Bank One Corporation

This article refers to the Bank One Corporation that was purchased by JPMorgan Chase & Co. in 2004 and operates under that name. For information on that company, please see the article JPMorgan Chase & Co..
Bank One
Former type Public (Former NYSE symbol:ONE)
Industry Banking
Fate Acquired by JPMorgan Chase
Successor JPMorgan Chase
Founded 1863[1]
Defunct July 1, 2004
Headquarters Bank One Plaza (now Chase Tower), Chicago Loop, Chicago, Illinois, United States
Key people Jamie Dimon, CEO
Products Financial Services
Website bankone.com

Bank One Corporation was the sixth-largest bank in the United States. It traded on the New York Stock Exchange under the stock symbol ONE. The company merged with JPMorgan Chase & Co. on July 1, 2004. The company had its headquarters in the Bank One Plaza (now the Chase Tower) in the Chicago Loop in Chicago, Illinois.[2]

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.[3] 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.

Contents

History

Bank One was created in 1998, when Banc One of Ohio merged with First Chicago NBD (itself a recent combination of First Chicago Corp. and NBD Bancorp). These two large banking companies had themselves been created through the merger of many banks.

Acquisition history

The following is an illustration of the company's major mergers and acquisitions and historical predecessors (this is not a comprehensive list):

Bank One
(merged 1998)
Banc One Corp.
(merged 1968)

City National Bank
& Trust Company


Farmers Saving
& Trust Company


First Chicago NBD
(merged 1995)

First Chicago Corp.
(est. 1863)


NBD Bancorp.
(Formerly National Bank of Detroit)
(est. 1933)


 

Louisiana’s First
Commerce Corp.


Some of the banks that were merged into these banks include:

Private equity

In 2001, Dimon selected former colleague Dick Cashin, from Citicorp Venture Capital to run a new private equity effort within Bank One, One Equity Partners. Dick Cashin is the brother of Steven Cashin, founder and CEO of Pan African Capital Group, based in Washington, D.C.

In 2005, Bank One's private equity affiliate, One Equity Partners was selected to be the exclusive private equity affiliate for the combined firm, prompting the spinout of JPMorgan's private quity affiliate, which is today CCMP Capital.[4]

See also

References

  1. ^ Bank One's earliest predecessors trace their roots back through First Chicago Bank a Chicago-based retail and commercial bank founded in 1863.
  2. ^ "Contact Information." Bank One Corporation. April 10, 2001. Retrieved on March 31, 2010.
  3. ^ "Bank One slashes jobs". CNNMoney.com. March 30, 1999. http://money.cnn.com/1999/03/30/companies/bankone/. Retrieved January 4, 2007. 
  4. ^ JPMorgan Chase Announces Changes to Private Equity Business. March 1, 2005

External links

Chicago portal
Illinois portal
Companies portal
Divisions
Notable current executives:
Notable former executives:
Corporate Directors:
Historical components:
Buildings:
  • Annual revenue: US$102.694 billion (2010)
  • Employees: 239,831 (2010)
  • Stock Symbol: NYSE: JPM
  • Website: jpmorganchase.com