Bank One Corporation History

Company Perspectives:

We will deliver exceptional results through exceptional people. We are a highly respected, world-class financial services company committed to being the best in all we do: superior performance, quality service, a great place to work. Key Dates:

Key Dates:

1863:

First Chicago (the First) opens for business.

1903:

The First opens the First Trust and Savings Bank to serve non-commercial customers.

1928:

First Trust merges with Union Trust Company to form the First Union Trust and Savings Bank.

1935:

John H. McCoy becomes president of City National Bank & Trust (CNB) of Columbus, Ohio.

1966:

CNB becomes the first bank outside of California to market Bankamericard (later Visa).

1967:

First Banc Group of Ohio, Inc., a holding company of CNB, is formed.

1969:

First Chicago Corporation is established.

1979:

First Banc Group is renamed Banc One , and its affiliated banks adopt the name Bank One.

1985:

Banc One expands beyond state boundaries through an agreement with Purdue National Corporation in Indiana.

1989:

Banc One enters Texas through the acquisition of MCorp and its family of failed banks.

1995:

First Chicago and NBD Bancorp, Inc. merge to form First Chicago NBD Corp.

1997:

Banc One acquires First USA Inc., a fast-growing credit card company.

1998:

Bank One Corporation is formed through the merger of Banc One and First Chicago NBD.

1999:

Bank One launches an Internet-only bank called WingspanBank.com.

Company History:

Further Reading:

• 'Banc One: Costly Hedging,' Economist, December 25, 1993, pp. 100--01.
• 'Banc One: Mightier Than Its Parts,' Economist, December 19, 1992, p. 76.
• Cahill, Joseph B., 'Acquisitive Bank One Turns Its Back on Takeovers, Pins Hopes on Internet,' Wall Street Journal, May 10, 1999, p. A4.
• ------, 'Bank One Shares Drop 23% on Forecast--Doubt Is Cast on Strategy of Consumer Lending As Profit Margins Shrink,' Wall Street Journal, August 26, 1999, p. A2.
• ------, 'Bank One to Take $725 Million Charge, Plans to Overhaul Its Credit-Card Lines,' Wall Street Journal, January 12, 2000, p. A3.
  First Chicagoan: 125th Anniversary Issue, Chicago: First Chicago Corporation, March 1988.
• Lipin, Steven, and Matt Murray, 'Banc One Is Expected to Buy First USA--Tax-Free Stock Exchange for Credit-Card Firm Seen As $7 Billion Deal,' Wall Street Journal, January 20, 1997, p. A3.
• Melcher, Richard A., 'Is `Nice, Big, Dull' Good Enough? NBD Is Bringing Its Conservative Style to First Chicago,' Business Week, May 12, 1997, p. 84.
• Morris, Henry C. The History of the First National Bank of Chicago, Chicago: R.R. Donnelley & Sons Company, 1902.
• O'Brien, Timothy L., 'First Chicago, NBD Agree to a $5.14 Billion Merger,' Wall Street Journal, July 13, 1995, p. A3.
• Phillips, Stephen, 'Just Your Friendly Hometown Banker--With a Megabank,' Business Week, April 9, 1990, pp. 64--6.
• Raghavan, Anita, and Jathon Sapsford, 'Deals & Deal Makers: Bank One Names Dimon Chairman, CEO,' Wall Street Journal, March 28, 2000, p. C1.
• Rifkin, Glenn, 'He Changed the Rules in Banking,' Computerworld, April 25, 1988, pp. 1, 84--5.
• Svare, J. Christopher, 'Acquiring for Growth and Profit: The Banc One Experience,' Bank Management, November 1990, pp. 18--24.
• Taylor, John H., 'A Tale of Two Strategies,' Forbes, August 31, 1992, pp. 40--1.
• Teitelman, Robert, 'The Magnificent McCoys: Running America's Best Bank,' Institutional Investor, July 1991, pp. 47--56.
• Vanac, Mary, 'Merger Changes Bank One's Local Operations in Ohio,' Akron Beacon Journal, Ohio, November 5, 1998.
• Weber, Joseph, 'The Mess at Bank One: Ex-CEO McCoy Shared Power Too Much,' Business Week, May 1, 2000, p. 162.

Source: International Directory of Company Histories, Vol. 36. St. James Press, 2001.