The Bank was also involved with the growth of transportation. The construction of the Morris Canal in New Jersey and the Erie Canal in New York were partially funded by the Bank, which also provided financing to the steamboat companies that benefited from these waterways. Through investments in nearly every railroad and utility, as well as in the construction of the New York City subway system, the Bank of New York continued to provide vital capital to the expanding American economy. However, far more emphasis was given to conservative practices and retaining the confidence of our customers. That policy enabled the bank to survive the economic turmoil of the early twentieth century.Throughout its 200-year history, the Bank of New York has been involved in many mergers and acquisitions. Through mergers with the New York Life Insurance & Trust Company, The Fifth Avenue Bank, and the Empire Trust Company, the Bank expanded its presence in New York and its ability to provide financial services to businesses and individuals throughout Manhattan. In 1969, through the establishment of a bank holding company, the Bank expanded beyond New York City, establishing a suburban branch network that remains today. Global expansion began with an office in London in 1966, but a major breakthrough occurred with the acquisition of The Irving Bank Corporation in 1988. This acquisition created the tenth largest bank at that time and set the stage for what the Bank of New York is today. The acquisitions of National Community Banks in New Jersey and The Putnam Trust Company in Connecticut in the 1990’s continued the expansion of the Bank of New York's branch network. The Bank of New York has had a series of business acquisitions in securities servicing that enabled them to become a recognized leader in that area. Over the last several decades, the corporate branch of the Bank of New York has come to be known as a banker to the largest corpora...
