It's okay to abbreviate the name. Please revisit that section and remove the last part of the name. When the IRS does name/tax ID matching it typically only uses the first four (4) characters, so don't make any changes to the very first part of the name.
Any common abbreviation beyond that is fine. For example "First Standard Charter Bank of City" could be abbreviate First Std Charter Bk or First Standard Bank - either method works okay - it's most important that the name is one that you recognize so that if you're ever asked any questions, you'll know which item is being questioned (this is very uncommon, though.)
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