Bank One Corporation

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"First Liberty Bank" redirects here. Not to be confused with First Liberty Bank and Trust.
Bank One
Company typePublic (Former NYSE symbol:ONE)
IndustryBanking
Founded1863; 161 years ago (1863)[1]
FateAcquired by JPMorgan Chase on July 1, 2004
SuccessorJPMorgan Chase
HeadquartersBank One Plaza (now Chase Tower), Chicago Loop, Chicago, Illinois, United States
Key people
Jamie Dimon, CEO
ProductsFinancial Services
Websitebankone.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 the Ohio-based First Banc Group, that was formed in 1968 as a holding company for the City National Bank in Columbus, Ohio.[3]

History

History of Banc One Corporation

First Banc Group

The First Banc Group, Inc. was formed in 1968 as a holding company for City National Bank and was used as a vehicle to acquire other banks. As Ohio began to gradually relax its very restrictive Great Depression era banking laws that had severely restricted bank branching and ownership, City National Bank, through its First Banc Group parent, started to purchase banks outside of its home county. The first acquisition by the new bank holding company was the 1968 acquisition of the Farmers Saving & Trust Company in Mansfield, Ohio.[3] With each acquisition, new member banks kept their name, employees and management while obtaining new resources from the parent holding company. This is very important when the bank holding company was expanding into primarily rural and extremely conservative markets.

In 1971, First Banc acquired Security Central National in Portsmouth, Ohio.[4]

Initially Ohio law did not permit bank mergers across county lines, but allowed bank holding companies to own multiple banks across the state. The newly acquired banks had to maintain their existing banking charters while each bank had to operate separately. Holding companies also were not allowed to have the word "bank" in their names so the word "banc" was used in its place.

Expansion in central Ohio by Banc One Corp.

Although Ohio law still had restricted bank mergers outside a certain geographic area, the holding company management decided to unify the marketing efforts of its member banks by having all of its members banks adopt similar names. In October 1979, First Banc Group, Inc. became Banc One Corporation, and each member bank became Bank One followed by the city or the geographic area that the member bank served.[5][6][7] For example, City National Bank was renamed Bank One Columbus, Security Central National Bank became Bank One Portsmouth, and Farmers Saving & Trust Company became Bank One Mansfield.

In 1980, Banc One acquired banks in Painesville, Ohio (Lake County National Bank; Bank One Painesville),[8] Akron, Ohio (Firestone Bank; Bank One Akron),[9] and Youngstown, Ohio (Union National Bank; Bank One Youngstown).[10]

Winters National Bank in Dayton, Ohio was acquired in 1982 and renamed Bank One Dayton.[11][12] The merger with Winters National Corporation brought into the Bank One organization 42 Winters National Bank & Trust Co. branch offices in the greater Dayton area, a branch in Cincinnati and three offices in Circleville. Also added were 21 Euclid National Bank branch offices in the Cleveland area which were renamed Bank One Cleveland.

Expansion beyond Ohio

With the change in federal and state banking laws in 1985, Banc One began to rapidly expand outside of Ohio. Its first out-of-state acquisition was of Purdue National Bank in Lafayette, Indiana which occurred just after the new laws went into effect.[13] This bank was rename Bank One Lafayette. This merger was quickly followed by the purchase of other small banks in Indiana and Kentucky, the only states that initially allowed bank purchases by Ohio-based banks.

The bank entered Kentucky by acquiring Citizens Union National Bank & Trust Co. of Lexington, Kentucky in 1986.[14] This bank was renamed Bank One Lexington.[15]

Banc One acquired the Merrillville, Indiana based Bank of Indiana and rename it Bank One Merrillville in early 1986.[16] This was quickly followed by acquisitions in Marion, Indiana (First National Bank of Marion; Bank One Marion),[17] Rensselaer, Indiana (Northwest National Bank of Rensselaer; Bank One Rensselaer) and Richmond, Indiana (First National Bank of Richmond; Bank One Richmond).[18][19][20]

The first major merger that had an effect on the management of the holding company occurred in 1986 with the acquisition of Indianapolis-based American Fletcher Corporation, a multi-bank holding company, with its lead bank, American Fletcher National Bank & Trust Company, which resulted in giving 20% of the voting stock in the new company to the former managers of American Fletcher and also had Frank E. McKinney, Jr., the head of American Fletcher, replaced John B. McCoy as president of Banc One Corp. and moved McCoy up to chairman of the combined organization.[21][22] Another change made in the corporate organization was the formation of a two tiered management system with the formation of statewide holding companies that were placed in between the regional member banks and the ultimate Banc One parent holding company. So, in Indiana, American Fletcher Corporation became Indianapolis based Banc One Indiana and all member banks in Indiana, such as Bank One Lafayette, which previously reported directly to the main parent in Columbus, reported to management in Indianapolis instead.

The merger with American Fletcher Corp. also brought along five small banks that American Fletcher had just recently acquired or was in the process of acquiring. These banks included Citizens Northern Bank of Elkhart (Bank One Elkhart), Carmel Bank & Trust Co. (Bank One Carmel), First National Bank & Trust Co. of Crawfordsville (Bank One Crawfordsville), First American National Bank of Plainfield (Bank One Plainfield), and Union Bank & Trust Co. of Franklin (Bank One Franklin). Under Indiana law at that time, American Fletcher was not permitted to merger these banks into its main American Fletcher National Bank.

The First National Bank of Bloomington in Bloomington, Indiana was acquired in 1987.[23][24] This bank became Bank One Bloomington. With the acquisition of the Bloomington-based bank, Banc One temporarily ceased further acquisitions in the state in Indiana since they had reached that state's cap of percentage of ownership within that state at that time.

Early expansion into Michigan

Banc One expanded into the state of Michigan in late 1986 by acquiring the Citizens State Bank in Sturgis, Michigan and convert it into Bank One Sturgis.[25] Within a few months of the Sturgis acquisition, additional acquisitions were quickly made in East Lansing, Michigan (East Lansing State Bank; Bank One East Lansing),[26] Fenton, Michigan (First National Bank of Fenton; Bank One Fenton)[27] and Ypsilanti, Michigan (National Bank of Ypsilanti; Bank One Ypsilanti)[28] a few months later. After this activity, no further acquisitions were made within the state of Michigan until the First Chicago NBD merger in 1998. At that time, some of these branches were later divested to satisfy anti-trust requirements that would permit the First Chicago NBD merger to proceed.

Expansion into Wisconsin

Banc One's first acquisition in a state that did not share a common border with the state of Ohio occurred in 1987 with the acquisition of Marine Corporation, the third-largest bank holding company in Wisconsin, after First Wisconsin Corporation and Marshall & Ilsley Corporation.[29][30][31] The result of this merger brought into organization 21 banks and 76 offices in Wisconsin with Marine Corp. being renamed Banc One Wisconsin Corp. and each of the subsidiary Marine Banks were renamed Bank One along their respective affiliated geographical based name. The lead bank, Marine Bank, N.A., became Bank One Milwaukee. The merger came about Marine was resisting an unwanted acquisition attempt by Marshall & Ilsley initiated in June 1987 which would have resulted in massive firings.[32]

Prior to the unwanted overtures by Marshall & Ilsley, Marine went on a buying spree as soon as Wisconsin and surrounding states started loosening their restrictive bank branching and ownership laws and Marine had recently purchased banks throughout Wisconsin and most recently had purchased a bank with three branch offices in the state of Minnesota[33][34] and another bank in the state of Illinois[35] just a few months before. In late December 1986, Marine entered the Chicago market by initiating the purchase of the American branch of the Italian bank Banco di Roma,[35] which was rename Marine Bank Chicago. Since Minnesota and Illinois forbid the bank ownership by companies based in Ohio, Marine had to sell those banks before the merger was permitted to proceed.[36] The Minnesota banks were sold to First Bank System[36] while the Chicago bank was sold to a lawyer with the understanding that Banc One wanted the Chicago bank back as soon as the Illinois banking laws would permit ownership by Ohio-based companies,[37] which was December 1990. The lawyer was able to sell the bank back to Banc One within two years at a substantial profit.[38]

Expansion into Texas

Banc One entered the state of Texas in 1989 through the acquisition of a number of failed banks that were seized by the Federal Deposit Insurance Corp (FDIC) as a result of the late 1980s banking crises in Texas that was caused by the defaulting of a large number of real estate and energy sector loans when energy prices dropped and large numbers of people lost their jobs as a result.[39] Although Banc One could obtain existing banks at a discount that was subsidized by the Federal government, they could also be stuck with loans in which borrower could later could not continue to pay on after the collateral dropped further in value.

The first banks to be acquired were 20 banks that were formerly owned by MCorp, which the FDIC had consolidated into a single bank that they named the Deposit Insurance Bridge Bank.[40][41] The FDIC had seized the banks in March 1989.[42] The failure of 20 of MCorp's 24 banks cost the FDIC $2.8 billion.[43] MCorp was the second largest bank holding company in Texas at the time of its failure. MCorp was formed in 1984 through the merger of Mercantile National Bank of Dallas with Bank of the Southwest of Houston with Mercantile becoming MBank Dallas and Southwest becoming MBank Houston.[44][45][46]

After the acquisition, the Deposit Insurance Bridge Bank became Bank One Texas with Banc One Texas formed as the state holding company. Unlike the previous acquisition, Banc One had to bring in managers from Columbus and other parts of the Banc One organization to correct mistakes made by the previous management which led to the insolvency. Laws were changed in Texas that would allow Banc One, and other purchasers of failed banks, to operate a single bank statewide instead of being restricted by narrow geographical regions.

The next acquisition that occurred in Texas was the purchase of the failed Bright Banc Savings a few months later from the Resolution Trust Corporation in 1990.[47][48] This failed savings and loan association cost the federal government $1.4 billion. The 48 former branches offices were integrated into Bank One Texas, which had 63 branch offices at that time.

In 1992, Banc One acquired Team Bancshares of Dallas, a company that was formed by a private investor group in 1988 to acquired failed and weak Texas banks, for $782 million in Banc One stock.[49][50] The acquisition of Team Bank brought 56 branches into Banc One Texas, which then had 146, though a few branches needed to be closed because of branch overlaps. After this acquisition, Bank One Texas remained as the next largest bank in the state after NationsBank.[50] The acquisition of Team Bancshares was unusual in Texas during this time period since Team was making a profit at the time of sale.

History of Bank One Corporation

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.[51] 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 was created in 1998, when Banc One Corporation merged with First Chicago NBD (itself a recent combination of First Chicago Corp. and NBD Bancorp, in 1995[52][53]). 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)
 

Louisiana’s First
Commerce Corp.

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

  • Bank One
    • Banc One
      • Banc One Ohio (see #Expansion in central Ohio by Banc One Corp. section)
      • Banc One Indiana (see #Expansion beyond Ohio section)
      • Banc One Wisconsin (see #Expansion into Wisconsin section)
      • Banc One Illinois
        • First Illinois Bank Corporation (founded 1905; merged 1992)
        • Marine Corp. of Springfield (founded 1851)
      • Banc One Kentucky
        • Liberty National Bancorp (founded 1854)
      • Banc One Texas
        • MBanks (founded 1918)[54]
          • Alamo National Bank (San Antonio, TX)
        • Benjamin Franklin Saving
        • Team Bank (founded 1873)
      • Banc One West Virginia
        • Security National Bank & Trust (Wheeling, WV)
        • First Huntington National Bank (founded 1872)
      • Banc One Colorado
        • Affiliated Bankshares of Colorado (founded 1874)
      • Banc One Oklahoma
        • Central National Bank (Oklahoma City, Oklahoma)
        • Liberty Bancorp of Oklahoma (founded 1895)
        • Premier Bancorp of Oklahoma (founded 1882)
      • Banc One Utah
        • Valley Bank and Trust Co. (founded 1948)
      • Banc One Arizona
      • Banc One Louisiana
        • 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)
        • Premier Bank of Louisiana
      • First USA, Inc. (founded 1985, acquired 1997)[55]
    • First Chicago NBD (see First Chicago NBD article)

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 equity affiliate, which is today CCMP Capital.[56]

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. ^ a b Hyatt, Jim (January 27, 1971). "Small-Town Sophisticate: How Little Farmers Bank Went to the City And Discovered How to Swing at a Profit". Wall Street Journal. p. 29. The bank, like an increasing number of small-town banks, went to the big city and joined a registered bank holding company, an arrangement with advantages to both sides. Such multibank holding companies usually involve a large metropolitan bank - in this case the City National Bank in Columbus - and a number of smaller banks in markets. The plan helps the big banks tap markets normally closed to them by restrictive state branch banking laws and gives the smaller banks needed expertise, management talent and back-up lending ability. {{cite news}}: Unknown parameter |subscription= ignored (|url-access= suggested) (help) Alternate Link via ProQuest.
  4. ^ "First Banc Group's Acquisition". Wall Street Journal. May 4, 1971. p. 35. Security Central National, with resources of more than $60 million, has five offices in Portsmouth and surrounding Scioto County. First Banc Group already has eight member banks. The merger of Security Central National is expected "in the next several months." {{cite news}}: Unknown parameter |subscription= ignored (|url-access= suggested) (help) Alternate Link via ProQuest.
  5. ^ "Banc one Corp. Says It Had to Take Steps To Curb Loan Demand". Wall Street Journal. December 7, 1979. p. 34. Changed name in October from First Banc Group of Ohio Inc. {{cite news}}: Unknown parameter |subscription= ignored (|url-access= suggested) (help) Alternate Link via ProQuest.
  6. ^ "First Banc Group of Ohio". Wall Street Journal. May 18, 1979. p. 27. First Banc Group of Ohio Inc. said it plans to change its name and the names of its 18 banks to provide a "common identity in a response to the new Ohio branching law." The bank holding company will be renamed Banc One, and each of the company's banks will be known as Bank One followed by the name of the local community. {{cite news}}: Unknown parameter |subscription= ignored (|url-access= suggested) (help) Alternate Link via ProQuest.
  7. ^ Balmer, John M. T.; Greyser, Stephen A. (2003). "Section Six - Case Study: Bank One - "The Uncommon Partnership"". Revealing the Corporation: Perspectives on Identity, Image, Reputation, Corporate Branding, and Corporate-level Marketing : an Anthology. Psychology Press. pp. 317–344. ISBN 9780415284219. {{cite book}}: Unknown parameter |last-author-amp= ignored (|name-list-style= suggested) (help)
  8. ^ "Banc One Corp. to Buy Lake County National In Painesville, Ohio". Wall Street Journal. August 5, 1980. p. 25. Banc One Corp. said it agreed in principle to acquire Lake County National Bank in Painsville in an exchange of stock. ...the transaction has an indicated value of $32.7 million. Lake County National...has assets of $411 million. {{cite news}}: Unknown parameter |subscription= ignored (|url-access= suggested) (help) Alternate Link via ProQuest.
  9. ^ "Banc One Corp. Agrees On a Plan to Acquire Firestone Bancorp". Wall Street Journal. December 8, 1980. p. 40. Banc One Corp. said it agreed in principle to acquire Firestone Bancorp., Akron Ohio, in a stock transaction valued at $41.4 million. The bank has assets of about $4000 million. {{cite news}}: Unknown parameter |subscription= ignored (|url-access= suggested) (help) Alternate Link via ProQuest.
  10. ^ "Banc One Corp. Agrees To Buy Banks in Ohio". Wall Street Journal. December 12, 1980. p. 17. Banc One Corp. said it agreed in principle to acquire Union National Bank of Youngstown, Ohio, in a stock transaction valued at about $37 million. Union National, which has $314 million in assets, is Banc One's third pending acquisition in th area. {{cite news}}: Unknown parameter |subscription= ignored (|url-access= suggested) (help) Alternate Link via ProQuest.
  11. ^ "Banc One Sets Ohio Takeover". New York Times. June 22, 1982. The Banc One Corporation, a bank holding company in Columbus, Ohio, yesterday announced an agreement to acquire the Dayton-based Winters National Corporation for $122.1 million in stock. The merger would raise Banc One's assets to $6.2 billion, from $4.6 billion, and make it Ohio's largest banking organization.
  12. ^ "Banc One to Buy Winters National In Dayton, Ohio: Plans for $122.1 Million Swap Of Stock Is Big Step in Bid For Interstate Operations". Wall Street Journal. June 21, 1982. p. 7. Banc One Corp. said it agreed in principle to buy Dayton, Ohio based Winters National Corp. for $122.1 million in stock in a major strategic move to prepare for interstate banking. Banc One's proposed purchase of the bank holding company that lists $1.6 billion in assets would give it entries into Dayton, Cleveland and Cincinnati. Banc One would also become Ohio's largest banking organization. Currently Bank One, with 4.6 billion in assets, in the state's fourth-largest banking concern. Winters National Bank & Trust Co., Winters' lead bank, is dominant in the greater Dayton area with 42 offices. It also operates 21 Euclid National Bank offices in the Cleveland area. Winters just opened an office in Cincinnati this year and also operates three offices in Circleville, Ohio. {{cite news}}: Unknown parameter |subscription= ignored (|url-access= suggested) (help) Alternate Link via ProQuest.
  13. ^ "Banc One to Acquire Purdue National Corp". Wall Street Journal. September 17, 1985. p. 53. Banc One Corp. said it agreed to acquire Purdue National Corp., Lafaette, Ind., in a stock swap valued at $32.1 million. It would be Banc One's first out-of-state acquisition. Purdue Nation, with assets of $354 million, is the parent of Purdue National Bank. {{cite news}}: Unknown parameter |subscription= ignored (|url-access= suggested) (help) Alternate Link via ProQuest.
  14. ^ "Banc One to Acquire Two Bank Companies". Wall Street Journal (Eastern ed.). December 12, 1985. p. 1. Banc One Corp. said it agreed to acquire two bank companies -- one in Indiana, the other in Kentucky. The moves mark the bank holding company's first foray into Kentucky and its fourth in Indiana. Banc One agreed to buy closely held KYNB Bancshares Inc., Lexington, Kentucky, parent of Citizens Union National Bank & Trust Co., which has assets of $260 million. Terms weren't disclosed. {{cite news}}: Unknown parameter |subscription= ignored (|url-access= suggested) (help) Alternate Link via ProQuest.
  15. ^ "Banc One Corp. Purchases". Wall Street Journal (Eastern ed.). June 3, 1986. p. 1. Banc One Corp. said it completed the previously announced acquisitions of Citizens Union National Bank in Lexington, Ky., and Purdue National Bank of Lafayette, Ind. Terms weren't disclosed. Citizens Union National, renamed Bank One Lexington, had $246.2 million in assets as of March 31. Purdue National, renamed Bank One of Lafayette, had assets of $372.2 million at the end of the first quarter. {{cite news}}: Unknown parameter |subscription= ignored (|url-access= suggested) (help) Alternate Link via ProQuest.
  16. ^ Gruber, William (October 9, 1985). "Banc One To Buy Parent Of Bank Of Indiana". Chicago Tribune. Banc One on Tuesday announced an agreement to buy Money Management Corp., a holding company based in Merrillville, Ind., which owns Bank of Indiana, the second-largest bank in Lake County, with 14 branches in addition to its headquarters office in Gary. The agreement, which involves a tax-free stock transaction valued at $27.3 million, calls for Banc One to exchange 0.75 common share for each of the 1,508,651 shares of Money Management common stock outstanding and 176,808 shares to be issued upon conversion of a preferred stock issue. Money Management has total assets of about $346 million.
  17. ^ "Banc One to Buy Indiana Firm". Wall Street Journal (Eastern ed.). November 12, 1985. p. 1. Banc One Corp. said it agreed in principle to acquire Marion Bancorp in a stock transaction valued at $10.3 million. Marion, parent of First National Bank, is based in Marion, Ind., and has $111 million in assets and operates five offices. The agreement marks the third move by Banc One into the Indiana market. Banc One also has pending merger agreements with Purdue National Corp. of Lafayette, Ind., and Money Management Corp. of Merrillville, Ind. {{cite news}}: Unknown parameter |subscription= ignored (|url-access= suggested) (help) Alternate Link via ProQuest.
  18. ^ "Banc One Corp. Agrees To Buy 2 Bank Firms". Wall Street Journal (Eastern ed.). February 27, 1986. p. 1. Banc One Corp. said it agreed in principle to acquire two Indiana banking concerns for stock valued at $50.3 million. The concerns to be acquired are Chapter 17 Bancorp Inc., a Richmond bank holding company, for about $38.5 million in stock, and Northwest National Bank of Rensselaer, for about $11.8 million. Chapter 17, the parent of First National Bank of Richmond, has $194 million in assets and, through a pending merger with another Indiana bank, will add about $54 million in assets. Northwest National has $95 million in assets. {{cite news}}: Unknown parameter |subscription= ignored (|url-access= suggested) (help) Alternate Link via ProQuest.
  19. ^ "Banc One Completes Purchase of Two Banks For $53.6 Million Total". Wall Street Journal (Eastern ed.). September 2, 1987. p. 1. Richmond, Ind.-based First National, with assets of $223.7 million, will operate with current personnel as Bank One, Richmond. Northwest National, with assets of $103.2 million, will operate as Bank One, Rensselaer. {{cite news}}: Unknown parameter |subscription= ignored (|url-access= suggested) (help) Alternate Link via ProQuest.
  20. ^ "Banc One Goes Shopping". Chicago Tribune. February 27, 1986. Banc One Corp., Columbus, Ohio, is buying two Indiana banks--Charter 17 in Richmond, a bank holding company with $194 million in assets, for stock worth $38.5 million, and Northwest National Bank in Rensselaer, with $95 million in assets, for stock worth $11.8 million.
  21. ^ Berg, Eric N. (May 8, 1986). "Banc One to Buy American Fletcher". New York Times.
  22. ^ "Banc One to Affiliate With American Fletcher". Associated Press. May 7, 1986.
  23. ^ "Banc One to Buy Bank in Indiana". New York Times. June 25, 1986. The Banc One Corporation, the fast-growing bank holding company based in Columbus, Ohio, said it had agreed to acquire the First National Corporation, which owns the First National Bank of Bloomington, Ind. Shareholders of First National, which has $241 million in assets and nine offices, will get about $52 million in Banc One stock.
  24. ^ "Banc One to Acquire First National in Swap Valued at $52 Million". Wall Street Journal (Eastern ed.). June 25, 1986. p. 1. Banc One Corp. said it agreed in principle to acquire First National Corp., parent of Bloomington, Ind.-based First National Bank, in a stock swap valued at about $52 million. The proposed acquisition puts Banc One at the Indiana state-mandated ceiling of 11% of deposits that any institution can own in that state. It effectively blocks the bank holding company from making any more acquisitions in Indiana. First National has $241 million in assets and operates nine banking offices. Banc One nearly reached the ceiling earlier this year when it agreed to acquire Indianapolis-based American Fletcher Corp. in a stock swap valued at $597.3 million. American Fletcher, a bank holding company, has assets of about $4.1 billion. {{cite news}}: Unknown parameter |subscription= ignored (|url-access= suggested) (help) Alternate Link via ProQuest.
  25. ^ "Business Briefs". United Press International. December 23, 1986. The Citizens State Bank in Sturgis, Mich., has become the sixth interstate bank affiliate of Banc One Corp. of Ohio. Citizens State, which has assets of $112.8 million and operates four offices in St. Joseph County, now will be known as Bank One, Sturgis. Banc One's 28 affiliate banks operate 378 offices in Ohio, Indiana, Kentucky and Michigan.
  26. ^ "Columbus Bank Expanding". Chicago Tribune. January 5, 1987. Banc One Corp. of Columbus, Ohio, acquired East Lansing State Bank of Michigan, which will be known as Bank One, East Lansing.
  27. ^ "Banc One Acquires Bank". Wall Street Journal. March 4, 1987. p. 4. Banc One Corp. said it completed the previously announced acquisition of First National Bank of Fenton, Mich., in a stock swap valued at $6.1 million. The Fenton bank, with year-end assets of $80 million, is Banc One's third Michigan affiliate. {{cite news}}: Unknown parameter |subscription= ignored (|url-access= suggested) (help) Alternate Link via ProQuest.
  28. ^ "Banc One To Buy Universal". Chicago Tribune. August 6, 1987. Banc One Corp. of Columbus, Ohio, plans to buy Universal Corp. of Ypsilanti, Mich., in a stock deal valued at about $13 million. Universal owns National Bank of Ypsilanti, which has eight offices and assets of $106 million.
  29. ^ "Banc One, Marine Agree to Merge in $543-Million Deal". Los Angeles Times. July 27, 1987.
  30. ^ Ross, Philip E. (July 25, 1987). "Milwaukee's Marine Takes Banc One Bid". New York Times.
  31. ^ Cohen, Laurie (July 25, 1987). "Marine Oks Acquisition By Banc One". Chicago Tribune.
  32. ^ Cohen, Laurie (June 30, 1987). "Milwaukee Banks May Combine". Chicago Tribune.
  33. ^ "Minnesota Bank Deal Announced". Milwaukee Sentinel. March 27, 1987. p. B4. Last April, Marine Corp. became the first bank holding company in Wisconsin to announce an interstate bank acquisition in the Midwest after passage of Wisconsin's interstate banking law. Marine said it agreed to acquire the Community State Bank of Bloomington, a bank with $200 million in assets.
  34. ^ "Marine Corp. Posts Record Net For Quarter". Milwaukee Sentinel. April 15, 1987. p. B4. Marine completed its acquisition of the Community State Bank of Bloomington, Minn., during the quarter.
  35. ^ a b Gruber, William (December 23, 1986). "Marine Corp. To Buy Illinois` Banco Di Roma Charter". Chicago Tribune.
  36. ^ a b Lank, Avrum D. (December 17, 1987). "Marine Allowed Time For Sale Of Illinois Unit". Milwaukee Sentinel. p. E3.
  37. ^ Gruber., William (March 24, 1989). "Banc One To Sell Marine Bank Here". Chicago Tribune.
  38. ^ Gruber, William (December 19, 1990). "2 Buyers On The Prowl For Illinois Banks". Chicago Tribune.
  39. ^ Crum, Lawrence L. (June 12, 2010). "Banks and Banking". Handbook of Texas Online. Texas State Historical Association.
  40. ^ Hayes, Thomas C. (June 29, 1989). "Banc One Gets Units In Texas". New York Times.
  41. ^ "Rescue Deal Set for 20 Failed Banks in Texas". Los Angeles Times. June 29, 1989.
  42. ^ Rosenblatt, Robert A. (March 30, 1989). "Regulators Seize 20 Subsidiary Banks of MCorp". Los Angeles Times.
  43. ^ MCorp (PDF). Federal Deposit Insurance Corp. August 1997. {{cite book}}: |work= ignored (help)
  44. ^ "Mercantile Merger". New York Times. August 11, 1983.
  45. ^ Gilpin, Kenneth N. (October 12, 1984). "Texas Bank Merger A Challenge for MCorp". New York Times.
  46. ^ Greer, Jim (February 29, 2004). "JPMorganChase merger means another name change for Bank One". Houston Business Journal.
  47. ^ "Regulators Sell Texas S&L in Bailout's Biggest Deal". Los Angeles Times. February 3, 1990.
  48. ^ Hayes, Thomas C. (February 3, 1990). "Ohio Bank Buys Unit In Texas". New York Times.
  49. ^ "Banc One Corp. Plans Purchase of Team Bank : Merger: Texas' second-largest bank plans to buy state's fifth-largest bank in a $782-million stock swap". Los Angeles Times. March 24, 1992.
  50. ^ a b Quint, Michael (March 24, 1992). "Another Texas Bank for Banc One". New York Times.
  51. ^ "Bank One slashes jobs". CNNMoney.com. March 30, 1999. Retrieved January 4, 2007.
  52. ^ Strom, Stephanie (July 13, 1995). "First Chicago and NBD to Merge as Banks Scurry to Grow". New York Times.
  53. ^ Schmeltzer, John (October 21, 1995). "First Chicago, NBD Merger Final: Shareholder OK Creates Nation's 7th-largest Bank". Chicago Tribune.
  54. ^ Times, Thomas C. Hayes, Special To The New York (1989-06-30). "Mcorp Deal Will Cost $2 Billion". The New York Times. ISSN 0362-4331. Retrieved 2016-06-22.{{cite news}}: CS1 maint: multiple names: authors list (link)
  55. ^ "Banc One To Acquire First Usa Of Dallas". Sun Sentinel. Retrieved 2014-07-27.
  56. ^ JPMorgan Chase Announces Changes to Private Equity Business. March 1, 2005

External links

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