Founding of State Street Corporation (1792)

State Street Corporation traces its origins to Union Bank, chartered in 1792 by Massachusetts Governor John Hancock. As the third bank chartered in Boston, its initial office was located at the corner of State and Exchange Streets. The company derives its name from State Street, a prominent maritime thoroughfare in 18th-century Boston.

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Background and detail

Background. State Street Corporation is an American financial services company headquartered in Boston. Its corporate lineage begins with Union Bank, which received a charter in 1792 from Massachusetts Governor John Hancock. This institution was the third bank to be chartered in Boston, establishing its presence in the city's financial district.

Naming. The company is named after State Street in Boston, historically known as the "Great Street to the Sea" during the 18th century. This name reflects Boston's status as a flourishing maritime capital at the time of the bank's establishment.

Early Locations. Union Bank's original office was situated at the corner of State and Exchange Streets. The bank later constructed a headquarters at the intersection of Washington and State streets, solidifying its physical presence in the Boston financial district.

People involved

Sources

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