State Street Corporation

Union Bank, the predecessor of State Street Corporation, was founded in 1792.

State Street Corporation was established on January 25, 1792, and is one of the oldest financial institutions in the United States.

In 1831, the Illinois legislature officially authorized a State Road connecting Vincennes to Chicago, marking the beginning of State Street's history.

In 1865, the Union Bank received a national charter and was renamed the National Union Bank of Boston. This marked a significant milestone in the bank's history as it continued to thrive and grow in the banking industry.

In 1870, the Palmer House hotel was built by Potter at the corner of State and Washington streets, becoming a notable establishment in the State Street area.

On July 1, 1891, State Street Deposit & Trust Co opened its doors, becoming a new banking competitor on State Street.

In 1924, State Street Trust became the custodian of the nation's first mutual fund. This event was a pivotal moment for the bank as it solidified its position in the financial services industry and set the stage for future growth and success.

In October 1925, State Street and National Union Bank merged, with the new entity adopting the State Street name.

State Street merged with Second National Bank in 1955, expanding its operations.

In 1960, State Street incorporated as State Street Boston Financial Corp., a one-bank holding company. This move marked a strategic shift in the bank's structure and operations, paving the way for its evolution into a global financial services company.

In 1961, State Street merged with the Rockland-Atlas National Bank, further consolidating its presence.

In 1966, State Street completed the construction of the State Street Bank Building, its new headquarters in downtown Boston.

In 1972, State Street expanded globally by opening its first international office in Munich.

In 1973, State Street formed Boston Financial Data Services as a joint venture with DST Systems, focusing on shareholder record-keeping and regulatory compliance.

In 1975, William Edgerly took control as the new chief executive officer of State Street. Under his leadership, the bank embarked on an ambitious new strategy to focus on investments, trusts, and securities processing, leading to significant growth and transformation.

In 1977, the title State Street Boston Corporation was adopted, reflecting a significant organizational change within the company.

State Street Corporation established State Street Global Advisors to provide institutional investment management services focused on equity indexing and cash. In the early days of index investing, the new entity begins launching domestic and international equity index funds.

State Street complemented their indexing prowess with new active quantitative equity strategies to meet client demand for systematic approaches to portfolio management and their underlying return drivers.

State Street Bank Luxembourg was founded in 1990 and has become the largest player in Luxembourg's fund industry by assets.

By 1992, State Street generated most of its revenue from fees related to holding securities, settling trades, and performing accounting.

State Street Corporation created the SPDR S&P 500 Trust ETF in 1993, which was the first exchange-traded fund (ETF) and is now one of the largest ETF providers worldwide.

In 1994, State Street established State Street Global Advisors, a significant global asset management business.

State Street acquired Investors Fiduciary Trust in 1995, expanding its financial services portfolio.

In 1997, State Street expanded its presence by setting up an office in Singapore.

In 1998, the company, in collaboration with the American Stock Exchange, launched the first US listed and still-largest ETF to provide investors with broader and more efficient access to capital markets.

In 1999, the company introduced pioneering multi-asset class, liability-driven investing strategies aimed at aligning more closely with plan sponsors’ risk, return, and cash-flow objectives.

In 2000, the company created the Official Institutions Group (OIG), one of the first groups dedicated to serving the investment needs of sovereign wealth funds and central banks.

In 2003, State Street acquired the securities services division of Deutsche Bank for $1.5 billion.

In 2009, California accused State Street of committing fraud on currency trades handled by the custodian bank on behalf of its pension funds CalPERS and CalSTRS.

State Street acquired Mourant International Finance Administration in 2010.

On February 28, 2012, State Street Global Advisors entered into a consent order with the Massachusetts Securities Division regarding non-disclosure of certain initial investors taking a short position on a hybrid collateralized debt obligation.

In 2016, State Street launched the Beacon program focused on cost-cutting and improving reporting technology.

On January 18, 2017, State Street settled U.S. investigations by agreeing to pay $64.6 million for defrauding six clients through secret commissions on trades.

On October 1, 2018, State Street completed its acquisition of Charles River Development, a significant move in expanding its investment management software capabilities.

In January 2020, State Street announced that State Street Global Advisors will vote against directors of companies in major stock indices that do not meet targets for environmental, social, and governance changes.

State Street Corporation has been a leading partner for the world's investors, particularly in the ETF industry. They have contributed to the growth of the industry, which is now valued at over US $6 trillion.

State Street's stock reached its all-time high closing price of 95.89 on January 14, 2022.

State Street AUC/A calculation includes Global Financial Assets such as Global Equity, Global Debt Securities, and Global Broad Money (M3) as of December 31, 2022.

In 2023, State Street had an average stock price of 71.7108, with the year low at 61.8227 and year close at 76.7749. The annual percentage change was 3.52%.

State Street Corporation is mentioned in the International Directory of Company Histories on Encyclopedia.com with a citation link provided. The company's history and background may be detailed in the directory.