Bank One Corporation

From Wikipedia, the free encyclopedia

This article refers to the now merged Bank One Corporation that was purchased by JPMorgan Chase & Co. in 2004 and adopted the name of the acquiring company. For information on that company, please see the article JPMorgan Chase & Co..

Bank One Corporation, based in Chicago, Illinois, was the sixth-largest bank in the United States. It traded on the New York Stock Exchange under the stock symbol ONE. The company was acquired by JPMorgan Chase & Co. on July 1, 2004.

The bank traces its roots to First Bancgroup of Ohio, founded as a holding company for City National Bank of Columbus, Ohio and several other banks in that state, all of which were renamed "Bank One" when the holding company was renamed Banc One Corporation. With the beginning of interstate banking they spread into other states, always renaming acquired banks "Bank One", though for a long time they resisted combining them into one bank. In 1998, Banc One Corporation merged with Chicago-based First Chicago NBD Corporation to form Bank One Corporation, and headquarters moved from Columbus to Chicago.^[1] Adverse financial results led to the departure of CEO John B. McCoy, whose father and grandfather had headed Banc One and predecessors. Jamie Dimon, a former key executive of Citigroup, was brought in to head the company.

Bank One, through its First USA subsidiary, was the world's largest issuer of the Visa card.^{[citation needed]} First USA was renamed Bank One Card Services in late 2002.^{[citation needed]}

Bank One was notable for its excellent technology infrastructure and a brilliant executive team.^{[citation needed]} When taken over by JP Morgan Chase, many of these executives went into key positions (including the current CEO Jamie Dimon) and a host of technology best practices were adopted as such into the larger conglomerate.^{[citation needed]}

[edit] History

Bank One was created when Banc One of Ohio merged with First Chicago NBD. These two large banking companies had themselves been created through the merger of many banks. Some of the banks that were merged into these banks include:

Bank One
- Affiliated Bankshares of Colorado (founded 1874)
- American Fletcher Corp. (Indianapolis) (founded 1839)
- City National Bank and Trust Co. (Columbus, Ohio) (founded 1866; merged 1929)
  - Commercial National Bank (Columbus, Ohio)
  - City National Bank of Commerce (Columbus, Ohio)
- Barnitz Bank (founded 1850)
- Firestone Bank (founded 1918)
- First Citizens Bank (Oxford, Ohio) (founded 1906; merged 1973)
- First National Bank of Commerce (Founded 1971; merged with Bank One 1998)
  - National Bank of Commerce (Formed with assets of CCTSB, 1933; Renamed First National Bank of Commerce, 1971)
    - Canal Commercial Trust and Savings Bank (merger of Canal and Citizens, 1924; Controlled by Chase Bank 1931; failed 1933; assets used to form National Bank of Commerce, 1933)
      - Canal Bank (founded 1831)
      - Citizens Bank (founded 1833)
  - City National Bank of Baton Rouge
  - Rapides Bank & Trust
  - First National Bank of Lafayette
  - First National Bank of Lake Charles
  - Central Bank
  - Pelican Bank
  - Bank of New Orleans (Merged with FNBC, 1982)
  - Ponchatrain State Bank (Failed 1991, Assumed by FNBC)
- First Huntington National Bank (founded 1872)
- First USA (founded 1985)
- Liberty Bancorp of Oklahoma (founded 1895)
- Liberty National Bancorp (founded 1854)
- Marine Corp. (founded 1839)
- Marine Corp. of Springfield (founded 1851)
- Mcorp Bank (founded 1918)
- Premier Bancorp of Oklahoma (founded 1882)
- Premier Bank of Louisiana
- Team Bank (founded 1873)
- Union Savings and Trust Co. (founded 1812)
- Valley Bank and Trust Co. (founded 1948)
- Valley National Corp. (founded 1899)
- Winters National Corp. (Dayton, Ohio) (founded 1815)
- First Chicago NBD
  - First National Bank of Chicago (founded 1863)
  - National Bank of Detroit (founded 1933)
    - Genesee Merchants Bank and Trust Co. (founded 1872)
- American National Bank (founded 1928)
- First National Bank of Plymouth (founded 1871)
- Gainer Corp. (founded 1885)
- Gary-Wheaton Bank (founded 1874)
- INB Financial Corp. (founded 1883)
- Lake Shore Bancorp (founded 1943)
- Metropolitan National Bank (founded 1884)
- Midwest Commerce Corp. (founded 1872)
- Peoples State Bank of Belleville (founded 1913)
- Ravenswood Financial Corp. (founded 1933)
- Roscommon State Bank (founded 1907)
- Union Bancorp (founded 1916)
- Wayne State Bank (founded 1854)
- West Michigan Financial Corp. (founded 1895)
- Winnetka State Bank (founded 1894)
- Wolverine State Bank (founded 1887)