among all banks nationally. In April 2020, the bank acquired MutualFirst Financial, a Muncie, Indiana -based bank, in a stock and cash deal valued at $ 346 million. The transaction expanded Northwest's presence in Indiana , and grew the bank's number of branches to 221 across four states. Following its MutualFirst acquisition, Northwest Bank enacted a branch optimization plan, closing 40 branches spread across several states. In 2020,

625-782: Was the 13th largest commercial bank in the United States, with about 300 banking offices across New York and about 25 offices in foreign countries. HSBC acquired full ownership in 1987. In 1983, Marine Midland Bank acquired Carroll McEntee & McGinley (now HSBC Securities (USA)), a New York-based primary dealer in US government securities. In 1994, Marine Midland acquired Spectrum Home Mortgage, which operated in eight states. Then in 1995, Marine acquired United Northern Federal Savings Bank, with branches in Watertown and Lowville , New York. Marine Midland also acquired The Hongkong and Shanghai Banking Corporation's six New York City retail branches, and

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