About Bank One

If you're trying to find a Bank One near you, you'll have to look very hard since the company no longer exists as Bank One. In 2004, JP Morgan Chase merged with Bank One. The name of all the Banks became JP Morgan Chase, with Chase showing as the company logo. There was a logical reason for the merger, and it turned out quite well for all parties.

History

Watch how the bank grew. Bank One had its start when two banks merged October 29, 1929. If the date sounds familiar, it's because it was Black Friday, the day the stock market bottomed out. In order to be competitive John H. McCoy focused on the retail banking market, as opposed to the business arena. This created great growth. When he died in 1958, his son, John G. McCoy, took over as president, but insisted that the bank set aside 3 percent of profits for innovative research and technology. In 1966, they became the first bank to market credit cards outside the state of California. Because of the funds set aside for technology, they also were able to take over the business of data processing for BankAmericard (VISA). Other technology started by McCoy was the first ATM, changing the appearance of the bank to a warmer long counter neighborhood branch and drive through teller windows. They also heavily marketed the new form of banking in the 1950's, checking accounts.

Size

See CNB sidestep the regulations. During that time, most banks couldn't grow in Ohio because of regulations that forbade the banks to cross county or state lines. John G. McCoy sidestepped the regulation by forming a holding company. The name of the company was First Banc, since regulators in Ohio didn't allow the holding companies to refer to themselves as banks. CNB did a stock swap with Farmers Savings and made the merger a success. Banc One acquired many other banks from 1968 to 1978 and the company grew. In fact, it had a normal growth of 15 percent each year. In 1984, John B. McCoy, son of John G. and grandson of John H. McCoy took over the bank. He was responsible for the huge growth of the credit card area until it was one of the largest for the nation.

Geography

"Maintain the 15 percent growth" was the chant for John B. McCoy. He bought 15 failed banks in Texas and then expanded to other states in the South and West. In 1995, First Chicago merged with NBD Bancorp Inc. and then merged with Banc One Corporation in 1998. The name of the bank became Bank One, although many of the subsidiaries remained Banc One. At the time there were governmental regulations banning banks from selling insurance and investments since they weren't FDIC insured. The results of this law were subsidiaries that maintained the name Banc One, like Banc One Insurance and Investments.

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Time Frame

Fail at meeting your projected profit and the natives get restless. By December of 1999, things looked bleak for Bank One. McCoy resigned and left a void filled by Jamie Dimon in March of 2000. Dimon, a former Citigroup president, turned the company around with the help of others he brought from his former employer. By the year 2004, Bank One was the sixth largest bank in assets.

Effects

The JP Morgan Chase Corporation merged with Bank One in 2004 to form the third largest bank in assets held. JP Morgan Chase named Dimon the successor to the CEO of JP Morgan Chase, William Harrison, and took the helm after 2 years. The merger gave Chase the exposure to the retail market and a huge gain in the credit card sector. Bank One received the expertise of investment banking and trading that JP Morgan Chase possessed. It was a beneficial marriage for both corporations, and the company grew.

Identification

If you had an account with Bank One and had no activity since before the bank became JP Morgan Chase, it could belong to the state. The time varies, but often if an account is inactive for 2 years or more, the bank sends it to the state. It's yours, but you must claim it. If you owned Bank One stock, then your stock changed to JP Morgan Chase stock at the exchange of 1.32 shares of JP Morgan Chase stock for every share of Bank One stock. See the website for JP Morgan Chase Investor Relations to find the information to contact the company's transfer agent with any questions (see Resources below).

Resources

• JP Morgan Chase Investor Relations