National Bank of Detroit
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The National Bank of Detroit (NBD), later renamed NBD Bank was a bank that operated mostly in the Midwestern United States. Following its merger with First National Bank of Chicago, the bank was ultimately acquired and merged into Bank One, at which point NBD name was discontinued. Today, what was once NBD is owned by JPMorgan Chase & Co.
[edit] History
NBD was founded in 1933 in the midst of the widespread bank failure during the Great Depression. Spurred by the Reconstruction Finance Corporation (RFC) to help stabilize the nation's banking system, NBD's shares were initially equally owned the General Motors Corporation and the U.S. Government under the RFC. The bank opened for business on March 24, 1933. By 1945, GM had divested of its ownership in NBD and by 1947 the RFC ended its involvement with the bank. In 1995, NBD merged with the First National Bank of Chicago; the combined bank was called First Chicago NBD. First Chicago NBD later merged with Bank One, which eliminated the NBD name. Bank One was itself purchased by JPMorgan Chase & Co. As of March 2006, all former NBD branches carry the Chase name.
The National Bank of Detroit (NBD) had overseas branches in England (London - Finsbury Circus), Canada (Toronto and Windsor), Japan (Tokyo), and Germany (Frankfurt). NBD was known as a "Boutique Bank" as well as a wholesale corporate bank. The Foreign Exchange section used the Online Dealer Information System (ODIN).
NBD was headquartered until 1995 in National Bank of Detroit Building (Now Chase Tower).
[edit] See also
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