The founders used the manufacturing company, which produced chemicals such as blue vitriol, alum, nitric acid, camphor and saltpeter, as well as medicines, paints, and dyes as a means to securing a bank charter from the New York State legislature. During the 1820s, prospective bankers found that they were more likely to be able to successfully secure a charter if the bank were part of a larger business. The following year, in April 1824, the company successfully amended its charter to allow Chemical to begin its banking practice. As a result, Chemical Bank was originally a division of the New York Chemical Manufacturing Company. Balthazar Melick was named the first president of the bank, which catered to merchants in New York City.