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 Corporation
Bank One
Public
Traded as NYSEONE
Industry Banking
Fate Acquired by JPMorgan Chase
Successor JPMorgan Chase
Founded 1863; 153 years ago (1863)[1]
Defunct July 1, 2004; 12 years ago (2004-07-01)
Headquarters Bank One Plaza (now Chase Tower), Chicago Loop, Chicago, Illinois, United States
Key people
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 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[edit]

History of Banc One Corporation[edit]

First Banc Group[edit]

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.[edit]

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.

Early expansion beyond Ohio[edit]

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[edit]

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[edit]

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 trying to resist an unwanted acquisition attempt by Marshall & Ilsley that was 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 eventually became 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[edit]

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 failed banks at a discount that were subsidized by the Federal government, they could also be stuck with loans in which borrowers could later default on if the economic crises worsens.

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][42] The FDIC had seized the banks in March 1989.[43] The failure of 20 of MCorp's 24 banks cost the FDIC $2.8 billion.[44] 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.[45][46][47][48]

After the acquisition, the Deposit Insurance Bridge Bank became Bank One Texas with Banc One Texas formed as the state holding company. Banc One brought in managers from other parts of the Banc One organization to correct mistakes which led to the insolvency, though they kept on a few key MCorp staff whose leadership and connections were considered crucial to the transformation. 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.[49][50][51] 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. The following year, Banc One acquired 13 Houston-area offices of the failed Benjamin Franklin Savings from the RTC for $36 million.[52][53]

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.[54][55] 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.[55] The acquisition of Team Bancshares was unusual in Texas during this period since Team was making a profit at the time of sale.

Expansion into Illinois[edit]

Compare to other states, Illinois was very slow to allow statewide branching and multi-bank holding companies. When Illinois finally removed its last prohibition on interstate banking in December 1990, the first thing that Banc One did was to complete its planned acquisition of Marine Bank Chicago in downtown Chicago.[38] In 1992, Banc One acquired the Marine Corp. of Springfield in Central Illinois with its 15 banking locations in Springfield, Bloomington, Champaign, and Monticello for $193 million in stock.[56][57] Marine Corp. of Springfield was renamed Banc One Illinois and Marine's lead bank, Marine Bank of Springfield, became Bank One Springfield. A few months later, Banc One acquired First Illinois with its 15 offices in suburban Chicago for $349 million in stock.[58][59][60] Because the Illinois legislature was slow in removing obstacles against interstate banking, Banc One had to compete with Northwest and NBD, along with some Chicago-based banks, to obtain available banks in key markets in Illinois.

Later expansion into Kentucky[edit]

After a five year acquisition lull in the state of Kentucky, Banc One acquired increased its presence in northeast central Kentucky with the acquisition of Lexington-based First Security Corporation of Kentucky with its 28 offices for $204 million in stock in 1992.[61] Most of the First Security offices were folded into Bank One Lexington with a few offices were closed because they were too close to an existing branch.

Although Banc One had a presence in Kentucky since 1986, it had little or no presence beyond Lexington and suburban Cincinnati. To remedy this problem, Banc One acquired Louisville-based Liberty National Bancorp with its 104 banking offices located throughout Kentucky and Southern Indiana in 1994 for $842 million in stock.[62][63][64] At the time of the acquisition, Liberty National Bancorp was the largest bank holding company in Kentucky that was still headquartered in that state. Liberty National Bancorp was renamed Banc One Kentucky and its lead bank, Liberty National Bank and Trust Company of Kentucky, became Bank One Kentucky.

Expansion into the western states[edit]

In the 1992, Banc One announces the pending acquisitions of two western-based holding bank holding companies, Denver-based Affiliated Bankshares of Colorado[65][66] and Phoenix-based Valley National Corporation,[67] that would give the company access to new markets in Colorado, Arizona, Utah, and California.

Banc One paid $378-million in stock to stockholders of Affiliated Bankshares for 27 affiliate banks with 38 offices in Colorado and $1.2 billion in stock to stockholders of Valley National for 206 offices in Arizona operating under the name Valley National Bank of Arizona (renamed Bank One Arizona), 35 offices in Utah operating under the name Valley Bank and Trust of Utah (renamed Bank One Utah), and 7 offices in California operating under the name California Valley Bank (renamed Bank One Fresno). Affiliated Bankshares was renamed Banc One Colorado and Valley National Corp. was renamed Banc One Arizona.

Since all of the new offices in California were located in remote Fresno and far away from the large metropolitan areas of Los Angeles and San Francisco, Banc One had little opportunity to make a significant move into California and was not able to compete efficiently against California-based banks such as Bank of America and Wells Fargo. After two years of ownership, Banc One decided to withdraw from California market completely by selling Bank One Fresno to ValliCorp Holdings, the holding company for Valliwide Bank, formerly the Bank of Fresno.[68]

Expansion into West Virginia[edit]

In 1993, Banc One entered the state of West Virginia by acquiring Key Centurion Bancshares, the largest bank holding company in West Virginia with 54 offices throughout West Virginia and parts of eastern Kentucky, for $536 million in stock.[69][70][71]

Expansion into Oklahoma[edit]

Banc One entered into Oklahoma by acquiring the Central Banking Group in Oklahoma City, with its 8 offices all located in Oklahoma City, for $96 million in stock in 1994.[72][73] Thirty months later, Banc One entered Tulsa by the acquisition of Liberty Bancorporation of Oklahoma City for $546 million in stock in 1997.[74][75][76] Liberty had 29 offices in Oklahoma City and Tulsa at the time of the acquisition.

Expansion into Louisiana[edit]

Banc One entered Louisiana by acquiring the assets of Premier Bancorp of Baton Rouge, the third largest bank holding company in the state with 150 offices, for $700 million in stock in 1996.[77][78] Although the merger was consummated in January 1996, the relationship between the two organizations go back much further. The just recently retired and former head of Premier, and its predecessor Louisiana National Bank, was Charles "Chuck" McCoy, the younger brother of John G. McCoy and uncle to John B. McCoy.[79] In 1991, Premier received $65 million from Banc One to help cover its debts in an exchange for the right for Banc One to acquire Premier within the next five years.[80][81] Premier acquired most of its debts during the economic downturn that had hit Louisiana during the late 1980s. Premier Bancorp became Banc One Louisiana and Premier Bank became Bank One Louisiana.

The following year, Banc One acquired First Commerce Corporation of New Orleans for $3.5 billion in stock.[82] At the time of the acquisition in 1998, First Commerce was the largest Louisiana-based financial institution in the state. The acquisition included the lead bank First National Bank of Commerce plus five other regional banks with a combined total of 144 banking offices.[83][84][85] All of the acquired banks were consolidated into Bank One Louisiana.

Acquisition of First USA[edit]

In 1997, Banc One decided to expand its national credit card business by acquiring the Dallas-based First USA for $7.9 billion in stock.[86][87][88] Prior to this acquisition, most Bank One credit card accounts were issued and serviced by the various local Bank One banks. For example, most Bank One Indianapolis customers had credit cards that were issued and serviced by Bank One Indianapolis via the former American Fletcher credit card center prior to the acquisition.

Unfortunately for Banc One and especially for John B. McCoy, First USA would later cause problems for its new parent by generating unexpected loses that were caused by mismanagement and by questionable decisions that were made in the attempt to increase profitability.[89]

History before Banc One[edit]

First USA original was originally formed in Dallas as a subsidiary of MCorp that was called MNet that was formed in 1985 to handle the back end work for providing credit cards, electronic banking, and other consumer services through member banks of the Texas bank holding company.[90] To issue credit cards, MCorp (via MNet) established a credit card issuing bank in Wilmington, Delaware, called MBank USA.[91] Although, the MNet division was generating a profit, the rest of MCorp began suffering huge loses when customer began to default on their mortgage payments that were the result of the economic downturn that just began in Texas. In attempt to save itself, MCorp sold MNet to Lomas & Nettleton Financial Corporation the following year for $300 million in cash and securities.[92][93]

After the acquition by Lomas, MNet was renamed Lomas Bankers Corp. and MBank USA was renamed Lomas Bank USA.[94][95] Under Lomas, the credit card company aggressively acquired new customers by purchasing credit card accounts from other credit card issuers. In 1987, Lomas Bank USA acquired 230,000 accounts from two banks in Louisiana,[96] 23,000 accounts from a bank in Amarillo,[97] 260,000 accounts from two banks in Oklahoma,[98][99] and 90,000 accounts from a bank in San Antonio.[100] In 1988, Lomas acquired 80,000 accounts from a bank in New York.[101] In 1989, Lomas & Nettleton Financial was in financial trouble and was forced to sell its credit card division. Lomas sold Lomas Bankers Corp. and Lomas Bank USA to an investor group led by Merrill Lynch Capital Partners for $500 million in cash and preferred stock.[102][103][104]

After the sale to the consortium led by Merrill Lynch, Lomas Bankers Corp. was renamed First USA, Inc. and Lomas Bank USA was renamed First USA Bank.[104] At the time of the Merrill Lynch acquisition in 1989, Lomas Bankers/First USA was the 11th-largest issuer of credit cards in the nation.

In 1992, First USA decided to reduce some of their debt by going public by selling stock. First attempt to sell stock occurred in late January,[105] but the offer was quickly withdrawn because the stock market had dropped too low. A more successful attempt was made four months later in which $43 million was raised in the stock sale.[106] At the time of the IPO in 1992, First USA was the 14th-largest issuer if credit cards in the nation.

Most of the growth of the company during the 1980s and early 1990s were the results from the acquisition of credit cards accounts from banks needed to sell some assets for quick cash to stave off insolvency or from banks that had decided to cease issuing and servicing their own credit cards accounts because they either could not compete with the much larger credit card issuers such as First USA. As more bank credit card accounts became concentrated in a few large issuers during the 1990s, fewer banks had credit card accounts to sell, so large issuers were forced to switched to direct marketing as the means to obtain more cardholders. In the process, those issuers started to offer no annual fee cards with introductory interest rates that quickly increase after a set time which led to fierce competition among the remaining credit card issuers, especially in the fight in attracting the most lucrative customer, the ones who routinely maintain large monthly revolving balances, and are the same customers who could cause problems for the bank if the local economy turn sour. [107]

At this time, First USA was generating profits as high as nearly 25 percent return on its owners' investment, which phenomenal since a return of 1 percent of its assets is usual considered in great for most other sectors of banking.[105] The high rate of return was one of the factor that attracted Banc One to the acquisition of First USA.

After the acquisition by Banc One[edit]

Banc One first announced the proposed acquisition of First USA in January 1997.[108] Wall Street reaction to news caused Banc One's stock to drop 8%.[108] First USA was the fourth-biggest credit card issuer in the nation at the time of the announcement.[108] The acquisition was finalized six month later.[86] First USA Chairman and co-founder (in 1985) John Tolleson was appointed a Banc One director while First USA president and co-founder Richard Vague was appointed chairman and CEO of First USA.[108]

After the acquisition, First USA began to integrate Banc One's credit card accounts into First Card and began policies that made many long time Bank One customers angry, such reducing or eliminating grace periods, raising fees and interest rates, and creating delays in posting payments to accounts in such a way that might trigger late fees. One method used to cause payment posting delays was to was to have customers submit payments by mail to a more distant payment center (such as having Ohio customers send their payments to a Arizona address instead of an address in Ohio or even Illinois) or intentionally understaff selected selected payment centers so that it was not possible to process payments very quickly.

These tactics generated consumer complaints which resulted in a number of lawsuits and may have encourage some customers to move their banking business to another bank.

History of Bank One Corporation[edit]

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.[109] 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[110][111]). 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:

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.[112]

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. ^ 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. (subscription required (help)). 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.  Alternate Link via ProQuest.
  4. ^ "First Banc Group's Acquisition". Wall Street Journal. May 4, 1971. p. 35. (subscription required (help)). 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."  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. (subscription required (help)). Changed name in October from First Banc Group of Ohio Inc.  Alternate Link via ProQuest.
  6. ^ "First Banc Group of Ohio". Wall Street Journal. May 18, 1979. p. 27. (subscription required (help)). 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.  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. 
  8. ^ "Banc One Corp. to Buy Lake County National In Painesville, Ohio". Wall Street Journal. August 5, 1980. p. 25. (subscription required (help)). 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.  Alternate Link via ProQuest.
  9. ^ "Banc One Corp. Agrees On a Plan to Acquire Firestone Bancorp.". Wall Street Journal. December 8, 1980. p. 40. (subscription required (help)). 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.  Alternate Link via ProQuest.
  10. ^ "Banc One Corp. Agrees To Buy Banks in Ohio". Wall Street Journal. December 12, 1980. p. 17. (subscription required (help)). 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 the area.  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. (subscription required (help)). 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.  Alternate Link via ProQuest.
  13. ^ "Banc One to Acquire Purdue National Corp.". Wall Street Journal. September 17, 1985. p. 53. (subscription required (help)). 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 National, with assets of $354 million, is the parent of Purdue National Bank.  Alternate Link via ProQuest.
  14. ^ "Banc One to Acquire Two Bank Companies". Wall Street Journal (Eastern ed.). December 12, 1985. p. 1. (subscription required (help)). 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.  Alternate Link via ProQuest.
  15. ^ "Banc One Corp. Purchases". Wall Street Journal (Eastern ed.). June 3, 1986. p. 1. (subscription required (help)). 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.  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. (subscription required (help)). 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.  Alternate Link via ProQuest.
  18. ^ "Banc One Corp. Agrees To Buy 2 Bank Firms". Wall Street Journal (Eastern ed.). February 27, 1986. p. 1. (subscription required (help)). 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.  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. (subscription required (help)). 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.  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. (subscription required (help)). 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.  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. (subscription required (help)). 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.  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. ^ a b 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. ^ Hayes, Thomas C. (June 30, 1989). "MCorp Deal Will Cost $2 Billion". New York Times. 
  43. ^ Rosenblatt, Robert A. (March 30, 1989). "Regulators Seize 20 Subsidiary Banks of MCorp". Los Angeles Times. 
  44. ^ MCorp (PDF). Managing the Crisis: The FDIC and RTC Experience (1980-1994). Federal Deposit Insurance Corp. August 1997. 
  45. ^ "Mercantile Merger". New York Times. August 11, 1983. 
  46. ^ Gilpin, Kenneth N. (October 12, 1984). "Texas Bank Merger A Challenge for MCorp". New York Times. 
  47. ^ Greer, Jim (February 29, 2004). "JPMorganChase merger means another name change for Bank One". Houston Business Journal. 
  48. ^ Dodge, Robert (October 11, 1984). "Shareholders Vote to Create Mcorp". Dallas Morning News. p. 1d. (subscription required (help)). After more than 15 months, shareholders of Mercantile Texas Corp. and Southwest Bancshares Inc. voted to merge their companies -- creating MCorp. The new firm, with 65 subsidiary banks and $20.4 billion in assets, now ranks among the largest Texas bank-holding companies. The use of "M' in the company's name is to be followed in designating its banks as MBanks and other subsidiaries with similar names -- such as its electronic banking unit, MTech. The "M' comes from the familiar Mercantile advertising slogan, "Momentum. 
  49. ^ "Regulators Sell Texas S&L in Bailout's Biggest Deal". Los Angeles Times. February 3, 1990. 
  50. ^ Hayes, Thomas C. (February 3, 1990). "Ohio Bank Buys Unit In Texas". New York Times. 
  51. ^ LaGesse, David (February 2, 1990). "Bank One likely to buy Bright Banc". Dallas Morning News. p. 1A. (subscription required (help)). The sale would nearly double the Texas branches of Bank One, a unit of Banc One Corp. of Columbus, Ohio. Banc One entered the Texas market in June, when it agreed to buy 20 failed banks formerly owned by MCorp. Bright Banc's franchise particularly would enhance Bank One's presence in Dallas, where the thrift owns about 40 branches. Bright Banc operates in 51 locations around the state and Banc One in 63. 
  52. ^ Gill, Dee (September 7, 1991). "Ben Franklin Savings sold to Bank One". Houston Chronicle. p. 1. (subscription required (help)). Banking regulators sold Benjamin Franklin Federal Savings Association on Friday to Bank One Texas, ending the federal government's 2 1/2-year ownership of one of Houston's largest savings and loans. The RTC will advance Bank One $1.39 billion for the deal and will retain $1.2 billion in Ben Franklin's assets. After selling those assets, the RTC expects it will have spent $976 million on the deal. 
  53. ^ Lagesse, David (September 7, 1991). "Bank One Texas buys 13 branches of failed Benjamin Franklin thrift". Dallas Morning News. p. 1f. (subscription required (help)). Bank One Texas expanded its Houston franchise Friday with the purchase of 13 branches of the failed Benjamin Franklin Federal Savings Association. In the process, the Dallas-based bank also picked up $1.47 billion in deposit accounts from the thrift. The Resolution Trust Corp., which pays out cash to cover depositors at failed thrifts, said the institution's collapse will cost taxpayers $976 million. 
  54. ^ "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. 
  55. ^ a b Quint, Michael (March 24, 1992). "Another Texas Bank for Banc One". New York Times. 
  56. ^ Dorning, Mike (March 26, 1991). "2 Banking Firms Move On Illinois". Chicago Tribune. 
  57. ^ Gruber, William (December 21, 1992). "Banc One Makes Move On Chicago". Chicago Tribune. 
  58. ^ "Banc One to acquire First Illinois". United Press International. June 3, 1991. 
  59. ^ Quint, Michael (June 4, 1991). "Banc One in Stock Deal To Buy First Illinois". New York Times. 
  60. ^ Dorning, Mike (June 4, 1991). "Banc One To Acquire First Illinois: $367 Million Deal Brings In Ohio Group". Chicago Tribune. 
  61. ^ "First Security To Banc One". New York Times. November 28, 1991. 
  62. ^ "Banc One, Liberty National To Merge Bank Operations". Orlando Sentinel. November 4, 1993. 
  63. ^ "Banc One to Take $40 Million Charge In Third Quarter". New York Times. September 23, 1994. 
  64. ^ "Liberty National Bancorp, Inc. Form 8-K". United States Securities And Exchange Commission. July 13, 1994 – via EDGAR Online. 
  65. ^ "Banc One to Acquire Colorado Bank". Los Angeles Times. December 31, 1991. Columbus, Ohio-based Banc One Corp. said it will acquire Affiliated Bankshares of Colorado in a $378-million transaction. Affiliated Bankshares has $2.8 billion in assets and operates 27 affiliate banks with 38 offices in Colorado. 
  66. ^ "Affiliated Bankshares and Banc One announce merger". United Press International. December 30, 1991. 
  67. ^ Quint, Michael (April 15, 1992). "Banc One Set to Acquire Valley National for Stock". New York Times. 
  68. ^ "Vallicorp Holdings Announces Plans to Acquire Bank One Fresno". PR Newswire (Press release). 1994-06-22 – via The Free Library. 
  69. ^ "Banc One Announces Plan To Acquire Key Centurion". New York Times. June 6, 1992. 
  70. ^ "Banking". Los Angeles Times. June 8, 1992. 
  71. ^ Stern, Gabriella (June 8, 1992). "Banc One Sets Pact to Acquire Key Centurion". Wall Street Journal. p. A3. (subscription required (help)).  Alternate Link via ProQuest.
  72. ^ "Banc One to Acquire Holding Company In Oklahoma City". New York Times. May 21, 1993. 
  73. ^ "Banc One Corp.". Wall Street Journal. January 3, 1994. p. A4. (subscription required (help)).  Alternate Link via ProQuest.
  74. ^ "Banc One in Deal to Acquire Oklahoma Bank". New York Times. December 31, 1996. 
  75. ^ "Banc One Completes Purchase of Liberty". Tulsa World. June 3, 1997. 
  76. ^ Hogan, Gypsy (December 31, 1996). "$546 Million Deal Sends Liberty Bank to Banc One". The Oklahoman. 
  77. ^ "Banc One to Acquire Premier Bancorp". New York Times. July 20, 1995. 
  78. ^ "Banc One to buy Premier Bancorp". Tucson Citizen. July 20, 1995. 
  79. ^ Holliday, Karen Kahler (December 1, 1995). "Who will buy Louisiana's banks?". American Banker. 
  80. ^ Falgout, Cyndy (February 21, 1991). "Premier to get cash, merge with Banc One". Baton Rouge Advocate. pp. 1–A;S. (subscription required (help)). Baton Rouge-based Premier Bancorp Inc. expects to receive $65 million from Banc One Corp. and merge within five years into the Columbus, Ohio, bank holding company -- one of the nation's largest -- under terms announced by Premier on Wednesday. 
  81. ^ Hall, John (February 21, 1991). "Banc One to Buy State's 3rd-largest Bank". New Orleans Times Picayune. p. D1. (subscription required (help)). Premier Bancorp Inc. of Baton Rouge announced that it has agreed to be acquired in the mid-1990s by the $32-billion asset Banc One Corp., based in Columbus, Ohio. Premier is Louisiana's third-largest banking company, after Hibernia Corp. and First Commerce Corp., both of New Orleans. First Commerce is the owner of First National Bank of Commerce. 
  82. ^ "Banc One Completes Acquisition of First Commerce in Louisiana". PR Newswire (Press release). June 12, 1998. 
  83. ^ "First Commerce in Louisiana to Join Banc One Corporation". PR Newswire (Press release). October 20, 1997. 
  84. ^ "Banc One to Pay $3 Billion In Stock for First Commerce". New York Times. October 21, 1997. 
  85. ^ "Banc One to Buy First Commerce". Los Angeles Times. October 21, 1997. 
  86. ^ a b "Banc One Completes Acquisition of First USA". PR Newswire (Press release). June 27, 1997. 
  87. ^ "Banc One buys First USA". CNN. January 20, 1997. 
  88. ^ Hansell, Saul (January 20, 1997). "Banc One Is Said to Plan Bid Of $7 Billion for First USA". New York Times. 
  89. ^ "McCoy quits as chairman, ends dynasty at Bank One: Third-generation leader saw bank's value tumble after credit-card venture". Baltimore Sun. December 22, 1999. 
  90. ^ "MCorp Establishes MNet Subsidiary to Sell Consumer Financial Services". American Banker. June 13, 1985 – via Highbeam Research. (subscription required (help)). MNet will include at least 12 other units, with operations ranging from credit cards and electronic banking to mortgages and insurance 
  91. ^ "Banking on Delaware's work force". The Morning News. October 27, 1985. p. 25. But that changed when MCorp, a Dallas-based bank holding company, began setting up MBank USA. While other banks started slowly, MBank hit the ground running. 
  92. ^ "Lomas & Nettleton In Deal for MNet". New York Times. November 18, 1986. 
  93. ^ Dodge, Robert (November 18, 1986). "MCorp sells banking unit". Dallas Morning News. p. 1D. (subscription required (help)). For the first nine months of 1986, MCorp reported a net loss of $91 million after adding $321 million to its reserve to cover possible loan losses. Earlier this month, the company suspended payment of its common stock dividend. 
  94. ^ "Lomas & Nettleton Financial". Wall Street Journal. September 17, 1987. p. 1. (subscription required (help)). Lomas & Nettleton Financial Corp. said it will rename its MNet unit Lomas Bankers Corp., effective Nov. 1. Lomas & Nettleton acquired MNet, formerly the retail banking and credit card operation of MCorp, a Dallas bank holding company, last Dec. 30.  Alternate Link via ProQuest.
  95. ^ "Lomas & Nettleton dropping "M' from unit's name". Dallas Morning News. September 17, 1987. p. 2D. (subscription required (help)). Lomas & Nettleton Financial Corp., the Dallas-based financial services and mortgage banking company, has announced it is dropping the "M' designated names associated with its retail banking company and its subsidiaries. The banking unit, now called MNet, took its M name from its former parent MCorp., the Dallas bank-holding company whose advertising slogan and corporate identity is based on the word Momentum. The retail banking unit, which was acquired by Lomas in 1986, will be called Lomas Bankers Corp. effective Nov. 1. 
  96. ^ "Louisiana Bancshares Units Sell Accounts To Lomas's MNet". Wall Street Journal (Eastern ed.). April 16, 1987. p. 1. (subscription required (help)). A Lomas & Nettleton Financial Corp. subsidiary agreed to buy 230,000 Visa and MasterCard accounts from two Louisiana Bancshares Inc. units for $182.1 million. The subsidiary, MNet, signed a letter of intent to buy the credit card accounts from Louisiana National Bank and Guaranty Bank & Trust. MNet's credit card operation currently has 800,000 accounts.  Alternate Link via ProQuest.
  97. ^ "Lomas & Nettleton Unit To Acquire Card Portfolio". Wall Street Journal (Eastern ed.). April 30, 1987. p. 1. (subscription required (help)). MBank USA, a unit of Lomas & Nettleton Financial Corp., said it agreed to buy the credit card portfolio of First National Bank of Amarillo for $12.7 million. Under terms of the contract, MBank will acquire 23,000 credit card accounts.  Alternate Link via ProQuest.
  98. ^ Blackistone, Kevin B. (July 23, 1987). "MBank USA to Buy Banks' Card Accounts". Dallas Morning News. p. 3d. (subscription required (help)). MNet, a financial services subsidiary of Lomas & Nettleton Financial Corp. of Dallas, announced Wednesday that its credit-card subsidiary will purchase for $143 million the outstanding credit card accounts of two Oklahoma banks. MNet's subsidiary, MBank USA, signed a letter of intent with Liberty National Bank and Trust of Oklahoma City and First National Bank and Trust of Tulsa to buy about 260,000 Visa and MasterCard accounts. 
  99. ^ Duke, Paul, Jr. (July 23, 1987). "Lomas Unit Plans To Buy Bank's Card Accounts". Wall Street Journal (Eastern ed.). p. 1. (subscription required (help)). Lomas & Nettleton Financial Corp. said its MBank USA subsidiary signed a letter of intent to buy the credit-card accounts of Banks of Mid-America Inc. for $143 million. The 260,000 Visa and MasterCard accounts will bring the total number of card accounts managed by MBank USA to more than 1.3 million. The accounts currently are managed by Banks of Mid-America's two banks, Liberty National Bank & Trust of Oklahoma City and First National Bank & Trust of Tulsa. The accounts have about $120 million in loans outstanding, said a spokesman for Banks of Mid-America, based in Oklahoma City.  Alternate Link via ProQuest.
  100. ^ "National Bancshares to Sell Card Operation to Mnet". Dallas Morning News. February 21, 1987. p. 2F. (subscription required (help)). National Bancshares Corp. of San Antonio has agreed to sell its 90,000-customer credit card business for $46 million to MNet, the retail banking subsidiary of Lomas & Nettleton Financial Corp. of Dallas. 
  101. ^ "Business Brief: Lomas & Nettleton Financial Corp.". Wall Street Journal (Eastern ed.). March 31, 1988. p. 1. (subscription required (help)). Lomas & Nettleton Financial Corp., Dallas, said its Lomas Bank USA unit agreed definitively to buy part of the credit card portfolio of Dollar Dry Dock Bank of White Plains, N.Y., for $107 million. Lomas said the purchase will add about 80,000 credit card accounts to the company's current portfolio of about 1.6 million accounts. The sale is expected to be completed today.  Alternate Link via ProQuest.
  102. ^ Hayes, Thomas C. (June 9, 1989). "Lomas to Sell Credit Card Bank Operation". New York Times. 
  103. ^ Brown, Steve (August 10, 1989). "Merrill Lynch buys Lomas Bankers". Dallas Morning News. p. 4D. (subscription required (help)). Two months after announcing the deal, Lomas Financial Corp. has completed its sale of the company's retail banking operation to an investor group set up by Merrill Lynch Capital Partners Inc. The Merrill Lynch group bought Lomas Bankers Corp. for $435 million in cash and $65 million in preferred stock. Lomas will use net proceeds from the sale to pay off a $375 million bridge loan the company received last month "for liquidity purposes" and to reduce other corporate debts, according to Lomas chairman Jess Hay. Lomas Bankers, one of the country's largest credit-card operators, has 1.7 million in MasterCard and Visa accounts totaling $1.35 billion in receivables. 
  104. ^ a b "Lomas Bankers Corp. renamed First USA". Dallas Morning News. October 13, 1989. p. 2D. (subscription required (help)). The new owner of Lomas Bankers Corp., formerly owned by the now-bankrupt Lomas Financial Corp., on Thursday said the bank would be renamed First USA. A group led by Merrill Lynch Capital Partners Inc., part of the investment firm based in New York, bought the bank in August from Lomas Financial. Lomas Bankers' primary subsidiary, Lomas Bank USA, ranks as the nation's 11th-largest issuer of credit cards. At June 30, the Delaware-based institution served 1.7 million credit-card accounts with outstanding receivables of $1.35 billion. The subsidiary bank will be called First USA Bank, and nine affiliated companies will get similar monikers. Lomas Financial sold the parent bank for $435 million in cash and $65 million in 10-year redeemable preferred stock. 
  105. ^ a b LaGesse, David (January 26, 1992). "First USA out on top after LBO - Stock offer in works for credit-card bank". Dallas Morning News. p. 1H. (subscription required (help)). Dallas-based First USA, taken private in a 1989 buyout, is planning a stock offering that will triple the investment of its current owners... First USA is in the business of issuing credit cards, the most lucrative side of U.S. banking these days. First USA ranks as the nation's 14th-largest issuer of Visa and MasterCard accounts, having distributed 2.9 million cards with outstanding balances of $2.2 billion... In a business where a bank hopes to earn a profit equal to 1 percent of its assets, First USA Bank makes at least twice that much. In the last six months of 1991, the bank generated a return of nearly 25 percent on its owners' investment... The bank's parent company has made less money, even dipping into the red in 1990. But that's because the parent company must pay interest on loans it borrowed to buy First USA in the 1989 buyout. The new stock offering should help reduce that debt load... Huge profits on credit cards have not come without controversy. Congress, angered at card rates as high as 22 percent, last November threatened to put a cap on the interest that banks can charge for Visas and MasterCards... Lomas, of course, failed in 1989, but not before selling its credit-card bank to a group led by Mr. Tolleson and other managers. 
  106. ^ LaGesse, David (May 28, 1992). "First USA raises almost $43 million in stock offering". Dallas Morning News. p. 1D. (subscription required (help)). On its second try, First USA on Wednesday sold a piece of itself to the public, raising nearly $43 million in its initial stock offering... First USA has said it will use most of the cash to buy back common and preferred stock now held by Lomas Financial Corp., which once owned First USA. First USA began in 1985 as the credit-card subsidiary of MCorp. The company now ranks as the nation's 14th-largest credit-card company with 3 million Visa and MasterCard accounts and total balances of $2.2 billion... On Wednesday, First USA sold 4 million shares to the public at a price of $9.50 a share. First USA officers and Merrill Lynch bought another 500,000 shares of non-voting stock as part of the sale. First USA's management includes former MBank executive John C. Tolleson, who was a principal in the First USA buyout from Lomas. Mr. Tolleson is chairman and chief executive officer of First USA. After Wednesday's sale, the public will hold about 20 percent of First USA. Merrill Lynch and affiliates will remain the dominant owners with little more than half of the company's shares, management will retain about 8 percent, with the rest spread among other shareholders. 
  107. ^ Guenther, Robert (May 22, 1989). "Pushing Plastic: Credit-Card Issuers Ease Their Standards To Get New Accounts --- Lured by Hefty Profits, They Sign Up Many Customers Who May Prove Risky --- Borrowing From A to Pay B". Wall Street Journal (Eastern ed.). p. 1. (subscription required (help)). Yet lenders at times seem oblivious to their borrowers' credit histories. Joe Tyson, a Houston resident who trains paramedics, was surprised recently when offered an MBank credit card. He had had an MBank card until two years ago, when he ran up a $5,000 bill on it and could no longer make his payments. Now, he is in a stretched-out repayment plan negotiated by a credit-counseling agency. "When I got the offer, I figured that it must have been some sort of computer glitch," says Mr. Tyson, who tossed the mailing out. MBank sold its credit-card business to Lomas Financial Corp. in 1986, and a spokesman for the Dallas-based company's Lomas Bank USA says, "I don't quite understand how he could have gotten such an offer. We generally pre-screen applicants."  Alternate Link via ProQuest.
  108. ^ a b c d "Banc One To Acquire First USA Of Dallas: Stocks React To Deal By Tumbling". Fort Lauderdale Sun Sentinel. January 21, 1997. 
  109. ^ "Bank One slashes jobs". CNNMoney.com. March 30, 1999. Retrieved January 4, 2007. 
  110. ^ Strom, Stephanie (July 13, 1995). "First Chicago and NBD to Merge as Banks Scurry to Grow". New York Times. 
  111. ^ Schmeltzer, John (October 21, 1995). "First Chicago, NBD Merger Final: Shareholder OK Creates Nation's 7th-largest Bank". Chicago Tribune. 
  112. ^ JPMorgan Chase Announces Changes to Private Equity Business. March 1, 2005

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