Timeline
October 1942
Union Banking is seized by the federal government under the Trading With The Enemy Act. Union Banking is owned by a Dutch bank, Bank voor Handel en Scheepvaardt N.V., which is "closely affiliated" with the German conglomerate United Steel Works, according to an Oct. 5, 1942, report from the federal Office of Alien Property Custodian. One of Union Banking's seven directors is Prescott Bush, grandfather of future president George W. Bush.