Bank One Corporation

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"First Liberty Bank" redirects here. It is not to be confused with First Liberty Bank and Trust.
Bank One
Type Public (Former NYSE symbol:ONE)
Industry Banking
Fate Acquired by JPMorgan Chase
Successors JPMorgan Chase
Founded 1863[1]
Headquarters Bank One Plaza (now Chase Tower), Chicago Loop, Chicago, Illinois, United States
Key people Jamie Dimon, CEO
Products Financial Services
Website bankone.com
The Chase Tower (formerly the Bank One Plaza) housed the Bank One headquarters

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] now the headquarters of Chase's retail banking division.

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.

History[edit]

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[edit]

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:

  • Bank One
    • Alamo National Bank (San Antonio, TX)
    • Security National Bank & Trust (Wheeling, WV)
    • 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)
    • Benjamin Franklin Saving
    • Firestone Bank (founded 1918)
    • First Illinois Bank Corporation (founded 1905; merged 1992)
    • First Citizens Bank (Oxford, Ohio) (founded 1906; merged 1973)
    • First National Bank of Bloomington (Bloomington, Indiana) (merged with Bank One 1986 [1])
    • 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)
    • Euclid National Bank (Euclid, Ohio)
    • First Huntington National Bank (founded 1872)
    • First USA (founded 1985, acquired 1997)[4]
    • Lake National Bank (originally Lake County National Bank of Painesville, Ohio. Not to be confused with the current Lake National Bank of Mentor, Ohio - no relation.)
    • 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)
    • Metropolitan Bank (Lima, Ohio; founded 1890, merged 1990)
    • 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 Bank of Arizona (founded 1899)
    • Winters National Corp. (Dayton, Ohio) (founded 1815)
    • First Chicago NBD
    • 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)

Private equity[edit]

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 equity affiliate, which is today CCMP Capital.[5]

See also[edit]

References[edit]

  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. Retrieved January 4, 2007. 
  4. ^ "Banc One To Acquire First Usa Of Dallas". Sun Sentinel. Retrieved 2014-07-27. 
  5. ^ JPMorgan Chase Announces Changes to Private Equity Business. March 1, 2005

External links[edit]