22 Facts About Bank One

Bank One Corporation was the sixth-largest bank in the United States.

Bank One had its headquarters in the Bank One Plaza in the Chicago Loop in Chicago, Illinois, now the headquarters of Chase's retail banking division.

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.

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.

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.

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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 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.

Banc Bank One brought in managers from other parts of the Banc Bank 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.

The following year, Banc Bank One acquired 13 Houston-area offices of the failed Benjamin Franklin Savings from the RTC for $36 million.

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.

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.

Banc One paid $378-million in stock to stockholders of Affiliated Bankshares for 27 affiliate banks with 38 offices in Colorado and $1.

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.

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.

Thirty months later, Banc Bank One entered Tulsa by the acquisition of Liberty Bancorporation of Oklahoma City for $546 million in stock in 1997.

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.

In 1991, Premier received $65 million from Banc Bank One to help cover its debts in an exchange for the right for Banc Bank One to acquire Premier within the next five years.

In 1997, Banc Bank One decided to expand its national credit card business by acquiring the Dallas-based First USA for $7.

In 1987, Lomas Bank One USA acquired 230, 000 accounts from two banks in Louisiana, 23, 000 accounts from a bank in Amarillo, 260, 000 accounts from two banks in Oklahoma, and 90, 000 accounts from a bank in San Antonio.

Banc Bank One first announced the proposed acquisition of First USA in January 1997.

Bank One method used to cause payment posting delays was to have customers submit payments by mail to a more distant payment center or intentionally understaff select payment centers so that it was not possible to process payments very quickly.

In 1998, Banc Bank One Corporation merged with Chicago-based First Chicago NBD -the result of the 1995 merger of First Chicago Corp.

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.