The National Bank of Detroit (NBD), later renamed NBD Bank, was a bank that operated mostly in the

Midwest The Midwestern United States, also referred to as the Midwest or the American Midwest, is one of four Census Bureau Region, census regions of the United States Census Bureau (also known as "Region 2"). It occupies the northern central part of ...

ern United States. Following its merger with First National Bank of Chicago, the bank was ultimately acquired and merged into Bank One, at which point the NBD name was discontinued. Today, what was once NBD is owned by JPMorgan Chase & Co.

History

NBD was founded in 1933 in Detroit in the midst of widespread bank failures during the

Great Depression The Great Depression (19291939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The economic contagio ...

. Spurred by the

Reconstruction Finance Corporation The Reconstruction Finance Corporation was a government corporation administered by the United States Federal Government between 1932 and 1957 that provided financial support to state and local governments and made loans to banks, railroads, mortgag ...

(RFC) to help stabilize the nation's banking system, NBD's shares were initially equally owned by

General Motors The General Motors Company (GM) is an American Multinational corporation, multinational Automotive industry, automotive manufacturing company headquartered in Detroit, Michigan, United States. It is the largest automaker in the United States and ...

(GM) and by the

U.S. government The federal government of the United States (U.S. federal government or U.S. government) is the national government of the United States, a federal republic located primarily in North America, composed of 50 states, a city within a fede ...

under the RFC. The bank opened for business on March 24, 1933.Alternate Link
via ProQuest.Alternate Link
via ProQuest.Alternate Link
via ProQuest. Charles T. Fisher Jr., of the automobile body manufacturing family became a Director and the President in 1938, serving until his death in 1958 and assisted by

Walter F. Truettner Walter Frederick Truettner (July 24, 1881 – 1967) was a member of the Michigan Senate. Truettner was born in Dundas, Wisconsin. He died in Grayling, Michigan. Career Truettner served in the Senate from 1923 to 1928. He was also a member of t ...

as vice-president. By 1945, GM had divested its ownership of bank stock,Alternate Link
via ProQuest.Alternate Link
via ProQuest. and by 1947 RFC had ended its involvement in the bank as well. From 1959 until 1995, NBD was headquartered in the National Bank of Detroit Building (now The Qube). In September 1993, Charles T. Fisher III stepped down as chairman, president and chief executive officer of NBD Bancorp and was replaced by Thomas H. Jeffs II as president and Verne G. Istock as chairman and chief executive officer. In 1995, NBD merged with the First National Bank of Chicago; the combined bank was called First Chicago NBD. While NBD was the nominal survivor, the merged bank was based in Chicago. First Chicago NBD later merged with Bank One, which eliminated the NBD name. Bank One was itself purchased by JPMorgan Chase & Co. As of March 2006, most former NBD branches carry the Chase name. NBD had branches in Toronto and Windsor, Ontario, and overseas in London's Finsbury Circus, in Tokyo, and in Frankfurt.

NBD Bancorp

Up until the 1970s, retail banks located within the state of Michigan were restricted to building branches within their home counties, but could have a branch office outside their home county only if that branch was located within a 25-mile radius of their main offices. Starting in 1972, the state legislature began to allow the formation of multibank holding companies. To take advantage of this new law, the National Bank of Detroit formed the National Detroit Corporation on January 1, 1973 as its holding company.Alternate Link
via NewspaperArchive.com. The holding company began to offer stock on the New York Stock Exchange under the ticket symbol NBD. National Detroit Corp. was later renamed NBD Bancorp in 1981.Alternate Link
via ProQuest.

Michigan

In November 1974, National Detroit Corporation made its first acquisitions outside the Detroit area by the acquisition of the Grand Valley National Bank in Grandville for $3.4 million.Alternate Link
via ProQuest.Alternate Link
via ProQuest. The acquisition was first announced in February 1974.Alternate Link
via ProQuest. In December 1974, National Detroit Corporation announced the pending acquisition of the Lansing-based Bank of Commerce.Alternate Link
via ProQuest. The acquisition was finalized in September 1975 for $3 million in cash.Alternate Link
via ProQuest. In October 1977, National Detroit Corporation announced the pending acquisition of the Saginaw-based First State Bank of Saginaw for $9.4 million.Alternate Link
via ProQuest. The acquisition was finalized in November 1978 for $8.3 million.Alternate Link
via ProQuest. In July 1978, National Detroit Corporation announced the pending acquisition of the Alpena-based Peoples Bank and Trust of Alpena for about $11 million in cash and notes.Alternate Link
via ProQuest. In February 1979, National Detroit Corporation announced the pending acquisition of the

Benton Harbor Benton Harbor is a city in Berrien County in the U.S. state of Michigan. It is 46 miles southwest of Kalamazoo and 71 miles southwest of Grand Rapids. According to the 2020 census, its population was 9,103. It is the smaller, by population, of ...

-based Farmers and Merchants National Bank. The acquisition was finalized in January 1980. In August 1979, National Detroit Corporation announced the pending acquisition of the

Cadillac The Cadillac Motor Car Division () is a division of the American automobile manufacturer General Motors (GM) that designs and builds luxury vehicles. Its major markets are the United States, Canada, and China. Cadillac models are distributed i ...

-based West Michigan Financial Corp. for about $21.3 million.Alternate Link
via ProQuest. The acquisition was finalized in July 1980. In September 1979, National Detroit Corporation announced the pending acquisition of the

Ann Arbor Anne, alternatively spelled Ann, is a form of the Latin female given name Anna (name), Anna. This in turn is a representation of the Hebrew Hannah (given name), Hannah, which means 'favour' or 'grace'. Related names include Annie (given name), ...

-based National Ann Arbor Corp. for about $29 million in cash and notes.Alternate Link
via ProQuest. Shortly after National Detroit changed its name to NBD Bancorp, the acquisition was finalized in May 1981. In October 1980, National Detroit Corporation announced the pending acquisition of the Roscommon-based Roscommon State Bank for about $9.9 million in cash and notes.Alternate Link
via ProQuest. In November 1980, National Detroit Corporation announced the pending acquisition of the Sandusky-based Wolverine State Bank for about $11.2 million.Alternate Link
via ProQuest. The acquisition was finalized in November 1981. In April 1983, NBD Bancorp announced the pending acquisition of the Pontiac-based Pontiac State Bank for $19.2 million. The acquisition was finalized in August 1984. In March 1984, NBD Bancorp acquired the deposits from the failed National Bank & Trust Co. of Traverse City from the Federal Deposit Insurance Corporation.Alternate Link
via ProQuest. In August 1984, NBD Bancorp announced the pending acquisition of the Flint-based United Michigan Corp. for $77.8 million.Alternate Link
via ProQuest. The acquisition was finalized in March 1985 for more than $78 million. In August 1985, NBD Bancorp announced the pending acquisition of the Port Huron-based Peoples Bank of Port Huron for $22 million.Alternate Link
via ProQuest. In December 1985, NBD Bancorp announced the pending acquisition of the

Grand Rapids Grand Rapids is a city and county seat of Kent County in the U.S. state of Michigan. At the 2020 census, the city had a population of 198,917 which ranks it as the second most-populated city in the state after Detroit. Grand Rapids is the ...

-based Union Bancorp for $104 million.Alternate Link
via ProQuest. The acquisition was finalized in June 1986. In September 1986, NBD Bancorp announced the pending acquisition of the Wyandotte-based OmniBank, the holding company for Wyandotte Savings Bank, for $51 million.Alternate Link
via ProQuest. The acquisition was finalized in January 1987.Alternate Link
via ProQuest. In April 1990, NBD Bancorp acquired the assets and the 8 offices of the failed Taylor-based New Guaranty Federal Savings & Loan Association from the Resolution Trust Corporation.

Indiana

NBD Bancorp made its first out-of-state move in May 1985 by announcing the pending acquisition of Midwest Commerce Corp. of Elkhart; however, NBD could not complete the transaction until the state of Michigan enacted a law that would permit such actions. The acquisition was finalized in May 1986 at a cost of $61 million in stock. In June 1991, NBD Bancorp announced the pending acquisition of the Merrillville-based Gainer Bank for $134 million in stock. The acquisition was completed in the following January. In December 1991, NBD Bancorp announced the pending acquisition of

Fort Wayne Fort Wayne is a city in and the county seat of Allen County, Indiana, United States. Located in northeastern Indiana, the city is west of the Ohio border and south of the Michigan border. The city's population was 263,886 as of the 2020 Censu ...

-based Summcorp, the holding company for Summit Bank and four other banks. The $350 million in stock transaction was completed in July 1992. In March 1992, NBD Bancorp announced the pending acquisition of the

Indianapolis Indianapolis (), colloquially known as Indy, is the state capital and most populous city of the U.S. state of Indiana and the seat of Marion County. According to the U.S. Census Bureau, the consolidated population of Indianapolis and Marion ...

-based INB Financial Corporation, the largest Indiana-based bank holding company with its six subsidiary banks, including its flagship bank,

Indiana National Bank INB Financial Corporation was an Indianapolis-based statewide bank holding company that was the largest Indiana-based financial institution at the time it was acquired by Michigan-based NBD Bancorp in 1992. Its primary subsidiary was the Indiana ...

, the largest Indiana owned bank at the time of the announcement. NBD paid $876 million in stock and the acquisition was completed in October 1992.

Illinois

NBD Bancorp entered the state of Illinois for the first time by announcing the pending acquisition of Bannockburn-based USAmeribancs with its six suburban Chicago-area banks for $250 million in stock in October 1986. The acquisition was completed a year later and USAmeribancs was renamed NBD Illinois Inc. and each of the banks were renamed NBD followed by the name of the geographical area in which each of the banks were located. In June 1987, NBD Bancorp announced the pending acquisition of the State National Corp. of Evanston for $103 million in cash and stock. In March 1988, NBD Bancorp announced the pending acquisition of the Charter Bank Group Inc. of Northfield for $65 million in stock and completed in September. In March 1991, NBD Bancorp announced the pending acquisition of the Mount Prospect-based FNW Bancorp. with its 17 banks for $205 million in stock. In March 1994, NBD Bancorp announced the pending acquisition of the Joliet-based Amerifed Financial Corporation, the holding company for the AmeriFed Federal Savings Bank, with its 10 offices for $149 million in stock. When the acquisition was completed, NBD had 51 offices in Illinois and 630 offices in Michigan, Indiana, Illinois, Ohio, and Florida. In January 1995, NBD Bancorp announced the pending acquisition of the Deerfield-based Deerbank Corporation, the holding company for the Deerfield Federal Savings and Loan Association, with its 15 offices for $120 million in stock. The acquisition was completed in July. After the completion of the acquisition, NBD became the sixth largest bank in Illinois and also the largest bank in many counties in the suburban Chicago-area, but not in Chicago itself.

Florida

NBD Bancorp had a presence in state of Florida since 1982 when it established the NBD Trust Company of Florida, N.A. in West Palm Beach. The trust company later moved to North Palm Beach. In June 1990, NBD Bancorp acquired the assets and offices of the failed

Venice Venice ( ; it, Venezia ; vec, Venesia or ) is a city in northeastern Italy and the capital of the Veneto Regions of Italy, region. It is built on a group of 118 small islands that are separated by canals and linked by over 400 ...

-based First Venice Savings & Loan Association from the Resolution Trust Corporation and formed a federal savings bank called NBD Bank, FSB. In October 1991, NBD Bancorp acquired the

Boca Raton Boca Raton ( ; es, Boca Ratón, link=no, ) is a city in Palm Beach County, Florida, United States. It was first incorporated on August 2, 1924, as "Bocaratone," and then incorporated as "Boca Raton" in 1925. The population was 97,422 in the ...

-based First Fidelity Trust and merged the company into the

North Palm Beach North Palm Beach is an incorporated village in Palm Beach County, Florida, United States. It is part of the Miami Metropolitan Area. The population was 13,162 at the 2020 census. The village won an award from the National Association of Home Bui ...

-based NBD Trust Company of Florida, N.A.

Ohio

In December 1990, NBD Bancorp entered Ohio by acquiring the assets and the 21 offices of the failed

Columbus Columbus is a Latinized version of the Italian surname "''Colombo''". It most commonly refers to: * Christopher Columbus (1451-1506), the Italian explorer * Columbus, Ohio, capital of the U.S. state of Ohio Columbus may also refer to: Places ...

-based Mid-America Federal Savings and Loan from the Resolution Trust Corporation for $48 million and converted them into full service banks. The insolvent S&L had 13 offices in Columbus and eight in Dayton. The new Ohio bank that was created to handle this acquisition was called NBD Ohio, Inc. After increasing the number of offices in Columbus from 13 to 17 while the number of offices in Dayton had remained at 8, NBD decided to leave the state of Ohio by selling all of the assets and offices of NBD Ohio to Fifth Third Bank in October 1995 for an undisclosed amount.Alternate Link
via ProQuest. The divestiture was finalized in February 1996 for $52 million.Alternate Link
via ProQuest.

Merger with First Chicago

On July 12, 1995, First Chicago Corporation and NBD Bancorp Inc. announced that the two companies were planning to merge by swapping stock that was worth $5.3 billion. As part of the deal, First Chicago shareholders would own 50.1 percent of the combined company, while NBD shareholders would own 49.9 percent. Richard L. Thomas, chairman and chief executive of First Chicago, would be chairman of the combined company until May 20, 1996, when he plans to resign. Verne G. Istock, chairman of NBD, would be president and chief executive of the combined company until Thomas steps down and replace Thomas as chairman of the combined company. The merger was finalized on December 1, 1995 with the formation of the First Chicago NBD Corporation. On that date, stock for the new company began trading on the New York Stock Exchange under the symbol "FCN". Most customers did not see much of a change as a result of the merger except in suburban Chicago where there was branch overlap. This problem was resolved by the closing of 15 former NBD and 9 former First Chicago offices and the rebranding of the remaining NBD offices to the First Chicago brand. Outside of Illinois, NBD branches were left unaffected. In February 1996, First Chicago NBD sold all of their NBD offices in Ohio to Fifth Third Bancorp.