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The Chase Tower (formerly the Bank One Plaza) housed the Bank One headquarters

Key Information

Bank 1 Conference Room Plaque in the Current Chase Tower Chase Branch - Milwaukee, WI September 2025

Bank One Corporation was an American bank founded in 1968 and at its peak 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, with Bank One CEO Jamie Dimon soon becoming CEO and Chairman of the combined company but under JPMorgan Chase branding. The company had its headquarters in the Bank One Plaza (now Chase Tower) in the Chicago Loop in Chicago, Illinois,[1] now the headquarters of Chase's retail banking division.

Bank One traces its roots to the merger of Illinois based First Chicago NBD, and Ohio-based First Banc Group (later Bank One), a holding company for the City National Bank in Columbus, Ohio.[2]

History

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First Banc Group

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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.[2] 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.[3]

Initially, Ohio law did not permit bank mergers across county lines but allowed bank holding companies to own multiple banks across the state with some geographical restrictions. 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.

Expansions by Banc One

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Expansion in central Ohio by Banc One Corp.

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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.[4][5][6] 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),[7] Akron, Ohio (Firestone Bank; Bank One Akron),[8] and Youngstown, Ohio (Union National Bank; Bank One Youngstown).[9]

Winters National Bank in Dayton, Ohio, was acquired in 1982 and renamed Bank One Dayton.[10][11] 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 outside Ohio

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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.[12] This bank was renamed 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.[13][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] Crawfordsville, Indiana (First National Bank and Trust Co. of Crawfordsville; Bank One Crawfordsville),[13][14] 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.[23] The merger resulted in a $597.3 million swap of stock.[23]

The merger with American Fletcher Corp. also brought along four 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 American National Bank of Plainfield (Bank One Plainfield), and Union Bank & Trust Co. of Franklin (Bank One Franklin).[23] Under Indiana law at that time, American Fletcher was not permitted to merge these banks into its main American Fletcher National Bank.

The First National Bank of Bloomington in Bloomington, Indiana, was acquired in 1987.[24][25] 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 the percentage of ownership within that state at that time.

Early expansion into Michigan

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Bank 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.[26] 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),[27] Fenton, Michigan (First National Bank of Fenton; Bank One Fenton)[28] and Ypsilanti, Michigan (National Bank of Ypsilanti; Bank One Ypsilanti)[29] a few months later.

Seven years later, Citizens Banking Corp. announced in September 1994 that they were acquiring all four Michigan banks in East Lansing, Fenton, Sturgis, and Ypsilanti from Banc One for $115 million.[30] The divestiture was completed in February 1995.[31]

The Bank One brand did not return to Michigan until the 1998 merger with First Chicago NBD which resulted in the rebranding of the former NBD offices.

Expansion into Wisconsin

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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.[32][33][34] 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.[35]

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[36][37][38] and another bank in the state of Illinois[39] 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,[39] which was renamed Marine Bank Chicago. Since Minnesota and Illinois forbade the bank ownership by companies based in Ohio, Marine had to sell those banks before the merger was permitted to proceed.[40][41] The Minnesota banks were sold to First Bank System[41] 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,[42] which eventually happened in December 1990. The lawyer was able to sell the bank back to Banc One within two years at a substantial profit.[43]

Expansion into Texas

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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 Corporation (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.[44] 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 worsen.

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.[45][46][47] The FDIC had seized the banks in March 1989.[48] The failure of 20 of MCorp's 24 banks cost the FDIC $2.8 billion.[49] 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.[50][51][52][53]

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.[54][55][56] This failed savings and loan association cost the federal government $1.4 billion. The 48 former branch 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.[57][58]

In 1992, Banc One acquired Team Bancshares of Dallas, a company that was formed by a private investor group in 1988 to acquire failed and weak Texas banks, for $782 million in Banc One stock.[59][60] 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.[60] 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

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Compared 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.[43] 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.[61][62] 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.[63][64][65] 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

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After a five-year acquisition lull in the state of Kentucky, Banc One 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.[66] 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.[67][68][69][70][71] 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. As a result of the merger, Bank One Lexington was placed under the supervision of the new Banc One Kentucky holding company.[71]

Expansion into the western states

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In the 1992, Banc One announces the pending acquisitions of two western-based holding bank holding companies, Denver-based Affiliated Bankshares of Colorado[72][73] and Phoenix-based Valley National Corporation,[74] 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.[75]

In May 1994, Banc One increased their holdings in Arizona by acquiring the 58 of 60 Arizona offices of the failed San Diego–based Great American Bank from the Resolution Trust Corporation for $49.36 million.[76][77][78] The newly acquired offices were integrated into Bank One Arizona.

Expansion into West Virginia

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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.[79][80][81]

Expansion into Oklahoma

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Banc One entered into Oklahoma by acquiring the Central Banking Group in Oklahoma City, with its eight offices all located in Oklahoma City, for $96 million in stock in 1994.[82][83] Thirty months later, Banc One entered Tulsa by the acquisition of Liberty Bancorporation of Oklahoma City for $546 million in stock in 1997.[84][85][86] Liberty had 29 offices in Oklahoma City and Tulsa at the time of the acquisition.

Expansion into Louisiana

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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.[87][88] Although the merger was consummated in January 1996, the relationship between the two organizations goes 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.[89] 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.[90][91] 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.[92] 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.[93][94][95] All of the acquired banks were consolidated into Bank One Louisiana.

Acquisition of First USA

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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.[96][97][98] 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 losses that were caused by mismanagement and by questionable decisions that were made in the attempt to increase profitability.[99]

History of First USA before Banc One

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First USA was originally formed in Dallas as a subsidiary of MCorp that was called MNet. It 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.[100] To issue credit cards, MCorp (via MNet) established a credit card issuing bank in Wilmington, Delaware, called MBank USA.[101] Although, the MNet division was generating a profit, the rest of MCorp began suffering huge loses when customers began to default on their mortgage payments that were the result of the economic downturn that had begun 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.[102][103]

After the acquisition by Lomas, MNet was renamed Lomas Bankers Corp. and MBank USA was renamed Lomas Bank USA.[104][105] 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,[106] 23,000 accounts from a bank in Amarillo,[107] 260,000 accounts from two banks in Oklahoma,[108][109] and 90,000 accounts from a bank in San Antonio.[110] In 1988, Lomas acquired 80,000 accounts from a bank in New York.[111] 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.[112][113][114]

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.[114] 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 reduced some of its debt by going public. First attempt to sell stock occurred in late January,[115] 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.[116] At the time of the IPO in 1992, First USA was the 14th-largest issuer of 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 needing to sell some assets for quick cash to stave off insolvency, or from banks that had ceased issuing and servicing their own credit cards accounts because they either could not compete with the 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 switched to direct marketing to obtain more cardholders. Those issuers started offering no annual fee cards with introductory interest rates that quickly increased after a set time. This led to fierce competition among the remaining credit card issuers, especially in the fight to attract lucrative customers: those who maintain large monthly revolving balances. These are the same customers who could cause problems for the bank if the local economy turns sour. [117]

At this time, First USA was generating profits as high as nearly 25% on its owners' investment, which was phenomenal since a return of 1% on its assets is usually considered great for most other sectors of banking.[115] The high rate of return was one of the factors that attracted Banc One to the acquisition of First USA.

History of First USA after the acquisition by Banc One

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Banc One first announced the proposed acquisition of First USA in January 1997.[118] Wall Street reaction to news caused Banc One's stock to drop 8%.[118] First USA was the fourth-biggest credit card issuer in the nation at the time of the announcement.[118] The acquisition was finalized six months later.[96] 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.[118]

History of Bank One Corporation

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In 1998, Banc One Corporation merged with Chicago-based First Chicago NBD – the result of the 1995 merger of First Chicago Corp. and NBD Bancorp, two large banking companies who had themselves been created through the merger of many banks[119][120]) – to form Bank One Corporation, and moved its headquarters from Columbus to Chicago.[121]

To allow the Banc One merger with First Chicago NBD to proceed, the Justice Department required the two bank holding companies to divest 39 branch offices in Indiana because of overlap by mostly former AFNB and INB offices.[122] To satisfy the federal regulator decision, the holding companies signed an agreement with Union Planters Corporation for Union Planters to acquire 51 branch offices in central Indiana in exchange for $294 million.[123] Most of the offices that were sold were former INB offices.[124][125]

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.[citation needed]

In 1998, Bank One paid $66 million for the naming rights for 30 years to a newly constructed ballpark in Phoenix, which was built for the Major League Baseball expansion team Arizona Diamondbacks.[126] The retractable roof stadium was called Bank One Ball Park, and was ultimately renamed '''Chase Field''' in 2005.

Private equity

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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.[127]

See also

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References

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Bank One Corporation

View on Grokipedia
from Grokipedia
Bank One Corporation was a major American financial services holding company headquartered in , Illinois, specializing in , commercial banking, credit card issuance, and related financial products across the . Formed on October 2, 1998, through the $30 billion merger of Columbus, Ohio-based Banc One Corporation and First Chicago NBD Corporation, it became the fifth-largest bank in the nation at the time, with approximately $230 billion in assets and operations in 14 states, primarily in the Midwest and Southwest. Banc One, one of Bank One's predecessor entities, traced its roots to the City National Bank & Trust Company in , which was consolidated in 1929, while the holding company structure was established in 1967 as First Banc Group of Ohio and renamed Banc One in 1979; it expanded aggressively through acquisitions in the and , including entry into in 1985, the purchase of Texas banks from the failed MCorp in 1989 for $500 million, and the acquisition of First USA Inc. in 1997 for $6.75 billion to become the second-largest issuer in the U.S. The other predecessor, First Chicago NBD, resulted from the 1995 merger of First Chicago Corporation—founded in 1863 as one of the earliest national banks under the National Banking Act—with NBD Bancorp for $5 billion. Post-formation, Bank One grew its business significantly, launching the online-only WingspanBank.com in 1999; however, the company faced challenges in the late and early 2000s, including slowing growth and high customer attrition in its operations, leading to a 23% drop in 1999 and projected profit declines of 30-35% in 2000. Under CEO , who assumed leadership in March 2000, Bank One undertook restructuring efforts to stabilize operations and improve profitability. Bank One's independent existence ended on July 1, 2004, when it merged with in a $58 billion stock transaction announced on January 14, 2004, creating one of the world's largest financial institutions with combined assets exceeding $1.1 trillion; Dimon became president and COO of the combined entity, later ascending to CEO in 2005. At its peak, Bank One employed over 91,000 people and generated annual sales of nearly $26 billion, with a strong emphasis on commercial lending, consumer finance, , and services.

Founding and Early Growth

Formation of First Banc Group

First Banc Group of Ohio, Inc. was established in 1967 as a multibank holding company, with The City National Bank & Trust Company of Columbus serving as its flagship subsidiary. Its flagship subsidiary, The City National Bank & Trust Company of Columbus, traced its origins to a 1929 consolidation. This structure was pioneered under the leadership of John G. McCoy, who sought to expand banking operations within Ohio amid restrictive state laws that prohibited traditional branch banking across county lines. By adopting the holding company model, First Banc Group could acquire and control multiple independent banks while maintaining their separate charters, thereby enabling coordinated services without violating branching regulations. The formation aligned with evolving federal and state banking frameworks, particularly the of 1956, which permitted such entities to own banks in the same state, and Ohio's gradual liberalization of in-state acquisitions starting in the late 1960s. This approach addressed the limitations of interstate branching prohibitions under federal law, allowing focused growth in domestic markets. The inaugural move post-formation was the 1968 stock-swap acquisition of Farmers Saving & Trust Company in , marking the beginning of a strategy to consolidate urban and regional institutions in central . Initially operating through subsidiaries in central Ohio, First Banc Group emphasized commercial lending to businesses and retail services for consumers, including early innovations like programs and automated processing systems to achieve . By mid-1969, the group's banks reported resources exceeding $1 billion, reflecting rapid integration and operational synergies in key urban markets such as Columbus. This foundational setup positioned First Banc Group as a leader in 's banking consolidation, prioritizing efficiency in deposit gathering and loan origination.

Expansions within Ohio

Following the formation of First Banc Group in , the pursued an aggressive of intra-state acquisitions to consolidate its position in Ohio's banking market. In the , this approach focused on dominating central Ohio markets by targeting smaller institutions with strong retail and lending operations. These efforts incorporated at least 15 Ohio banks into the fold by the end of the decade, transforming the initial network into a more robust regional player with annual profits exceeding $25 million by 1978. The 1980s saw continued consolidation, with Banc One shifting attention to untapped regions within the state while adhering to a disciplined acquisition policy that limited targets to no more than one-third of the acquirer's size to avoid earnings dilution. This period marked rapid asset growth, with total assets surpassing $5 billion by 1982 and reaching approximately $9 billion by 1985, driven by these integrations and organic expansion. By the mid-1980s, the network of banking offices in had grown substantially from the initial seven post-formation to over 40 locations, enhancing accessibility in both rural and urban areas, including southwestern markets. Central to Banc One's Ohio strategy was a decentralized structure that preserved local for affiliate banks under the holding company umbrella, allowing independent decision-making on salaries, hiring, and pricing to maintain community ties while centralizing back-office functions like management information systems for efficiency. This model enabled affiliates to adapt to local market dynamics, fostering high returns—such as a 1.37% in 1985, among the top in U.S. banking—and positioning Banc One as Ohio's leading by the late . The approach emphasized quality over quantity, prioritizing institutions with proven retail strengths to build a cohesive yet flexible statewide presence.

Regional Expansions as Banc One

Midwest Expansions

Banc One Corporation initiated its Midwest expansions in the late by targeting adjacent states to , leveraging regulatory changes that permitted interstate banking affiliations. This strategic push focused on acquiring community and regional banks to establish a foothold in commercial lending and retail deposit operations, building on its Ohio base without delving into intra-state consolidations. By entering markets in , , and , Banc One aimed to create a contiguous regional network that enhanced cross-border customer services and diversified its asset base. In , Banc One's first significant out-of-state move occurred in 1985 with the acquisition of Marion Bancorp, a based in Marion, which operated multiple banking offices and marked the company's initial expansion beyond borders. This was followed by the 1987 purchase of American Fletcher National Bank and Trust Company in , a $4.4 billion-asset institution that significantly bolstered Banc One's presence in the state's largest market, emphasizing and middle-market commercial loans. These deals allowed Banc One to integrate local deposit bases and lending portfolios, contributing to a growing network of branches serving individual and business clients across central . Kentucky expansions began in when Banc One merged with Citizens Union National Bank and of Lexington, 's largest bank at the time, in a transaction that added substantial retail deposits and commercial lending capabilities in the . This acquisition was completed despite legal challenges, enabling Banc One to operate under the Citizens Union name initially while aligning operations with its decentralized affiliate model. By the early , further growth in reinforced this entry, with a focus on serving agricultural and manufacturing sectors through targeted lending products. Entry into Michigan came in late 1986 through the acquisition of Citizens State Bank in Sturgis, a small community bank that served as Banc One's initial beachhead in the state, converted to Bank One Sturgis to align with corporate branding. Subsequent moves in the late 1980s and early 1990s expanded this footprint, including operations in East Lansing, Fenton, and Ypsilanti, which emphasized retail deposits from local households and commercial loans to automotive and manufacturing firms. These acquisitions positioned Banc One to compete in Michigan's fragmented banking landscape, prioritizing customer proximity through community-oriented branches. Banc One's push into Illinois commenced in 1991 with the $200 million stock-swap acquisition of First Illinois Corporation of Evanston, which operated 15 suburban branches north and west of , providing an entry point to the metropolitan market without immediate full-scale competition in the city core. This deal, completed in early 1992, focused on retail deposit growth and commercial lending to small businesses, laying groundwork for future dominance in the region. By the early 1990s, these operations integrated with Banc One's broader strategy, offering deposit accounts and loans tailored to suburban demographics. Collectively, these Midwest acquisitions resulted in a robust regional footprint by the early 1990s, with Banc One operating over 500 branches across , , , and , and initial outposts in , emphasizing commercial lending to regional industries and retail deposits from everyday consumers. This network, supported by a decentralized structure allowing local , enabled Banc One to capture market share in high-growth Midwestern economies while maintaining asset quality amid the .

Southern and Western Expansions

Banc One Corporation marked its initial foray into the in 1989 by acquiring the operations of 20 failed banks previously controlled by MCorp of , , in an FDIC-assisted transaction valued at approximately $13.1 billion in assets. This deal, which required about $2 billion in federal financial assistance, provided Banc One with an extensive branch network across and represented a strategic entry into a major market during the state's severe banking crisis triggered by the oil bust and . The acquisition transformed Banc One into a significant player in the Southwest, adding substantial deposit bases and lending operations at a discounted cost compared to . Building on this momentum, Banc One expanded westward in 1992 by acquiring Affiliated Bankshares of for about $387 million in stock, gaining control of 54 branches and establishing a foothold in the Rocky Mountain region. The following year, in 1993, it completed the purchase of Valley National Corporation, Arizona's largest , for $1.2 billion in stock, which included 200 branches and solidified Banc One's position as the dominant banking entity in the state. These moves diversified Banc One's geographic presence beyond the Midwest, targeting high-growth markets with established retail banking infrastructures. Further Southern expansions occurred throughout the 1990s, including the 1992 acquisition of Key Centurion Bancshares, West Virginia's largest , for $536 million in stock, which added 72 branches and enhanced Banc One's Appalachian operations. In 1995, Banc One acquired Premier Bancorp of for approximately $704 million in stock, incorporating 150 branches and expanding into the Gulf Coast economy. The decade closed with the 1996 purchase of Liberty Bancorp of for $546 million in stock, integrating 60 branches and making Banc One one of the state's top banking firms. Banc One's strategy during this period capitalized on the and related regional banking failures of the late 1980s and early 1990s, enabling the acquisition of distressed assets at below-market prices through FDIC facilitation and stock swaps that minimized cash outlays. Under Chairman John B. McCoy, the corporation pursued opportunistic deals in peripheral U.S. regions, prioritizing banks with strong local footprints to achieve rapid scale while leveraging centralized back-office efficiencies. This approach propelled Banc One's growth to operations in 12 states by the mid-1990s, with over 1,500 branches serving diverse markets from the Southwest to the Appalachians. However, these expansions presented integration challenges, including harmonizing disparate corporate cultures from acquired institutions and navigating regulatory approvals in new jurisdictions, which occasionally delayed full operational synergies. Banc One's "uncommon partnership" model granted acquired banks significant to preserve local relationships, but this flexibility sometimes complicated standardization of systems and across regions. Despite these hurdles, the strategy successfully built a national-scale network by the late 1990s.

Major Acquisitions

Acquisition of First USA

First USA, Inc. was founded in 1985 as , a of the Dallas-based financial MCorp, with its operations centered in to leverage the state's favorable banking laws. Initially starting with 1.2 million accounts, the company experienced rapid growth through aggressive direct mail marketing campaigns targeting consumers with balances, as well as strategic acquisitions of portfolios, such as 100,000 Visa and accounts from Dollar Dry Dock Savings Bank in 1988 for $107 million. By the mid-1990s, First USA had expanded to over 7.8 million accounts, issuing primarily Visa (84%) and products, including premium no-fee gold cards with low introductory interest rates, and had built a loan portfolio exceeding $8.9 billion. In January 1997, Banc One Corporation announced its acquisition of First USA in a stock-for-stock transaction valued at approximately $7.3 billion, or $52.61 per First USA share based on Banc One's closing price on January 17, 1997. The deal, which positioned Banc One as a major national player in consumer lending, closed on June 27, 1997, after regulatory approvals, including from the Federal Reserve Board in May 1997. Following the acquisition, First USA became a wholly owned subsidiary of Banc One and was reorganized under the name Bank One Card Services, integrating its operations with Banc One's existing credit card business while retaining key leadership, such as co-founder John C. Tolleson as chairman. The acquisition significantly diversified Banc One's portfolio beyond traditional deposit-based banking into unsecured consumer lending, particularly s, with a emphasis on affinity and co-branded products tied to organizations to attract loyal segments. Post-integration, the combined entity managed 32.3 million cardholders and approximately $35.1 billion in receivables, creating the nation's third-largest operation behind Citicorp and . This move marked a strategic pivot toward fee-based revenue streams from interchange fees, annual charges, and interest income, with the credit card segment contributing significantly to Banc One's overall earnings in the late , enhancing profitability through high-margin unsecured products.

Merger with First Chicago NBD

First Chicago NBD Corporation was formed in 1995 through the merger of First Chicago Corporation and NBD Bancorp, Inc., creating a major Midwest banking entity with approximately $120 billion in assets. First Chicago Corporation traced its origins to the First National Bank of Chicago, established in 1863 by a group of investors led by Edmund Aiken, which grew into a prominent in the region. NBD Bancorp, based in , was founded in 1933 during the as the and expanded through acquisitions in the Midwest. The 1995 merger, valued at about $5.3 billion, positioned First Chicago NBD as the seventh-largest in the United States at the time. In April 1998, Banc One Corporation announced its merger with First Chicago NBD in a stock-for-stock transaction valued at approximately $30 billion, one of the largest banking deals in U.S. history up to that point. Under the terms, Banc One s would own about 60% of the combined entity, reflecting Banc One's larger size, while First Chicago NBD s received 1.62 shares of Banc One stock for each of their shares. The merger received approval in 1998 and regulatory clearances from the Board and the U.S. Department of Justice, the latter conditioned on divesting 39 overlapping branches in with $1.47 billion in deposits to address antitrust concerns. It was completed in early October 1998, forming Bank One Corporation as the fifth-largest U.S. bank by assets. Following the merger, Bank One rebranded its operations under the unified Bank One name, retiring the First Chicago and NBD brands by 1999, and relocated its corporate headquarters from Columbus, Ohio, to Chicago to leverage the larger market and consolidate leadership. This move facilitated the initial integration of overlapping Midwest operations, including branch networks in states like Illinois, Indiana, Michigan, and Ohio, through system harmonization and cost-saving measures. The resulting institution became the second-largest U.S. bank by deposits, operating more than 2,300 branches across 14 states and serving a broad customer base in retail, commercial, and credit card services.

Operations and Corporate Structure

Business Segments

Bank One Corporation operated as a diversified provider from its formation in 1998 through its merger in 2004, with core business segments encompassing , card services, commercial banking, and . Following the 1998 merger between Banc One Corporation and First Chicago NBD Corporation, the company transitioned from a highly decentralized structure—characterized by numerous regional subsidiaries—to a more centralized model. By 2001, most banking operations had been consolidated into two primary national associations: Bank One, National Association (headquartered in ) and Bank One, National Association (in ), enabling greater efficiency and national reach while maintaining regional delivery of services. The segment formed the foundation of Bank One's consumer operations, offering deposit accounts, mortgages, loans, and other consumer lending products through a nationwide network of over 2,300 branches and banking centers across 14 states. This division served nearly 7 million retail households and over 500,000 small businesses, providing convenient access via 1,841 banking centers and 4,394 ATMs, along with 24/7 online and options. By 2003, core deposits reached $71.7 billion, reflecting steady growth in checking accounts to 5.3 million, supported by initiatives like free online services and branch upgrades implemented since 2000. Card services, bolstered by the 1997 acquisition of First USA, represented a major growth area, managing credit card issuance, unsecured lending, and merchant processing for more than 51 million accounts and $76.3 billion in managed receivables by 2003. This segment drove innovation with products like the and cards, achieving $167.1 billion in charge volume—a 7.5% increase from 2002—and adding 4.6 million net new accounts that year. Leveraging its Delaware-based operations, card services extended Bank One's reach beyond traditional branches, contributing significantly to noninterest income through fees and interchange. Commercial banking focused on corporate lending, treasury management, and middle-market financing, utilizing Bank One's Chicago headquarters for national and international delivery to over 20,000 middle-market customers and large corporations. The segment provided services such as cash management, trade finance, and derivatives, with corporate loans totaling $27.1 billion and middle-market loans at $26.6 billion in 2003; non-lending revenue, including fees, comprised 64% of income, up from 45% in 2000, as the company reduced credit exposure by $63 billion since that time. Investment management, conducted through subsidiaries like One Group, offered , trust, and brokerage services to institutions and high-net-worth individuals, with $187 billion in by 2003—a 42% increase since 2000 driven by market recovery and acquisitions such as Zurich Life. The One Group family of mutual funds alone managed $105 billion, providing 49 professionally managed funds focused on equities, , and alternatives. This segment emphasized long-term client relationships, contributing to diversified revenue streams. Overall, Bank One's revenue in 2003 totaled $16.2 billion, with a diversified mix reflecting its evolution: card services accounted for approximately 30% through fees and interest, approximately 39% from deposits and loans, commercial banking approximately 25% from lending and , and roughly 9% from advisory and management fees, underscoring the shift toward fee-based income post-1998.

Leadership and Management

Following the 1998 merger that formed , John B. McCoy served as co-CEO alongside First Chicago NBD's John G. Walter, drawing on his prior role as CEO of Banc One since 1987 to guide the integration. McCoy, a third-generation banker from the McCoy family that founded what became Banc One, emphasized growth through acquisitions but faced challenges blending the companies' cultures, leading to his resignation as chairman and CEO in December 1999 amid mounting integration issues and earnings shortfalls. Verne G. Istock, previously Bank One's president and former chairman, stepped in as acting CEO in late 1999 for a brief period, prioritizing cost-cutting measures to stabilize operations during the leadership vacuum. His tenure focused on streamlining expenses and addressing immediate financial pressures from the merger's aftermath, before he retired in September 2000. In March 2000, was appointed chairman and CEO, bringing experience from to orchestrate a comprehensive turnaround. Dimon implemented aggressive , including the elimination of approximately 10,000 jobs in his first year and broader cost reductions totaling about $1.9 billion by 2002 through efficiency gains and operational overhauls. Under his leadership, key initiatives included substantial investments in technology infrastructure to modernize systems and enhance , alongside improvements in practices, particularly in operations, to mitigate exposures from the First USA acquisition. Bank One's board, initially comprising 22 members evenly split between Ohio-based Banc One and Chicago-based First Chicago NBD directors post-merger, reflected strong regional influences from both areas but evolved amid tensions. By 1999, Chicago representation had dwindled to just three outside directors, underscoring Ohio's dominant sway. The board size was trimmed to around 18 members by 2000 for greater agility, while management shifted from Banc One's longstanding decentralized model—characterized by autonomous regional units—to more centralized controls under Dimon to improve oversight and consistency.

Challenges and Private Equity

Bank One Corporation encountered substantial financial difficulties in the early 2000s, primarily stemming from the 1997 acquisition of First USA, which expanded its operations but exposed it to high risk from aggressive lending and sales practices. In 2000, the company reported a net loss of $511 million, or 45 cents per share, compared to of $3.48 billion in 1999. This loss was driven by elevated charge-offs exceeding $3 billion for the year, exacerbated by overexpansion in consumer lending during the late 1990s and the economic downturn following the dot-com bust, which increased default rates. The First USA unit, in particular, contributed to these issues, as its portfolio experienced charge-off rates of approximately 5.4 percent amid rising and levels. Legal challenges compounded these financial woes, with multiple class-action lawsuits targeting First USA's business practices. In December 2000, Bank One agreed to a $40 million settlement to resolve claims that First USA had imposed improper late fees and finance charges on customers, affecting millions of cardholders. An additional $45 million settlement was reached in early 2001 for a shareholder class-action suit alleging that Bank One had misled investors about First USA's profitability and risks prior to and after the acquisition. These suits highlighted regulatory scrutiny over First USA's telemarketing tactics and billing methods, which had drawn investigations from state attorneys general and the as early as 1998, leading to operational reforms and fines totaling tens of millions. Shareholder dissatisfaction intensified amid the poor performance, culminating in pressure for governance changes. In 2001, investors criticized the board for inadequate oversight of the First USA integration and risk management, prompting calls for new leadership and directors. This revolt influenced significant board restructuring under incoming CEO , who joined in March 2000 and accelerated changes by adding independent directors with financial expertise while removing several long-serving members tied to prior decisions. Under Dimon's leadership, Bank One implemented aggressive cost-cutting, including $4.5 billion in pretax charges for and asset disposals, which streamlined operations and reduced nonperforming loans. These efforts restored profitability, with reaching $2.6 billion in 2001 and climbing to $3.5 billion by 2003, reflecting improved credit quality, efficiency gains, and a focus on segments.

One Equity Partners

One Equity Partners was established in 2001 as a subsidiary of Bank One Corporation to manage non-core investments and serve as the bank's private equity arm, founded by Richard "Dick" Cashin, a former executive at Citicorp Venture Capital. The firm was seeded with $2 billion in capital from Bank One to support its initial activities as a strategic investment vehicle for diversification. The investment strategy emphasized buyouts and growth equity in sectors including healthcare, industrials, and , leveraging Bank One's to target middle-market opportunities. Key deals during this period included investments in companies like Quintiles Transnational, a leading organization acquired in 2003. By 2004, One Equity Partners had grown to manage $5 billion in assets through more than 20 investments, delivering solid returns for Bank One despite the economic volatility of the early , including the aftermath of the dot-com bust and rising interest rates. Following Bank One's merger with in 2004, One Equity Partners transitioned into the combined entity's division, maintaining its operational focus until it became fully independent in , with its foundational role underscoring Bank One's push toward alternative investments for risk-adjusted growth.

Merger with JPMorgan Chase

Announcement and Terms

On January 14, 2004, Chase & Co. and Bank One Corporation announced a definitive agreement for Bank One to merge with Chase in an all-stock transaction valued at approximately $58 billion. Under the terms, Bank One shareholders would receive 1.32 shares of Chase for each share of Bank One , representing a value of about $51.77 per Bank One share based on Chase's closing price of $39.22 on the announcement date. The deal was structured as a strategic business combination, with Bank One merging into Chase, and the combined entity expected to become the second-largest U.S. banking franchise by core deposits, with a of around $130 billion. The economic rationale for the merger centered on leveraging complementary strengths to create a more balanced and competitive firm. J.P. Morgan Chase's expertise in and commercial banking would pair with Bank One's strong retail and banking operations, including its extensive network, to reduce dependence on volatile revenues and enhance overall stability. The transaction was projected to generate significant synergies of $2.2 billion on a pre-tax basis over three years, primarily through operational efficiencies and workforce reductions of about 10,000 jobs, while merger-related costs were estimated at $3 billion pre-tax. This combination aimed to position the firm better amid industry consolidation and trends. Leadership transitions were a key aspect of the agreement, reflecting the strategic integration of the two organizations. , then CEO of Chase, would continue as chairman and CEO of the combined company, while James (, CEO of Bank One, would assume the roles of president and immediately upon closing, with a planned succession to CEO in 2006. The corporate headquarters would remain in New York, with retail operations based in . The merger required regulatory approvals from multiple authorities, including the Board, which granted its approval on June 14, 2004, under the , determining that the proposal would not have adverse effects on competition or other public interest factors. Additional clearances came from the Office of the Comptroller of the Currency and other state and federal regulators, with the process involving reviews of the combined entity's market concentrations but no major divestiture requirements imposed due to limited branch overlaps outside certain regions like . Shareholder approvals from both companies were obtained on May 25, 2004, paving the way for completion later that year.

Completion and Legacy

The merger between and Bank One Corporation was finalized on July 1, 2004, forming a combined entity with approximately $1.1 trillion in assets and establishing it as the second-largest bank in the United States by asset size. Following the completion, JPMorgan Chase's stock continued trading on the under the JPM, while Bank One's shares ceased trading. The post-merger integration emphasized operational efficiencies and brand unification, with Bank One's branches progressively rebranded to Chase to create a cohesive consumer banking identity across the network. Key elements of Bank One's infrastructure, including its robust and platforms, were retained and integrated into JPMorgan Chase's consumer operations, enhancing the overall scale and capabilities of the retail segment. To achieve projected cost savings of $2.2 billion over three years, the combined company implemented workforce reductions totaling about 10,000 positions, primarily through attrition and eliminations in overlapping functions. The merger process faced some legal challenges, including shareholder lawsuits alleging breaches of fiduciary duty and inadequate premiums, which were later settled, and Bank One's $90 million settlement with regulators over improper mutual-fund trading practices shortly before completion. Leadership transitioned smoothly, with —former Bank One CEO and incoming president and COO of the merged entity—succeeding William B. Harrison Jr. as CEO on December 31, 2005, a move that accelerated the company's strategic direction and contributed to its emergence as a dominant global . Bank One's legacy endures through its foundational contributions to 's consumer banking prowess, particularly via units like Chase Card Services, which originated from Bank One's operations and as of 2024 generates over $20 billion in annual net revenue, underscoring the merger's lasting impact on retail scale and profitability. Additionally, practices from Bank One's operations under Dimon influenced a more decentralized management approach at , fostering agility in business lines.

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