Bank One Corporation
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| Bank One | |
| Public | |
| Traded as | : ONE |
| Industry | Banking |
| Fate | Acquired by JPMorgan Chase |
| Successor | JPMorgan Chase |
| Founded | 1863 |
| Defunct | July 1, 2004 |
| Headquarters | Bank One Plaza (now Chase Tower), Chicago Loop, Chicago, Illinois, United States |
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Key people
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| Products | Financial Services |
| Website | bankone.com |
Bank One Corporation was the sixth-largest bank in the United States. It traded on the under the 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, 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.
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. 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.
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.
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. 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.
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Wikipedia